Stellar (XLM) Surges 75% in July Amid Upcoming Protocol 23 Upgrade

Stellar (XLM) recorded a 75% price surge in July, climbing from approximately $0.23 to a peak of $0.51 before retreating to around $0.42 at the time of reporting. While the price has since cooled slightly, it remains above both its 50-day and 200-day moving averages, suggesting ongoing bullish momentum. According to Scopuly, a platform focused on Stellar, the current consolidation near $0.41 is not a sign of weakness but a natural pause following a strong upward trend [1].

Technical indicators show the Relative Strength Index (RSI) at 54.2, indicating the asset is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) reflects mild short-term weakness, but no significant bearish signals. Trading volume over the last 24 hours stood at $28 million, highlighting sustained interest in the token [1].

The $0.42 level is now a key area of focus. If XLM can hold above this support, the next potential target is $0.52. A break below $0.42, however, could push the price toward $0.30, a significant pullback from its July high.

Scopuly also emphasized that the upcoming Protocol 23 upgrade could influence XLM’s trajectory in August. This development is expected to enhance Stellar’s network efficiency and real-world utility, potentially attracting further institutional attention. Stellar’s existing partnerships, including those with PayPal and Franklin Templeton, also contribute to its credibility and long-term appeal [1].

Investors are watching for signs of deeper dips, with some analysts suggesting that an RSI drop below 30 could signal an entry point for short-term traders. More cautious investors may prefer to wait until the price nears $0.30 before taking action [1].

Despite a temporary pause in the rally, the broader technical and fundamental setup for XLM remains positive. The market is currently in a waiting period ahead of key developments, including the Protocol 23 upgrade and potential new partnership announcements. If XLM continues to trade above key trend lines and sustains strong volume, the path toward $0.52 appears viable [1].

Source: [1] Stellar (XLM) Price Holds Steady After 75% Spike: Here’s What to Expect in August (https://captainaltcoin.com/stellar-xlm-price-holds-steady-after-75-spike-heres-what-to-expect-in-august/)