Stellar Prints Double Digit Growth In Key Metric, Is XLM Price To $0.3 Confirmed?

Key Insights

• Stellar’s daily trading volume is up 25%, sparking excitement for the Stellar Network
• Investors are showing more interest in Stellar, as seen by rising Open Interest data
• Analysts claim XLM price could rally over 2,000% from current levels

Stellar (XLM), the 15th-largest cryptocurrency, is gaining traction, as indicated by its rising trading volume and other metrics.

This key metric has posted double-digit gains in the past 24 hours, sparking optimism for the digital asset.

Traders and investors think Stellar could soon hit $0.3 amid a favorable market outlook. Some even anticipate higher prices for the XRP rival amid the re-entry of bullish sentiment in the broader market.

Analyzing the Stellar price, Volume, and Growth Trend

CoinMarketCap data revealed that XLM’s price was $0.27 as of this writing. The top coin’s price rallied over 2.7% over the past day, and its market capitalization is pegged at $8.46 billion.

The trading volume, a key metric indicating investors’ interest, increased by 25% to $163.6 million during the same period.

As investors show renewed interest in XLM, the price is anticipated to climb from its current level.

The latest surge in the price of XLM coincides with a broader market uptick. Bitcoin (BTC), the leading digital asset, saw its price rally by over 1%, while Ethereum (ETH) inked a 5% increase.

Stellar has played a key role in the Decentralized Finance (DeFi) and financial sectors, which is likely drawing investors’ attention.

In May, investment giant Franklin Templeton revealed intentions to invest $1.7 trillion in the Stellar network.

Unlike traditional alternatives, the Stellar blockchain processes transactions faster with lower risk. Thus, XLM continues to position itself as a low-fee alternative to legacy payment systems.

According to technical analysis, the price of XLM recently moved above a falling wedge formation.

This pattern usually indicates that a long-term downtrend has ended and a new uptrend is on the horizon.

XLM Open Interest Data and Implications

Open interest (OI) is another major metric that is likely explaining the ongoing rally in the price of XLM.

The Open Interest refers to the total number of outstanding derivative contracts that have not been settled or closed.

According to recent data from CoinGlass, the XLM Open Interest has increased by 2.38% over the previous day.

This translates to 592.74 million XLM, valued at approximately $160.66 million committed to the Stella futures market by traders in the ecosystem.

Such a notable rally suggests more traders are entering new positions, increasing liquidity and trading volume.

It also signals a robust market as higher liquidity attracts more participants, including institutional investors.

Furthermore, the rising open interest and increasing prices suggest bullish sentiment.

XLM Price Forecast

Stellar enthusiasts have predicted several possible price outcomes for Stellar this year. Some forecasted that if it crosses the $0.4 mark, XLM could see a rally reaching 400% from its current levels.

Other analysts pointed out prices between $0.21 and $0.24 as major breakout zones for XLM. With the price of Stellar now above this level, traders could soon see the top coin hit $0.3.

The higher price levels suggest that the consolidation phase is over and the price is starting to regain momentum.

Another bullish long-term target is at $1.29 per analyst’s forecast. This projection is based on Fibonacci projections and historical resistance zones.

In a bolder forecast, analysts cite past performances to believe XLM could see its price increase by over 2,000%.

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