Stellar (XLM) Surges by Over 450%, Ranks as the 12th-Biggest Cryptocurrency

Stellar (XLM) is among the biggest gainers in the crypto market, with the price rising by over 450% on the monthly chart.

Cryptocurrency Stellar (XLM) enjoyed a remarkable rally during the last seven days, emerging as one of the biggest gainers in the crypto market. The price of XLM soared by over 450% on the monthly chart, showcasing an impressive upswing.

At the time of writing, XLM price surged by 29% in the last 24 hours to trade at $0.5386. The native token of the Stellar network experienced a strong demand, pushing its price to levels not seen since May 2021.

As Bitcoin (BTC) price consolidates around $98,000, Stellar price soared to $0.56, displaying a significant gain. This performance placed XLM among the top cryptocurrencies, highlighting its growing popularity and utility.

According to data, XLM now ranks as the 12th-biggest cryptocurrency, surpassing Toncoin (TON) and Shiba Inu (SHIB). The trading volume also soared by 10.2%, indicating investors’ heightened participation in the Stellar network.

Based on technical analysis, the Relative Strength Index (RSI) reveals that XLM is overbought above 90, signaling a potential correction. Key resistance levels for XLM are at $0.60 and $0.75. XLM’s ability to break above these levels will determine its future price trajectory.

Meanwhile, an “Adam and Eve” pattern on monthly timeframes lurks around, which hints at a potential upside. This pattern features a V-shaped ‘Adam’ peak followed by a more gradual, rounded ‘Eve’ trough, providing clear trading signals.

Market analysts have expressed mixed sentiments on XLM’s short-term trajectory. Some anticipate continued upside potential with targets as high as $3 to $5. Others, however, warn that such rapid gains are unsustainable.

The broader consensus points to a potential consolidation period to establish new support levels.Stellar price surged by over 450% on the monthly chart. As Bitcoin price consolidates around $98,000, XLM price jumped to $0.56, levels not seen since May 2021.

Stellar Competes With Top Cryptocurrencies

This remarkable performance has elevated Stellar’s market capitalization above other notable cryptocurrencies. Among the top performers, XLM now ranks as the 12th-biggest cryptocurrency, outpacing Toncoin (TON) and Shiba Inu (SHIB).

The trading volume also soared by 10.2%, indicating investors’ heightened network participation. Based on technical analysis, the Relative Strength Index (RSI) reveals that XLM is overbought above 90, signaling a potential correction. Key resistance levels for XLM are at $0.60 and $0.75. XLM’s ability to break above these levels will determine its future price trajectory.

Meanwhile, an “Adam and Eve” pattern on monthly timeframes lurks around, which hints at a potential upside. This pattern features a V-shaped ‘Adam’ peak followed by a more gradual, rounded ‘Eve’ trough, providing clear trading signals.

Market analysts have expressed mixed sentiments on XLM’s short-term trajectory. Some anticipate continued upside potential with targets as high as $3 to $5. Others, however, warn that such rapid gains are unsustainable.

The broad consensus points to a potential consolidation period to establish new support levels. However, at the moment, data shows that XLM price surged by 29% in the last 24 hours to trade at $0.5386.

Factors Fueling XLM’s Current Rally

Many attribute XLM’s price momentum to its growing utility in real-world transactions. As CNF reported, Stellar’s primary use case is enabling cross-border transactions.

The network allows users to execute swift and cost-effective international money transfers and is a robust platform for tokenizing real-world assets.

Stellar’s collaboration with financial institutions like MoneyGram and Franklin Templeton also adds tangible use cases for its network. Its real-world application for payments distinguishes it from other largely speculative projects.

Moreover, Stellar has already partnered with IBM to integrate decentralized financial infrastructure. Such alliances might help Stellar reach $1 by 2025.

Furthermore, the network’s technological benefits have boosted Stellar’s recent surge. Stellar’s co-founder, Jed McCaleb, revealed in a recent CNF article that the network processes ten times more daily transactions than Ethereum, showcasing its efficiency and reliability.

McCaleb highlighted other accomplishments of Stellar, like its on-chain governance system and Soroban, a smart contract platform built for safety and efficiency. He added that Stellar’s extremely low transaction fees make it a strong contender for digital payments of most goods.

Stellar’s engineering quality and developer-friendly documentation add to its appeal by enabling application development and network adoption. McCaleb also praised the network