- XLM rose 6% at a volume of more than 283 million tokens.
- Stellar’s update of Protocol 23 increases the confidence of traders and/or developers.
- Stellar TVL Jumps 22% as Bullish Momentum Targets $0.50
XLM price has had a powerful one-day break and has soared above the price of $0.38. The native token of Stellar rose by more than 6% on the daily TradingView chart and settled at the closing price of 0.382929. The candle had a long bullish body, which foretold intensive buying actions.
Source: TradingView
Also Read | Stellar (XLM) Breaks Out: Volume, Open Interest Back Move Toward $0.35
The amount of trade also shot up by quite a margin, as more than 283 million XLM tokens were traded, implying that momentum is building up. XLM established a higher low earlier in July, putting it on a path to this rally.
The stochastic RSI went to 100, meaning that it was overbought. The second key resistance zones are the positions between the figures of $0.46 and $0.50.
Stellar Confidence Grows Stronger with Latest Protocol 23 Update
This development is supported by the announcement on X about the update of the Stellar Protocol 23. The newest version, which is v23.0.0rc2, has protocol modifications added between CAP-62 and CAP-70, but not including CAP-64.
Source: X
The information did not pass unnoticed in the crypto world, as developers and investors alike could not help but compliment the changes. The update is critical to the ecosystem development of Stellar, and in the long-term sustainability of Stellar, this aspect yields the traders great hope.
XLM Strong On-Chain Growth Continues
Activity on-chain has also confirmed the increasing popularity of Stellar. As DeFiLlama shows, the total amount of value locked in Stellar (TVL) has increased by 22.54 percent in the past 24 hours, reaching $121.2 million.
Source: DeFilama
Meanwhile, the volume of DEX amounted to $10.67 million, and the 24-hour fees on apps were at $2,444. These data indicate that investor trust is back, perhaps owing to the protocol update and technical breakout.
Also Read | XLM Price Prediction: Could Stellar Reach $1 Sooner Than Expected?
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
