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The Stellar bull faction (XLM) is dominant thanks to TVL and booming stablecoin activity.
Stellar (XLM) is maintaining an impressive upward momentum mid-week, with an increase of nearly 5% and is currently trading around the $0.260 mark. This growth momentum is driven by positive on-chain signals, as the Total Value Locked (TVL) has reached a record high, along with a significant increase in stablecoin activity in recent days. Technically, XLM is showing strong accumulation signals, opening up the possibility of a breakout towards the $0.285 target zone in the near future.
TVL of Stellar reaches an all-time high, surpassing 97 million USD
According to data from the market tracking platform DefiLlama, the Total Value Locked (TVL) on the Stellar network has reached an all-time high of (ATH) at 97.7 million USD on Wednesday. This milestone not only reflects a strong increase in activity within the Stellar ecosystem but also indicates growing confidence from users as they deposit assets or interact with protocols based on XLM.
On Sunday, the price of Stellar (XLM) officially broke out of the downtrend line formed by connecting the peaks since the end of November. This breakout helped XLM surge nearly 9%, moving above the 50-day exponential moving average (EMA) at $0.255 and maintaining the upward momentum until the end of Tuesday. As of Wednesday morning, this coin is still trading steadily in a higher price zone, around $0.265.
If the current recovery momentum continues to be maintained, XLM may challenge the peak zone on June 11 at $0.285. A successful close above this level could open up new room for increase, aiming for the next resistance level at $0.356 – an important resistance zone on the daily timeframe.
However, in the short-term adjustment scenario, XLM may reverse to test the important support zone on the weekly frame around the $0.221 mark before establishing the next direction.
SN_Nour