XLM Drops 7% Amid Heavy Selling Despite Stellar’s Rain Integration Boost
Stellar’s native token XLM fell 7% over the past day, sliding from $0.288 to $0.271 amid broad market weakness and high selling volumes. This drop came despite a key partnership announcement from Rain, the global stablecoin-powered card platform, which confirmed support for Stellar alongside Solana and Tron on Thursday.
The integration with Rain marks a pivotal moment for Stellar, pushing it closer to mainstream adoption by enabling users to spend stablecoins across fast and scalable blockchain networks. However, XLM’s price decline, breaking below a crucial recovery trendline established since April, mirrored a similar pattern seen in the payments-focused cryptocurrency XRP.
Technical Highlights:
- XLM-USD declined 7% over 24 hours, falling from $0.288 to $0.271.
- Midnight selling volume surged to 76.9 million units, creating resistance near $0.280.
- Support held steady around $0.270–$0.271, with buying volume of 74.7 million during the 01:00 hour.
- The $0.270–$0.271 zone served as a key support level, tested multiple times with high volume.
- A short-lived recovery formed an ascending channel starting at 09:43 before renewed selling pressure returned.
- Volatile trading marked the final hour, with prices fluctuating between $0.270 and $0.273 before closing near $0.271 on strong volume.
