As a researcher with a background in blockchain technology and cryptocurrency markets, I find Stellar’s recent price rally intriguing. The on-chain data signals an uptrend for the asset, as evidenced by a surge in futures open interest and derivatives trading volume. This increased investor interest is further fueled by the recent Stellar network upgrade introducing Soroban, a smart contract platform that could attract more users and developers to the ecosystem.
In simple terms, Stellar, a decentralized blockchain system for effortless cross-border transactions, has stirred excitement in the crypto community recently. The platform’s native token, XLM, experienced a notable surge of around 12% today, generating enthusiasm throughout the industry. This price increase transpired amidst a cluster of positive market indicators. Let’s delve deeper into these factors.
Stellar’s On-Chain Data Signals Market Uptrend
Based on Coinglass’s data analysis, Stellar cryptocurrency is presently undergoing a strong market upward trend. It’s worth noting that the coin’s Futures Open Interest (OI) experienced a substantial jump of 47.24% to reach $42.01 million today. This surge suggests a significant influx of funds in the derivatives market, reflecting growing investor enthusiasm for this asset.
At the same time, the derivatives volume experienced a significant jump of 229.81% to reach $184.91 million, implying heightened trading activity. In conjunction with today’s price growth, this data from the derivatives market suggests a growing level of market excitement towards the asset, indicating an optimistic outlook as of now.
Today’s data revealed a larger number of short liquidations compared to long ones, fueling investor suspicions. According to Coinglass, there were short liquidations totaling $224,180 and long liquidations amounting to $59,470. However, an upgrade to the Stellar network has largely quelled bearish market sentiments.
Around the beginning of this month, the project unveiled Soroban, its advanced smart contract platform, focusing on delivering superior performance, sustainability, and security throughout the network. This innovation is expected to attract more users and developers worldwide, potentially boosting the project’s value for the future.
XLM Price Rallies
At the current moment of reporting, XLM‘s price experienced a rise of 11.79%, settling at a value of $0.102. The token’s minimum and maximum prices during the last 24 hours were noted as $0.09054 and $0.1041 respectively.
The market capitalization of XLM grew by 11.82%, reaching a value of $2.98 billion today. At the same time, its trading volume increased by an impressive 120.04% to hit $158.85 million within the last 24 hours.
According to CoinGape Media’s Stellar price analysis, the weekly technical chart is exhibiting a bullish reversal signified by a rounding bottom pattern. This indicates that the bearish trend may be coming to an end, with investors showing increasing buying intent as suggested by derivatives data.
As a crypto market analyst, I’ve been closely monitoring X, and I believe it has the potential to surpass its current resistance of $1. If X manages to break above this level, investors might see even more upward momentum.
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2024-07-13 18:08