Stellar Lumens (XLM) experienced a notable increase over a 24-hour period into Wednesday, peaking at $0.293 before settling at $0.2896. This momentum was fueled by a growing accumulation from institutional investors and a revitalized confidence in the robustness of the Stellar network’s architecture.
This price movement coincided with a significant update to Stellar’s core software, amplifying its momentum within a high-volume trading environment.
On July 7, the Stellar Development Foundation released the v23.0.0rc2 candidate for Stellar Core, marking a pivotal step forward in enhancing the protocol’s scalability and network upgrades. This release is characterized by crucial refinements and is expected to significantly boost trust in Stellar’s infrastructure, appealing to both developers and institutional stakeholders.
From a technical standpoint, XLM demonstrated robust performance leading into July 9 at 14:00 UTC. The price rally intensified between 11:00 and 13:00 UTC, with trading volume peaking at 163.4 million and 405.9 million, considerably exceeding the daily average of 54.7 million. Critical resistance levels at $0.270 and $0.278 were convincingly surpassed, transforming them into new support levels, as indicated by CoinDesk Research’s technical analysis data.
However, as the session progressed, the momentum began to wane, resulting in a 2.05% decline from $0.293 to $0.287, largely prompted by a breach below the $0.291 mark. This decline led to a wave of cascading sell-offs, predominantly influenced by short-term trading strategies, as new resistance was established near $0.294.
While the late-session retracement underscores a degree of near-term volatility, the prevailing market structure maintains a bullish outlook. With ongoing development efforts and significant support remaining above $0.278, XLM appears well-positioned for another potential test of the $0.294–$0.30 range, based on the technical data.
Technical Analysis Highlights
- Price range: $0.252 to $0.293 – a 14.3% intraday gain retracing to $0.2896.
- Volume surge: Peak trading volume of 405.9 million, nearly 7.5 times the 24-hour average of 54.7 million.
- Resistance breakout: Levels at $0.270 and $0.278 transitioned to support on substantial volume.
- Retracement: A decrease of 2.05% from $0.293 to $0.287 after breaching $0.291.
- New resistance: Emerged near $0.294 following the selling pressure.
- Development catalyst: The release of Stellar Core v23.0.0rc2 significantly enhances perceptions of the protocol’s maturity and upgrade readiness.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
