The Stellar network is exhibiting significant growth in activity, with a 37% rise in weekly active addresses and a 37.3% increase in transactions, reaching an impressive 38.96 million. This article explores the reasons behind these increases, driven by Stellar's initiatives and technology, and analyzes the future of the XLM token.
Growth in Stellar Network Activity
The overall activity in the Stellar network has significantly increased, witnessing a rise in active addresses to 243,000 and a surge in transaction volume to 38.96 million. These metrics underline the increasing utility and participant engagement within the Stellar ecosystem, even amidst market volatility.
Current Prices and Technical Indicators
Currently trading at $0.4061, XLM has increased by 3.78% over the past day. The token successfully bounced off the 50 EMA support level around $0.39 but faces resistance at $0.44. Overcoming this barrier is deemed crucial for further upward progression.
Key Drivers of Growth and Projections
Stellar's increased use in cross-border payments and DeFi is reflected in the 2.99% rise in Total Value Locked to $48 million. However, technical indicators advise caution. If XLM fails to break above $0.44, it may retest supports at $0.39 and $0.30. Should it succeed in overcoming the $0.44 level, a move to $0.50 is possible, marking a significant barrier for further progress.
Stellar's recent surge in activity showcases the growing trust in its ecosystem. While XLM's future looks promising, investors should keep a close watch on key price levels and market conditions.
