Stellar’s Native Token XLM Sees Significant Trading Volume Surge

Stellar’s native token, XLM, a major rival to Ripple Labs-linked XRP, has surged over 12% in its trading volume. Market participants now wonder if the coin’s price will follow a similar upward trend.

Investors Shift Attention to Stellar

The increase in XLM’s daily trading volume highlights rising investor activity on the Stellar network. Within the last 24 hours, the coin’s trading volume surged to $324 million, according to data from CoinMarketCap.

This spike in trading indicates that XLM may be in a consolidation phase, suggesting that the price could regain positive momentum soon. Currently, XLM’s price is at $0.30, with a market cap of $9.2 billion. Notably, XLM’s decline mirrors a broader market struggle, as Bitcoin (BTC) is down 2.1% on the daily chart.

Similarly, XRP’s price has decreased by 1.9% in the previous day, trading at $2.54. Like XLM, there has been a significant increase in investor activity in XRP, surging by 40.25%. It is important to note that XLM and XRP usually mirror each other’s movements.

However, XLM’s value increased by 18% over the weekend, surpassing XRP’s 12% rally, moving from a low of $0.252 to an intraday high of $0.3086.

Stellar’s Roller Coaster Movement

Stellar rebounded from lows of $0.252 on February 28, rising for three consecutive days to reach a high of $0.375 on March 2. Shortly after this surge, XLM fell back to around the $0.30 level before stabilizing again.

By March 5, XLM regained traction alongside a broader market rally, gaining over 9% in just 24 hours.

Currently, traders are monitoring key resistance levels to see if XLM can maintain its gains. The digital asset is trading between its moving averages of 50 and 200, at $0.305 and $0.258. Crypto analyst Ali Martinez has predicted a 300% bull rally for XLM if it breaks out from a symmetrical triangle pattern.