Peter Smith
Stellar (XLM) price rebounds strongly from $0.38 to hold $0.44 support, setting up potential breakout toward $0.60 target. The upcoming Protocol 23 upgrade could be the catalyst that pushes XLM to $1.00 as bullish momentum builds across the crypto market.
Current Market Position Shows Stellar (XLM) Price Strength
Stellar's native token is currently trading at $0.4445, showing impressive resilience after its sharp recovery from the $0.38 low. This bounce has established solid support levels at $0.42 and $0.40, giving bulls a strong foundation to work from.
The technical picture looks increasingly promising as XLM recently broke free from a descending channel pattern - typically a sign that the correction phase is ending and an upward trend is beginning. This breakout suggests sellers are losing control while buyers step in more aggressively.
If momentum continues, the next major target sits at $0.50. Breaking above this level could unleash a rally toward $0.60, where more significant resistance awaits. In the most bullish scenario, sustained buying pressure could eventually test the psychological $1.00 milestone.
Protocol 23 Upgrade Set to Drive Stellar (XLM) Price Higher
Beyond the technical setup, Stellar's fundamentals are also aligning for potential upside. The highly anticipated Protocol 23 upgrade is approaching, bringing meaningful technical improvements to the entire network infrastructure.
Major network upgrades have historically served as powerful bullish catalysts in crypto markets, often triggering increased trading volume and renewed investor confidence. For Stellar, this upgrade could provide the fundamental backing needed to sustain any breakout above the $0.50 resistance zone.
The combination of improving technicals and strong fundamental developments positions XLM for what could be a significant price advance in the coming weeks.
Peter Smith
