Stellar Spikes Over 14% on Upgrade Optimism Before Pullback Caps Gains
Stellar (XLM) saw a sharp rally of 14.3% over the past 24 hours, briefly reaching $0.293 before easing to $0.2896. The surge came as traders reacted positively to progress on Stellar’s network upgrades and rising developer engagement.
Stellar Core Upgrade Sparks Investor Interest
The latest gains were fueled by news from the Stellar Development Foundation, which announced the release candidate v23.0.0rc2 for Stellar Core v23.0.0 on July 7. The upgrade promises improved scalability and network performance, increasing confidence among developers and institutions in Stellar’s technological future.
Volume Surges as Price Breaks Key Levels
During the 24 hours ending July 9 at 14:00 UTC, XLM’s price held steady early before a significant spike between 11:00 and 13:00 UTC, where trading volumes skyrocketed to 163.4 million and 405.9 million, respectively—well above the daily average of 54.7 million.
Technical signals were strong, with XLM breaking through resistance levels at $0.270 and $0.278, which flipped into support zones according to data from CoinDesk Research. However, momentum cooled near $0.293, triggering profit-taking and algorithm-driven selling that pushed the price lower.
By the session’s close, XLM had slipped 2.05% to $0.287, with new resistance forming around the $0.294 mark.
Outlook Remains Positive
Despite the late-session retracement, Stellar’s overall trend remains bullish. Solid support above $0.278 leaves room for another test of the $0.294–$0.30 range, especially if network upgrades continue progressing smoothly.
Technical Highlights
- Intraday High: $0.293
- Closing Price: $0.2896, marking a 14.3% surge before the pullback
- Peak Trading Volume: 405.9M, nearly 7.5 times the 24-hour average
- Support/Resistance Levels: $0.270 and $0.278 now acting as support; new resistance near $0.294
- Pullback: 2.05% drop from session highs
- Catalyst: Stellar Core v23.0.0rc2 release ahead of the full protocol upgrade
