Stellar Price Prediction as XLM Rallies 24%, $700 Million Trading Volume Comes In - Where Next?
Stellar Lumens (XLM), the cryptocurrency that powers the cross-border payments-focused Stellar Network, has regained its spot as the best-performing cryptocurrency in the top 100 by market capitalization over the last 24 hours, having rallied around 24% over this time period.
XLM was last trading close to $0.16, higher amid a broader bid in select altcoins names that has seen the likes of Optimism (OP), XRP (XRP), Maker (MKR) and BitDAO (BIT) gain in the region of 10% over the last 24 hours.
The cryptocurrency is yet to retest the highs it hit last week near $0.20, when it initially rallied on US judge Torres’ favorable XRP ruling.
But the bulls appear to remain in control, with XLM trading volumes still highly elevated.
Over the last 24 hours, nearly $700 million worth of XLM changed hands across major exchanges, as per CoinGecko.
While XRP-related optimism is likely behind some of Wednesday’s rally, exciting news that boosts the token’s utility is also likely providing tailwinds.
Stellar just announced that they have partnered with Fonbnk to turn 8 billion active prepaid SIM cards globally into virtual debit cards.
“Once users load prepaid airtime credits onto Fonbnk wallets, those credits are on-ramped onto the Stellar network, digitized into tokens named MIN which can then be turned into USD Coin (USDC),” Stellar said in a tweet.
XLM is still looking very good from a technical standpoint.
It is way above all of its major moving averages and its spike last week saw it break above key resistance levels including a downtrend from mid-2022 and the earlier 2023 double-top.
Assuming the bulls remain in control, XLM should soon hit its next major resistance area in the $0.237-248 zone.
That could mean easy near-term gains of around
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