Stellar Lumens ($XLM) is showing positive momentum, reaching significant levels that indicate potential further gains. This article reviews the current analysis of XLM, its success in DeFi, and the implications of a newly granted patent.
Wave Structure and Resistance Breakout
Stellar Lumens ($XLM) is demonstrating strong upward movement, with a recent break above a descending trendline signaling the start of a bullish impulse wave. Elliott Wave analysis confirms that wave 5 is in action. Fibonacci levels indicate that $0.47 is the next critical resistance, with possible targets at $0.50 and $0.60. Analysts noted that the $0.37 confluence zone served as meaningful support for further gains.
Surge in DeFi TVL on Stellar
According to data from DeFiLlama, the Total Value Locked (TVL) in DeFi on the Stellar platform has increased by 11.22%, rising to $154.72 million over 24 hours. The daily decentralized exchange (DEX) volume stands at $4.51 million, while the stablecoin market capitalization reaches $658.41 million.
Stellar's Role in Cross-Network Communication
A recently filed patent by DTCC outlines Stellar's role in facilitating cross-chain interaction between Bitcoin and Ethereum. The document illustrates how Stellar can serve as a neutral bridge, enabling interoperability between blockchains without relying on traditional Proof-of-Stake protocols.
With the significant results observed in Stellar's DeFi sector and the new patent, Stellar Lumens shows potential for continued growth. The $0.47 mark remains a key focus in the current market landscape.
