XLM Trading Paused on Upbit Ahead of Stellar Protocol 23 Upgrade
South Korea’s leading crypto exchange, Upbit, temporarily suspended XLM trading on Tuesday as the Stellar network prepared for its Protocol 23 upgrade, aimed at improving transaction speeds and network scalability.
Over the 24 hours prior to the upgrade, XLM traded in a narrow $0.36–$0.37 range, with volume spikes aligning with attempts to test the $0.37 resistance. Despite several breakout attempts, selling pressure capped gains, while support remained solid at $0.36. Analysts note this consolidation may reflect institutional accumulation, as market participants monitor for a potential breakout.
The final hour before the trading halt saw heightened volatility, with XLM briefly reaching $0.37 before retreating. This activity underscores Stellar’s role in cross-border payments and the growing institutional focus on digital asset infrastructure.
Momentum is also supported by rising interest in CBDCs and enterprise blockchain adoption, including collaborations with networks like Hedera. Traders are watching two critical levels: $0.45 resistance, which XLM has struggled to breach since June, and the $0.30–$0.32 support zone, a potential accumulation area. The outcome of the upgrade could determine whether XLM breaks above its ceiling or retraces to reinforce lower support.
Technical Snapshot
- Price Range: $0.36–$0.37, ~3% volatility
- Volume: Peak trading of 28.91 million during resistance tests
- Support/Resistance: Resistance at $0.37; support at $0.36
- Breakout Attempts: Multiple unsuccessful pushes above $0.37
- Institutional Activity: Volume spikes suggest accumulation by sophisticated investors
