The cryptocurrency XLM has experienced a significant surge following the latest market downturn, recording an increase of over 14% from the day’s low to its high. This suggests a renewed interest from investors in the coin.
XLM's Market Recovery
In the last 24 hours, XLM hit $0.295, which is notably higher than its recent level at $0.267. However, there's a pullback on the one-hour chart, indicating active short-term profit taking.
Resurgence of XLM Demand
On-chain data revealed a surge in both spot and derivatives activity following the latest support retest, confirming a build-up of demand. Derivatives volumes reached $420.36 million, up 140.31% from the previous session.
Prospects for XLM Growth
Despite being overshadowed by other top 50 coins, XLM continues to attract attention. The coin has managed to hold its ground, maintaining gains achieved earlier, unlike many of its peers, which reflects confidence among XLM holders.
XLM is showing steady growth, but its stability will depend on the economic and political situation in the near future. Investors remain confident in the coin's potential despite possible market headwinds.
