Stellar Lumens Gains 3% as Exchanges Pause for Protocol 23 Upgrade
Stellar Lumens (XLM) advanced 3% over the past 24 hours, driven by strong trading volumes and institutional buying, as major South Korean exchanges temporarily halted XLM deposits and withdrawals ahead of a critical network upgrade.
Between Sept. 1, 15:00 UTC and Sept. 2, 14:00 UTC, XLM traded around $0.36, showing roughly 5% intraday volatility. The token found support near $0.35 following early selling before consolidating in the $0.36 range. Resistance appeared at $0.37, where price encountered two rejections, yet volumes above the 24-hour average of 31.2 million tokens pointed to sustained institutional interest.
Momentum extended into the session’s final hour, with XLM rising 2% from $0.36 to $0.37. A surge in volume of 2.7 million units at 14:00 UTC briefly lifted the token above $0.37 before settling back above $0.36, reinforcing the bullish trend. Analysts note that continued high-volume trading could support a breakout past current resistance levels.
Protocol 23 Upgrade Boosts Market Sentiment
Bithumb and Upbit, two leading South Korean exchanges, will temporarily suspend XLM services starting Sept. 3, 09:00 UTC to implement Stellar Protocol 23, aimed at modernizing network infrastructure and enhancing interoperability. The upgrade is designed to broaden Stellar’s use for real-world assets, currently totaling around $460 million on the network.
Technical Overview
- Support established at $0.35, providing a stable foundation during early selling.
- Consolidation around $0.36 reflects steady institutional accumulation.
- Resistance at $0.37 saw dual rejections.
- Trading volumes above the daily average confirm institutional participation.
- Ascending price channel indicates potential for further upside.
- A decisive move above $0.37 will depend on continued volume and momentum.
The combination of institutional buying and network upgrades signals growing enterprise interest in Stellar, setting the stage for a potential continuation of the rally beyond $0.37.
