Stellar Upgrade Pauses XLM Trading as Token Tests $0.37 Resistance
South Korea’s largest crypto exchange, Upbit, temporarily halted XLM trading on Tuesday as the Stellar network prepared for its Protocol 23 upgrade, aimed at boosting scalability and transaction speed.
In the 24 hours leading up to the upgrade, XLM traded in a tight range of $0.36–$0.37, with volume spikes aligning with attempts to break the $0.37 resistance. Despite several efforts, selling pressure prevented a sustained move higher, while support held firmly at $0.36. Analysts suggest the consolidation points to institutional accumulation, with traders watching for a clear breakout.
The final trading hour before the suspension saw increased volatility, as XLM briefly touched $0.37 before retreating. The price action underscores Stellar’s growing importance in cross-border payments and the increasing focus on institutional adoption of blockchain infrastructure.
Market momentum is also supported by rising interest in central bank digital currencies (CBDCs) and enterprise blockchain projects, including collaborations with networks like Hedera.
Traders are eyeing two key levels: $0.45 resistance, which XLM has failed to surpass four times since June, and the $0.30–$0.32 support zone, seen as a potential accumulation area. The outcome of the upgrade may determine whether Stellar breaks past its ceiling or retraces to reinforce lower support levels.
Technical Highlights
- Price: $0.36–$0.37 over 24 hours, ~3% volatility.
- Volume: Peak trading of 28.91 million during resistance tests.
- Support/Resistance: Strong resistance at $0.37; support at $0.36.
- Breakout Attempts: Multiple failed pushes above $0.37 indicate persistent selling.
- Institutional Activity: Volume surges at key levels suggest accumulation by sophisticated investors.
