Stellar Lumens Gains 3% as South Korean Exchanges Prep for Protocol 23 Upgrade
Stellar Lumens (XLM) rose 3% over the past 24 hours, boosted by strong trading volumes and institutional buying, as South Korea’s leading crypto platforms temporarily halted XLM deposits and withdrawals ahead of a network upgrade.
From Sept. 1, 15:00 UTC to Sept. 2, 14:00 UTC, XLM traded in a range around $0.36, experiencing roughly 5% volatility. The token found support at $0.35 following an early bout of selling before consolidating near $0.36. Resistance appeared near $0.37, where two rejection points were recorded. However, trading volumes above the daily average of 31.2 million tokens pointed to continued institutional interest.
Momentum carried into the session’s final hour, with XLM climbing 2% from $0.36 to $0.37. A volume spike of 2.7 million units at 14:00 UTC enabled the token to briefly break past $0.37 before stabilizing above $0.36, reinforcing the intraday bullish trend. Analysts note that sustained volume could support a push beyond current resistance.
Network Upgrade Boosts Market Sentiment
Bithumb and Upbit announced temporary XLM service suspensions starting Sept. 3, 09:00 UTC as part of preparations for Stellar Protocol 23, designed to modernize network infrastructure and improve interoperability. The upgrade aims to expand Stellar’s utility for real-world assets, which currently total around $460 million on the network.
Technical Overview
- Support established at $0.35, forming a solid base during early selling pressure.
- Consolidation between $0.36–$0.36 indicates steady accumulation by institutional investors.
- Resistance at $0.37 recorded two rejection points.
- Trading volumes exceeding daily averages validate institutional participation.
- An ascending price channel suggests continued consolidation with breakout potential.
- A decisive move above $0.37 depends on continued volume momentum.
The convergence of strong accumulation and network upgrades signals growing enterprise interest in Stellar, setting the stage for a potential continuation of the rally past $0.37.
