XLM Drops to $0.36 Amid Institutional Selling, but Late Buying Shows Support
Stellar’s native token XLM fell sharply in the latest trading session, sliding 7.7% from $0.39 to $0.36 between August 28 at 3:00 p.m. and August 29 at 2:00 p.m. ET. More than 41.8 million tokens changed hands as large holders trimmed exposure, sending volumes well above average levels.
Despite the downturn, Stellar’s enterprise momentum remains intact. The Stellar Development Foundation reported the network is nearing 10 million registered accounts, with daily growth of 5,000–6,000 new corporate wallets. Ongoing partnerships with MoneyGram International and Circle continue to support adoption of Stellar’s cross-border payment infrastructure.
Intraday volatility was notable on August 29. XLM dropped 1.38% between 1:26 p.m. and 2:06 p.m. before institutional buyers reentered, triggering a 1.27% rebound in the following 15 minutes. The token ended the session at $0.361 after briefly touching $0.357.
A Stellar spokesperson emphasized that the decline was sentiment-driven rather than reflective of business fundamentals. The late-session recovery suggested some institutional desks viewed the dip as an accumulation opportunity, reinforcing confidence in Stellar’s long-term positioning.
Key Technical Signals
- XLM declined 7.74% over the 24-hour session, moving within a $0.031 band between $0.387 and $0.356.
- Peak selling pressure occurred during European morning hours, with volumes surpassing 41.8 million units.
- Resistance remains firm near $0.373, while support is seen at $0.375 and $0.362.
- A secondary floor at $0.357 attracted strong buying before the close.
- Elevated volume during the decline points to possible institutional accumulation.
- Final-hour rebound of 1.27% on 2M+ volume underscores continued interest from large players.
With XLM consolidating near $0.36, traders are watching whether institutional support can offset selling pressure and establish a base for recovery.
