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bitcoin
Bitcoin (BITCOIN)
$119,897 0.83%
ethereum
Ethereum (ETHEREUM)
$3,004 0.29%
binancecoin
BNB (BINANCECOIN)
$691.29 -0.05%
solana
Solana (SOLANA)
$163.94 0.55%
ripple
XRP (RIPPLE)
$2.93 2.19%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 -0.70%
pepe
Pepe (PEPE)
$0.000012 -1.88%
bonk
Bonk (BONK)
$0.000028 4.26%
bitcoin
Bitcoin (BITCOIN)
$119,897 0.83%
ethereum
Ethereum (ETHEREUM)
$3,004 0.29%
binancecoin
BNB (BINANCECOIN)
$691.29 -0.05%
solana
Solana (SOLANA)
$163.94 0.55%
ripple
XRP (RIPPLE)
$2.93 2.19%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000013 -0.70%
pepe
Pepe (PEPE)
$0.000012 -1.88%
bonk
Bonk (BONK)
$0.000028 4.26%
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Stellar Lumens Price Prediction – XLM Headed for $0.55 as Bulls Take Charge

Highlights:

  • Stellar is trending towards the $0.55 resistance level
  • Pushing through $0.55 could pave the way for XLM to hit $0.63
  • Growing adoption and the start of altseason make $0.63 achievable soon

Stellar Lumens (XLM) has outperformed the market in the past week.  In the last 24 hours, Stellar has rallied by 12.16%, and at the time of writing, it was trading at $0.485. Stellar trading volumes are also on the rise intraday. When writing, Stellar trading volumes stood at $3.29 billion, up 44.58%. The rising volumes at a time when the price is surging are a positive indicator for Stellar. It means that money is flowing in on expectations of even higher prices. The positive expectations around Stellar are not without basis. A confluence of factors could soon send Stellar to $1 or higher. 

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Bitcoin Gaining Momentum, And It’s A Plus for XLM

One of these factors is that the broader market is bullish. Bitcoin determines how altcoins move. When it goes up, altcoins go up; when it goes down, they follow, regardless of fundamentals. 

At the moment, Bitcoin is making new all-time highs by the day, and is currently at $122k. With all indicators pointing to a potential rally to $150k soon, the odds are high that altcoins will only get stronger. Money is likely to flow more strongly into altcoins already showing strong momentum. Stellar is one such altcoin, gaining 94% in the past week. As FOMO builds up and money flows more strongly into Stellar, another 100% rally could follow.

Stellar Fundamentals Are Getting Better

Besides sending signals of being one of investors’ favourites as market momentum builds up, Stellar’s fundamentals are getting stronger. One of these fundamentals is the recent upgrade to the Stellar network. Dubbed Stellar Core V23.0.0rc2, the upgrade has brought about several improvements that could push Stellar to the next level in adoption. The upgrades include parallel smart contracts, Soroban enhancements, and interledger cache. These improvements make Stellar faster and more scalable, which is what is needed to drive adoption in the highly competitive finance landscape.

Institutional Adoption of Stellar Is Growing

Stellar adoption is already happening, and investors are taking note of it. One of the most significant indicators of rising adoption is that traditional financial organisations are starting to deploy assets on the Stellar network. For context, data indicates that Franklin Templeton and Circle now have more than $500 million in treasuries on the Stellar network. Similarly, stablecoin transactions on the Stellar network are hitting record highs. Interest in the Stellar network is also evident in futures trading.

Futures Open Interest in Stellar is currently at $346 million. This is the highest level that Stellar has hit since January, when the market was at peak excitement following Donald Trump’s election. All these numbers indicate that Stellar is becoming a platform of choice for institutions as an investment and for leverage into the next generation of finance. It also impels the price appreciation and could drive a surge to new highs in the short term.

Analysts Increasingly Bullish On Stellar

Stellar is also benefiting from analyst-driven FOMO. Analysts are in consensus that Stellar’s current breakout could soon send it to prices above $0.60. One such analyst is Javon Marks, who has a target of $0.68 for Stellar. He believes that if this level is broken, XLM could hit $1.59.

Technical Analysis – XLM Bullish Momentum Accelerating

Stellar broke out of a multi-month range between $0.22 and $0.30 last week. This has seen bulls enter the market confidently, accelerating upside momentum. 

Stellar
Source: TradingView

If bulls remain in control, Stellar’s next target is $0.55, which is a critical short-term resistance level. A rally through this resistance could see Stellar rally to its late 2024 high of $0.638. 

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