XLM Falls 7.74% as Institutional Selling Pressure Increases
Stellar's native token XLM experienced significant selling pressure, declining from $0.39 to $0.36 between August 28 and August 29. Over 41.89 million XLM were traded as large holders reduced their positions.
The Stellar Development Foundation reported nearly 10 million registered accounts, with a daily addition of 5,000–6,000 corporate wallets. Ongoing partnerships with MoneyGram International and Circle Internet Financial support Stellar's adoption in cross-border finance.
On August 29, XLM faced sharp intraday volatility, dropping 1.38% before recovering 1.27%, closing at $0.361 after hitting a low of $0.357. A spokesperson indicated that market fluctuations are sentiment-driven rather than indicative of underlying business health. The late-session bounce suggests confidence among some institutional buyers.
Technical Market Indicators Signal Mixed Corporate Sentiment
- XLM declined 7.74% from $0.39 to $0.36 during the trading period.
- Daily trading range was $0.031, with a high of $0.387 and a low of $0.356.
- Peak selling occurred during morning European hours on August 29, with volume over 41.89 million units.
- Resistance is near the $0.373 level; support levels at $0.375 and $0.362 show stability.
- High trading volume during the decline suggests potential accumulation by institutions.
- Intraday price range of $0.005 indicates ongoing market interest.
- Support at $0.357 attracted buying interest before session close.
- Final hour recovery of 1.27% on volumes over 2 million units may indicate treasury departments accumulating positions.