Stellar (XLM) maintains impressive upward momentum in the middle of the week, with an increase of nearly 5% and is currently trading around the $0.260 level. This growth momentum is driven by positive on-chain signals, as the Total Value Locked (TVL) has soared to a record high, along with a significant increase in stablecoin activity in recent days. Technically, XLM is showing strong accumulation signals, opening up the potential for a breakout toward the target zone of $0.285 in the near future.
The TVL of Stellar has reached an all-time high, surpassing 97 million USD.
According to data from the market tracking platform DefiLlama, the Total Value Locked (TVL) on the Stellar network hit an all-time high (ATH) of 97.7 million USD on Wednesday. This milestone not only reflects a strong increase in activity within the Stellar ecosystem but also indicates growing confidence from users as they deposit assets or interact with XLM-based protocols.
Additionally, data from Artemis also recorded that the market capitalization of stablecoins on the Stellar network has skyrocketed since mid-June, reaching 630.9 million USD as of that same day. This surge indicates an optimistic outlook for the Stellar ecosystem, as the increase in value and activity of stablecoins typically leads to expanded network usage and attracts a new wave of users.
Stellar price forecast: bulls are in control of the upward trend.
On Sunday, the price of Stellar (XLM) officially broke the downtrend line – formed by connecting the peaks since the end of November. This breakout helped XLM surge nearly 9%, surpassing the 50-day exponential moving average (EMA) at $0.255 and maintaining its upward trend through the end of Tuesday. As of Wednesday morning, this coin is still trading steadily in a higher price range, around $0.265.
If the current recovery momentum continues, XLM could challenge the peak from June 11th at $0.285 again. A successful close above this level could open up new upside potential, targeting the next resistance at $0.356 – an important resistance zone on the daily frame.
Technical indicators support a bullish scenario. On the daily chart, the Relative Strength Index (RSI) has surpassed the neutral threshold of 50 and is currently at 59, continuing to trend upwards – indicating that bullish momentum is strengthening. At the same time, the MACD indicator has just emitted a bullish crossover signal on July 3rd, alongside expanding green histogram bars above the zero line – a signal reinforcing the upward trend.
However, in a short-term correction scenario, XLM may turn back to test the critical support area on the weekly frame around the $0.221 mark before establishing its next direction.