Stellar (XLM) has joined the ongoing rally in the cryptocurrency industry as the asset has witnessed a 16% spike in trading volume. According to CoinMarketCap data, in the last 24 hours, XLM’s volume in fiat terms has increased to over $297 million.
Stellar's technical signals hint at breakout potential
This development has pushed the Stellar price slightly within the same time frame. As of press time, XLM exchanges at $0.3013, representing 0.93%, per CoinMarketCap data. The asset had earlier peaked at $0.3117 before recording a pullback.
Stellar Daily Price Chart. Source: CoinMarketCap
Despite the slight price drop, Stellar's performance suggests increased market interest and the potential for the price to rise further.
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Notably, the spike in trading volume indicates growing buying pressure among market participants. It also signals investors' confidence in XLM's future outlook.
Additionally, overall market sentiment supports upward movement for XLM, which has historically rivaled XRP’s movement. The asset is leveraging the current altcoin momentum in a bullish market phase.
Stellar’s technical structures suggest a volatile breakout that might occur soon if volume continues to increase. If the ecosystem sustains the current momentum, XLM could make a push that might hit $0.50.
XLM finding support at the current $0.30 level is crucial to attempting higher heights. Ali Martinez, a well-known analyst, has warned that a pullback could cause Stellar to lose gains.
Stellar outpaces XRP in market activity
On the broader crypto market, Stellar’s rival, XRP, has recorded a 13.09% decline in volume, suggesting that XLM is outperforming it.
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According to CoinGlass data, investors betting on Stellar remain bullish, which could support its upward journey. In the last 24 hours, open interest has increased by 2.16%, as 587.25 million XLM, valued at $178 million, were committed to the futures market.
Stellar’s performance and ability to sustain the current momentum could determine how high it will ride this bullish wave.
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