Stellar Lumens price has gone parabolic, soaring to a high of $0.1381, its highest level since April 2024. The XLM token has soared by over 82% from its lowest level this year, pointing to more gains in the coming months.
Stellar crypto surges after protocol upgrade
Stellar Lumens token has soared in the past few days, helped by the recent crypto bull run and the Protocol 22 upgrade.
According to the developers, Protocol 22 introduces constructors for Soroban and support of BLS12-381 encryption for the network. Historically, cryptocurrencies tend to rally after implementing a major upgrade.
Stellar Lumens price has also jumped because of the ongoing crypto bull run, with Bitcoin expected to hit $100,000 in the coming days. In most cases, altcoins like Stellar rally when Bitcoin is in a strong bull run.
This price action is happening as investors anticipate friendly regulations from the upcoming Donald Trump administration. In it, he is expected to appoint a Securities and Exchange Commissioner (SEC) who will support make the US the most active country for crypto innovation.
One way that this could happen is for the SEC to end its practice of regulation through lawsuits as Gary Gensler has done. Gensler’s SEC has sued companies like Uniswap, Binance, Coinbase, Kraken, and others.
Another way will be to swiftly approve spot ETFs. If this happens, there are rising odds that one or two companies will file for an XLM ETF, which will be approved.
At the same time, Stellar could become a major platform in the payments industry through its support for the USD Coin. According to the developers, Solana has handled over $3.4 billion this year, making it one of the most active blockchains in the industry.
XLM price analysis
The daily chart shows that the XLM token price has gone parabolic in the past few days. It recently jumped above the key resistance level at $0.1126, its highest level on July 17.
The coin has also formed a golden cross as the 200-day and 50-day Weighted Moving Averages have made a bullish crossover. Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillators have all pointed upwards.
Therefore, the XLM price will likely continue rising as bulls target the key resistance level at $0.1625, its highest level on March 10, which is about 22% above the current level. This view is in line with our recent XLM forecast.
