Stellar’s XLM token traded in a turbulent 5% range over the past 24 hours, fluctuating between $0.34 and $0.36. The session began relatively stable before a late-evening selloff drove the price down from $0.36 to $0.34.
Trading volumes surged above 57 million tokens at midnight as the market tested support near $0.34–$0.35. Early the next morning, XLM briefly recovered to $0.36 on rising volumes of 70 million tokens, suggesting institutional accumulation.
Despite the rebound, price stalled at $0.36, forming a range-bound pattern that often precedes a breakout. In the final hour of trading on September 1, bearish momentum returned, with XLM slipping 1% as consolidation broke down. Intraday activity peaked between 13:45 and 13:46, when over 1.28 million tokens exchanged hands. Recovery efforts faded before the close, and trading effectively slowed in the session’s final minutes.
On the fundamental side, XLM faced headwinds from exchange and network developments. South Korea’s Bithumb will suspend XLM deposits on September 3 to accommodate network upgrades, signaling a key transition period. Meanwhile, Ripple’s successful pilot bank tests have bolstered confidence in blockchain-based payments, adding competitive pressure on Stellar to deliver improvements.
Key Market Insights
- $0.34–$0.36 trading range represents a 5% intraday spread.
- Midnight selloff generated 57 million tokens in volume, indicating heavy institutional selling.
- Morning rebound to $0.36 on 70 million tokens signals accumulation.
- Resistance confirmed at $0.36 with support around $0.34–$0.35.
- Final hour recovery attempts failed as bearish momentum strengthened.
