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- The analyst makes a bullish prediction for XLM, and says $5 is attainable in the long term.
- Stellar’s Protocol 20 Mainnet upgrade is scheduled to kick off this February.
The Stellar community is rightfully excited for the months ahead as a recent announcement highlights the network’s roadmap for 2024. Notably, the Stellar network is gearing up in preparation for the highly anticipated launch of Protocol 20. Market participants have their gaze fixed on Stellar’s native token XLM, which is primed for a major upswing, according to market analysts.
In a recent post, a pseudonymous analyst broke down the road ahead for XLM. The analyst detailed XLM’s previous market movement patterns, denoting the asset’s inability to stabilize its prices.
“During the previous BullRun, XLM faced the challenge of not reaching a new all-time high (ATH), hovering around the $0.80 mark. Throughout this journey, XLM experienced four significant drops, averaging at about 47% (44.28%, 51.28, 48.67%, and 43.3%).” The analyst wrote.
The bears have succeeded in maintaining their position, and as a result, XLM has dropped by more than 48% from its peak in July of 2023. However, the analyst has spotted consistency in XLM’s trajectory, which signals that the asset is still on a promising path. The long-term dip in the altcoin’s price makes room for investors to find an entry point within an upward trend.
In the long term, XLM is poised to tap $5 if pumps are recorded over the coming months.
A pump to the $0.50 range for XLM would significantly strengthen confidence in the wave count. The ‘W’ formation remains pivotal, with projections suggesting $1.5 using non-logarithmic measures and $5 using logarithmic measures, signaling the promising potential for XLM.
At report time, XLM is trading at a press time price of $0.1127. The asset has recorded a spike of 22.25% in its daily trading volume. While monthly losses are yet to be cleared, XLM is making a slow recovery alongside other altcoins.
Stellar gears up for Protocol 20 Mainnet upgrade
On the other hand, the Stellar network is gearing up for a major upgrade scheduled for February. In a recent post shared to X, formerly Twitter, Stellar announced that the network has concluded a major update.
The Stellar Core v20.2.0 stable release has officially gone live. The update tackled a major transaction problem for network users, by providing a fix for the recent hike in fee charges caused by a bug.
Network users running Stellar Core are required to upgrade to the latest version to ensure compatibility ahead of the upcoming Protocol 20 Mainnet upgrade voting scheduled for Feb 20th. The launch of Protol 20 will introduce a handful of features into the Stellar network. Additionally, Protocol 20 will bring smart contracts to the Stellar blockchain network.