Stellar Lumens' price surged by 72% since June 25, driven by broader market recovery and technical breakout patterns.
Futures open interest in XLM reached $345 million, the highest since January, signaling growing demand and liquidity.
Stellar’s stablecoin supply hit $627 million after accounting updates, with USD Coin forming the bulk of on-chain stable assets.
The price of Stellar Lumens (XLM) continued its upward momentum this week, reaching $0.4045. This marks its highest level since February and reflects a 72% gain from the June 25 low of $0.2187. The price recovery aligns with broader market strength seen across the crypto space.
XLM’s rally is being supported by a strong rise in derivatives activity. Futures open interest jumped to $345 million, its highest level since January. This is a significant increase from June’s low of $135 million. The increase in open interest suggests growing market participation and improved liquidity.
Stablecoin Supply in Stellar Network Hits Record High
Data from DeFi Llama shows Stellar’s stablecoin supply surged to $627 million. This figure includes over $446 million from the Franklin Onchain US Government Money Fund, which was recently added to the platform’s calculation. Without this addition, the stablecoin supply remains at $181 million, dominated by USD Coin.
On-chain data also signals growing activity on the Stellar network. Nansen reported a 13 percent rise in active addresses in the past week, reaching 158,329. The total number of transactions increased by 16%, now standing at 18.5 million. Transaction fees also rose, showing higher network usage.
Chart Pattern Indicates Further Upside Potential
The technical analysis of XLM daily chart shows that a bullish pattern (double-bottom) was observed where the $0.2180 became the two bottoms, and the neckline is near the point of $0.3331. The expected price target regarding this trend is $0.45. The existing price is slightly below this mark, but there is still a chance to reach more. This target is also very close to the 38.2% Fibonacci retracement.
The bullish momentum is expected to continue, and in case of brief evidence of a pause by the bullish direction, analysts think that the price might reverse back to retest the neckline level of support at 0.3331 to regain the momentum. This would make it compatible with widely accepted technical installations and open a possible door opening into the market by new customers.
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