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Stellar Rallies Over 14% Amid Developer Optimism and Network Upgrade Progress
Stellar Lumens (XLM) soared 14.3% over a 24-hour period into Wednesday, fueled by surging trading volumes and growing confidence in the network’s technological development. XLM peaked at $0.293 before ending the session slightly lower at $0.2896, as institutional investors and developers responded positively to advancements in the protocol’s core infrastructure.
Key Catalyst: Stellar Core v23.0.0rc2 Release
The rally was driven by the Stellar Development Foundation’s announcement on July 7 of the v23.0.0rc2 release candidate for Stellar Core. This release marks a significant milestone as the protocol moves closer to its full v23.0.0 rollout, promising improved scalability and network stability. The update includes crucial refinements that have strengthened confidence among both developers and institutional players in Stellar’s technological roadmap.
Technical Performance and Market Activity
Throughout the 24-hour window ending July 9 at 14:00 UTC, XLM demonstrated solid technical strength. The most intense buying activity occurred between 11:00 and 13:00 UTC, when trading volumes exploded to 163.4 million and 405.9 million, respectively—far above the daily average of 54.7 million.
Key resistance levels at $0.270 and $0.278 were decisively breached, flipping into support zones and signaling strong market conviction, according to CoinDesk Research’s technical analysis data.
However, the momentum moderated toward the session’s end. XLM slipped 2.05%, retreating from $0.293 to $0.287, after failing to hold above $0.291. This drop triggered a cascade of sell orders, likely driven by short-term trading algorithms, and established new resistance near $0.294, the analysis showed.
Outlook Remains Constructive
Despite the late-session pullback, the broader technical outlook for Stellar remains bullish. With development progress accelerating and solid support established above $0.278, XLM appears poised for another attempt to test the $0.294–$0.30 range in the near term.
Technical Analysis Highlights
- Price Range: $0.252 to $0.293, representing a 14.3% intraday surge before settling at $0.2896.
- Volume Spike: Peaked at 405.9M, nearly 7.5 times the 24-hour average of 54.7M.
- Resistance Breakouts: $0.270 and $0.278 flipped into support amid strong buying pressure.
- Retracement: A 2.05% dip from $0.293 to $0.287 after breaching $0.291.
- New Resistance: Formed near $0.294 following selling pressure.
- Development Driver: The release of Stellar Core v23.0.0rc2 boosted sentiment around protocol maturity and upgrade readiness.
