XLM Drops 3% Amid Institutional Selling, Shows Signs of Intraday Recovery
Stellar’s XLM token fell 3% over the past 24 hours, sliding from $0.39 to $0.38 as institutional selling dominated the market. Trading volumes spiked to 101.32 million—nearly triple the 24-hour average—highlighting heightened activity. The heaviest selling occurred on the morning of September 15, when XLM dropped from $0.395 to $0.376 within two hours, establishing $0.395 as strong resistance and tentative support near $0.375.
Despite the broader decline, intraday movements revealed brief recovery attempts. Between 13:15 and 14:14 UTC on September 15, XLM climbed from $0.378 to a session high of $0.383 before settling at $0.380. Trading volumes surged above 10 million units during this period, with 3.45 million tokens changing hands in a single minute as bulls tried to push past resistance. While sellers capped momentum, the $0.380–$0.381 zone now appears to be a developing support base.
Market dynamics indicate institutional profit-taking is shaping price action. Persistent supply overhead has reinforced resistance at $0.395, where repeated rallies failed, while emerging support near $0.375 reflects opportunistic buying during liquidation waves. For traders, the $0.375–$0.395 range has become a critical battleground that will likely determine XLM’s near-term direction.
Technical Highlights
- XLM declined 3% from $0.39 to $0.38 over the 24-hour period.
- Trading volume peaked at 101.32 million during the 08:00 session, nearly three times the 24-hour average of 24.47 million.
- Resistance solidified at $0.395 during morning selling.
- Support emerged near $0.375, absorbing selling pressure.
- Price volatility reached 5%, with a $0.019 range between peak and trough.
- Recovery attempts lifted the token to $0.383 before encountering renewed selling.
- Consolidation around $0.380–$0.381 suggests a potential short-term support zone.
