Despite network growth and a planned upgrade, Stellar Lumens (XLM) price has dropped by 23% from its yearly high.
Increase in Transactions and Stablecoins
Nansen data shows that Stellar's transaction count increased by 14% over the last 30 days to 81.2 million. The number of active addresses rose by 81% to 515,000, and transaction fees increased by 120% to $201,000. The stablecoin supply increased by 21% in the same period, reaching $209 million.
Technical Analysis of XLM Price
Analysis indicates that the XLM price formed a double-bottom pattern at $0.2177 with a neckline at $0.335. A successful breakout above $0.5183 could lead to a rise of over 31% from the current level.
Upcoming Protocol 23 Upgrade
The next potential catalyst for XLM's price will be the Protocol 23 upgrade. Developers announced that the testnet reset and stable builds will be available on August 14, with the mainnet upgrade vote planned for September 3.
Despite the decline in Stellar Lumens' price, the increases in transaction counts and active addresses signal positive trends. The upcoming network upgrade may play a significant role in future price growth.
