Stellar Price Skyrockets Over 80%, XLM Rally to $1 Imminent?

Stellar price has seen a remarkable surge, climbing over 80% in the last 24 hours, rising to number one in the top gainers. The bullish momentum has pushed XLM from $0.302 to a peak of $0.55, as traders and analysts anticipate the possibility of the asset nearing the $1 mark.

Stellar Price Reaches $0.55 Amid Bullish Momentum

Stellar’s price rise reflects strong buying interest as it touched $0.55, marking a significant upward trend. After a period of consolidation around $0.40, the cryptocurrency broke through resistance levels, delivering impressive returns for investors. 

Market participants have noted this upward movement as a sign of renewed confidence in the asset’s potential. However, the price also briefly retraced from its peak as it faced resistance at the $0.55 level, suggesting that $1 remains a potential milestone rather than an immediate outcome. Jed McCaleb, Stellar’s founder, has also added to the growing optimism surrounding the network. 

In a recent statement, McCaleb commented on Stellar’s current momentum and its role in global financial systems. “Stellar is the most underrated and least understood crypto project,” McCaleb remarked, emphasizing its ability to facilitate real-world transactions and its high efficiency. He noted,

“The best and most impactful use of crypto is as digital money, and this is what Stellar is built for.”

Grayscale Stellar Lumens Trust Records 10% Asset Growth

Grayscale Investments LLC’s recent 10-K filing highlighted a 10% increase in the net assets of its Stellar Lumens Trust during the fiscal year ending September 2024. 

Despite the challenges posed by XLM price fluctuations and management fees, the trust managed to grow its assets due to the addition of 34,875,230 XLM tokens valued at $3,923.

Trading activity around Stellar has surged, with derivatives markets experiencing substantial growth in both volume and open interest. The trading volume for XLM derivatives rose by 284.26%, reaching $8.98 billion, while open interest increased by 125.88% to $393.05 million. 

The filing also outlined that the trust faced losses stemming from token depreciation earlier in the year, but these were offset by a robust recovery and asset inflows. The document underscores the growing institutional interest in Stellar as an investment vehicle, aligning with its recent market performance.

Analyst Predicts Multi-Year Price Pattern May Propel XLM to $3-$5

Cryptocurrency analysts have highlighted a multi-year price structure for Stellar, suggesting that it may be poised for further growth. A prominent market speculator, known as “Charting Guy,” recently shared a prediction that Stellar could achieve price targets between $3 and $5.

According to the analyst, XLM price has been forming a bullish “Adam and Eve” pattern on the monthly chart since 2017. This chart pattern is often associated with long-term upward momentum. 

Charting Guy emphasized patience, indicating that the current rally could lead to substantial gains for long-term holders. A potential breakout from this pattern could result in a 930% to 1,617% increase from current levels, further reinforcing optimism in Stellar’s market trajectory.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.