Stellar Lumens (XLM) Rallies 3% as Network Upgrade Approaches
Stellar Lumens (XLM) increased by 3% over the last 24 hours, rising from $0.36 to $0.37 amid strong buying interest. Key points include:
- XLM found support at $0.35 after a brief sell-off.
- Resistance identified at $0.37 with two rejection points.
- Trading volume exceeded the daily average of 31.2 million tokens, indicating institutional interest.
- A volume spike of 2.7 million units helped XLM briefly surpass $0.37 before stabilizing above $0.36.
- South Korean exchanges Bithumb and Upbit will suspend XLM deposits and withdrawals starting Sept. 3 for the Protocol 23 upgrade, aimed at enhancing network infrastructure.
- Protocol 23 targets improved interoperability and broader real-world asset utility, with approximately $460 million in assets already on the network.
- Technical analysis suggests ongoing institutional positioning may lead to a sustained breakout above $0.37.
Market analysis indicates strengthening corporate interest in XLM, with consolidation above $0.36 and potential for upward movement if volume momentum continues.