Stellar (XLM) soars high on the weekly level to reach $0.40
The Stellar (XLM) cryptocurrency rose by 70% over the week, reaching $0.40, driven by momentum from an anticipated protocol upgrade and increased market interest.
The digital currency recorded gains of about 25% in just 24 hours, with trading volume exceeding $2.2 billion.
This rise comes alongside anticipation for protocol update 23, scheduled for a vote on August 14, 2025, which aims to enhance performance on the "Soroban" network, the smart contract platform of Stellar.
The upgrade boosts investor confidence as network usage in real-world applications grows.
Technically, XLM has broken through a downward trend line that has persisted since 2021, surpassing the upper "Bollinger" range, with the money flow index reaching 90.12, indicating strong overbought conditions.
The currency is likely to target the $0.681 level, with the possibility of heading towards $1.2918 later if the momentum continues.
On the institutional activity front, "Franklin Templeton" tokenized $446 million of U.S. Treasury bonds on the Stellar network, in a move reflecting rising institutional confidence.
According to "DeFiLlama", the value locked in Stellar protocols increased by 22% in just one day, reaching $120.25 million, supporting the current upward trend.
