Stellar (XLM) Records 180% Weekly Gain as Market Cap Hits $17.3B

TLDR

• XLM has surged over 180% in the past week and 480% in the last month
• Current trading price is $0.566, approaching previous all-time highs
• Market cap reached $17.3B, surpassing Shiba Inu
• Founder Jed McCaleb called Stellar “most underrated crypto project”
• Technical indicators suggest the asset may be overbought with RSI at 92

The cryptocurrency Stellar (XLM) has experienced a remarkable price increase over the past week, marking one of the most notable movements in the crypto market for 2024.

Data shows that XLM’s value has risen by more than 180% in just seven days, while extending its monthly gains to 480%.

As of the latest market data, XLM is trading at $0.566, placing it within reach of its previous all-time high. The token’s market capitalization has expanded to $17.3 billion, enabling it to overtake popular meme coin Shiba Inu in market ranking and inch closer to the top 10 cryptocurrencies by market value.

The price movement has caught the attention of both retail investors and market analysts, who have been closely monitoring the token’s trajectory. Trading volumes have increased substantially across major exchanges, indicating heightened market interest in the asset.

Jed McCaleb, the founder of Stellar, has contributed to the market narrative by making public statements about the project. Through his social media channels, McCaleb described Stellar as “the most underrated and least understood crypto project,” suggesting that the network’s potential has not been fully recognized by the broader market.

A lot of new people looking at Stellar so I thought I'd write down some quick thoughts about why Stellar is worth your time.
IMHO Stellar is the most underrated and least understood crypto project. A lot of recent attention but people are still sleeping on this network.

Stellar…

— Jed McCaleb (@JedMcCaleb) November 23, 2024

The current price action shows similarities to previous bull runs experienced by XLM, particularly those seen in November 2017 and 2021. These historical patterns have become a point of discussion among technical analysts studying the token’s behavior.

Market data indicates that XLM has broken out of a long-term descending triangle pattern, a technical formation that traders often watch for potential trend changes. This breakout has occurred on higher-than-average trading volumes, which some analysts view as a validation of the price movement.

Stellar Price on CoinGecko

The rapid price increase has led to substantial gains for early investors and has attracted new market participants looking to capitalize on the momentum. Trading platforms have reported increased activity in XLM pairs, with both spot and derivatives markets seeing higher engagement.

Technical indicators are providing mixed signals about the sustainability of the current rally. The Relative Strength Index (RSI), a popular momentum indicator, has reached 92, well above the traditional overbought threshold of 70.

Price action analysis shows that XLM has moved beyond the upper boundary of its Bollinger Bands, another technical indicator used to measure market volatility and potential price extremes. This positioning has led some analysts to suggest that a price correction might be possible.

Trading data reveals that the token’s price movement from $0.302 to $0.6342 occurred with strong buying pressure across multiple exchanges. This broad-based demand has contributed to the sustainability of the price increase over the weekly timeframe.

Market observers have noted that the current rally has maintained momentum despite broader market conditions, suggesting specific factors may be driving interest in XLM. The token’s price performance has outpaced many other major cryptocurrencies during this period.

Volume analysis shows consistent buying pressure across both retail and institutional platforms, indicating widespread participation in the rally. This broad market engagement has helped maintain price stability during the upward movement.

Order book data reveals strong support levels have formed at various price points below current trading levels, potentially providing price stability in case of market corrections.

The most recent market data shows continued trading activity around the $0.566 price level, with substantial volume supporting current valuations. Exchange data indicates balanced trading activity between buyers and sellers at these levels.