Stellar Slides as Upgrade Fails to Lift Sentiment

Stellar’s XLM token continued its retreat Thursday, slipping 2.72% over 24 hours to $0.358 and extending its recent bearish trend. The decline came within a narrow $0.012 range, reflecting 3.26% volatility, as repeated rejections near $0.362 capped upside momentum. A brief hold at the $0.357–$0.358 level now looks fragile under sustained selling pressure.

The weakness comes despite the Sept. 3 rollout of Stellar’s Protocol 23 upgrade, which failed to spark the anticipated rally. Instead, technical and macro headwinds—including fading institutional demand—have weighed on price action. On Sept. 2, liquidations worth $192,000 hit XLM as it fell from the $0.40–$0.45 zone, setting the stage for continued downside.

Technical signals suggest further weakness:

• Price slid from $0.368 → $0.358 (-2.72%).
• Range of $0.012 equaled 3.26% volatility.
• $0.362 resistance held firm across multiple attempts.
• Peak session volume at 21.47M exceeded the daily average of 16.23M.
• Support near $0.357–$0.358 remains under pressure.
• Declining volumes (28.5M → 16.7M) point to weakening momentum.

Looking forward, XLM faces a pivotal test around the $0.32–$0.30 demand zone. Unless buying interest revives at that level, both technical structure and broader macro sentiment suggest bearish momentum could deepen.