Stellar’s native token XLM traded in a tight range as market participants weighed a protocol upgrade and fluctuating institutional flows. Over the last 24 hours the token moved between $0.34 (support) and $0.36 (resistance), with a late sell-off trimming intraday gains.
Volume patterns point to larger players driving the session. A midnight sell-off pushed volume past 57 million XLM, followed by a morning recovery that lifted XLM back to $0.36 on roughly 70 million tokens traded — activity consistent with institutional accumulation and short-term profit taking.
Price action was range-bound for much of the session, and technical traders will note that such consolidation often precedes a decisive breakout. The final hour saw bearish momentum reassert itself, with a one-percent slip as the consolidation pattern broke down and a concentrated block trade around 13:45–13:46 moved more than 1.28 million XLM at the day’s low.
Exchanges and network events added context to the headline price moves. South Korea’s Bithumb announced it will suspend XLM deposits on Sept. 3 while Stellar implements network upgrades — a temporary operational pause that can mute liquidity and amplify volatility around the upgrade window. At the same time, progress from rival projects, including Ripple’s bank pilot tests, is keeping payments-focused blockchains under close market scrutiny.
Why readers should care: Institutional-sized volume spikes suggest professional traders are positioning ahead of the upgrade. If support near $0.34–$0.35 holds and buy-side interest continues, a breakout above $0.36 could follow. Conversely, low liquidity during the deposit suspension could make downside moves sharper if sellers dominate.
Risk note: XLM remains sensitive to short-term liquidity shifts and news flow. Trading around network upgrades and exchange halts can be volatile; this report is informational and not investment advice. Past performance is not indicative of future results.
Source: CoinDesk. Read the original coverage for full details.