The price of Stellar Lumens (XLM) has surged, moving above a key resistance level. This rise is fueled by increasing interest in decentralized finance and stablecoins.
Price Rally of XLM
XLM rose to $0.30, its highest level since May 23, and 35% above the lowest point in June. Stellar's market capitalization has jumped to nearly $9 billion.
DeFi Dynamics in Stellar
According to DeFi Llama data, the total value locked in Stellar's decentralized finance has soared to a record high of $98 million. This is a significant growth from $50 million at the beginning of the year. Including Franklin Templeton's tokenized fund, Stellar's TVL has exceeded $543 million.
Technical Analysis of XLM Price
On the daily timeframe, the XLM price formed a double-bottom pattern at $0.2170 in April and June, with a neckline at $0.3323, its highest level in June. Furthermore, Stellar has moved above the upper side of the descending channel, indicating bullish momentum. Key levels to watch include $0.3323 and $0.4247.
The overall rise in XLM price and DeFi assets on the Stellar platform indicates growing popularity of this cryptocurrency and strengthens investor confidence in its future.
