XLM Price Rises 97% as Stellar Nears 100M Transactions and Awaits Protocol 23 Upgrade

Stellar Lumens (XLM) is showing strong signs of a potential price breakout as the Stellar network approaches a key 100 million transaction milestone. This development comes ahead of the anticipated Protocol 23 upgrade, which is expected to go live in September. The token's price has surged by 97% from its July lows, reaching $0.43 on August 16, with a market capitalization of over $13 billion. The recent price action has formed a bullish pennant pattern, a technical formation that suggests a continuation of the upward trend once the consolidation phase ends [1].

The 100 million transaction threshold is a major on-chain achievement, signaling increased adoption across cross-border payments and DeFi platforms. The Stellar network has seen a 11% increase in transactions over the last 30 days, reaching 81.85 million, while active addresses rose by 49% to 493,774. Total Value Locked (TVL) in DeFi applications has also reached a record $150 million, and the supply of stablecoins on the network hit $222 million, up 10% from a month earlier [1].

One of the most significant catalysts for XLM is the upcoming Protocol 23 upgrade. Key improvements include optimized Soroban smart contract execution and the introduction of parallel transaction processing, both of which are expected to enhance scalability and reduce latency. Protocol upgrades often lead to price surges as investors anticipate improved functionality and increased demand for the underlying token [1].

Technical analysis highlights a double-bottom pattern formed at $0.2178, followed by a neckline at $0.3350, which is now serving as a key support level. The current bullish pennant pattern indicates that a breakout above $0.6356 could confirm the continuation of the uptrend. If successful, the price could reach a target of $0.7270, a level 50% higher than its current value. However, a drop below $0.3350 would invalidate the bullish scenario and potentially trigger a deeper correction [1].

The Stellar network has been steadily gaining traction by offering fast and low-cost transactions, positioning itself as a bridge between traditional financial systems and blockchain technology. With growing on-chain activity and the upcoming protocol upgrade, the platform appears well-positioned for further growth. Investors and traders are now closely watching whether the price can break out of its consolidation range and confirm the bullish technical pattern [1].

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[1] https://crypto.news/xlm-price-breakout-key-metric-nears-100m-milestone/