Showing strong on-chain activity, the number of weekly active Stellar addresses has surged by 37%, reaching a total of 243,000. This growth is mirrored in the weekly transaction volume, which has also risen by 37.3% to an impressive 38.96 million. Despite broader market instability, these figures underscore the growing utility and participation within the Stellar network.
From my perspective as an analyst, I’m observing that Stellar (XLM) is currently trading at approximately $0.4061, marking a 3.78% increase compared to the previous day. After recent market corrections, XLM has managed to bounce back from its 50 Exponential Moving Average (EMA) support level, which lies around $0.39. To ensure a stronger recovery, it’s crucial for XLM to surpass the resistance at around $0.44.
It appears that Stellar’s increasing influence in facilitating cross-border transactions and decentralized finance projects significantly contributes to the surge in transaction volume and active users. The expanding DeFi environment can be seen through Stellar’s Total Value Locked (TVL), which has risen by 2.99% to reach $48 million. This positive trend is bolstered by the increasing popularity of Aquarius and Finance on the platform, contributing to its momentum.
Although technical indicators suggest proceeding with caution, it’s essential to note that while there’s a strong bullish trend, it hasn’t been fully confirmed due to insufficient volume confirmation. The Relative Strength Index (RSI) currently resides in a neutral zone, around 52. In case XLM fails to surpass $0.44, the support levels at approximately $0.39 and potentially $0.30 could be revisited. A break below these supports might trigger a deeper price correction. On the positive side, regaining $0.44 would pave the way for XLM to challenge $0.50 – a technical and psychological milestone.
If the current price level of approximately $0.55, boosted by continuous network growth and broader market recovery, is surpassed, it’s possible that this price might be revisited. The rise in the number of addresses and transactions suggests growing confidence in Stellar’s ecosystem. The outlook for a prolonged XLM rally seems promising, provided that these underlying factors remain robust. However, investors should keep an eye on crucial price points and market circumstances to stay informed.
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2025-01-10 18:18