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Stellar’s (XLM) price is rallying by double digits this week, which has many investors hoping that Stellar will be the next cryptocurrency to hit $1. However, Stellar’s path to $1 is anything but clear.

Stellar Price (XLM) Distant From $1 Goal, Despite Over 10% Rally This Week

Stellar’s price is rallying this week as the cryptocurrency market makes another attempt at a recovery. XLM’s price is up by 14% over the last seven days, outperforming Bitcoin and Ethereum.

However, Stellar’s price is still a long way from $1. At the time of writing, XLM trades at $0.10, which means that it will need to rally by over 900% to hit the $1 mark.

Several factors are making Stellar’s goal of reaching $1 seem distant. First, the cryptocurrency market is not seeing a lot of demand for large transactions. Most transactions are still small, which limits the potential growth for high-priced cryptocurrencies.

Second, Stellar’s market share growth is slowing down. Stellar captured a large portion of the cryptocurrency market in 2021, but its growth has slowed significantly in 2022. This slowdown will make it harder for Stellar to hit $1.

Finally, Stellar’s price is facing resistance at key technical levels. XLM’s price has been unable to break past the $0.12 resistance level for several weeks now. If Stellar’s price fails to clear this resistance level soon, it could lead to a pullback in the rally.

Overall, Stellar’s price is rallying this week, but its goal of reaching $1 seems distant. Several factors are limiting Stellar’s potential growth, including the lack of demand for large transactions, slowing market share growth and resistance at key technical levels.