Stellar ($XLM ) plunges 12% amid a broader crypto market sell-off, extending losses across major digital assets.
Stellar (XLM) plunged to $0.4229 during Wednesday's market-wide selloff, proving that even battle-tested blockchain networks aren't immune to crypto's unforgiving volatility. The sudden drop wiped out weeks of gains as selling pressure overwhelmed buyers.
โจXLM Price Takes a Beating Despite Strong Fundamentals
Stellar (XLM) crashed to $0.4229, retreating from recent highs near $0.4800 with trading volume spiking to 707.62K. The decline caught many by surprise given XLM's reputation as a stable performer known for fast transactions and low fees.
The timing stings particularly hard, coming as institutional adoption of Stellar's payment infrastructure was gaining momentum. Bullish sentiment from major financial partnerships evaporated in minutes as algorithmic trading triggered cascading sell orders.
โจCritical Support Levels Could Determine XLM's Fate
Technical analysts are eyeing the crucial $0.4000 support zone, which could make or break Stellar's near-term prospects. If this level fails, XLM could drop toward $0.3500 โ erasing months of gains.
Any meaningful recovery would need to reclaim $0.4600 to restore bullish confidence. Long-term believers see this as a buying opportunity, arguing that Stellar's fundamentals remain solid despite the price carnage.
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