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Stellar (XLM) has emerged as a top performer in the cryptocurrency market, surging 445% over the past month and currently trading at $0.54.
- XLM’s momentum hinges on breaking resistance levels and ongoing real-world adoption. Its strong tech foundation and partnership position Stellar as a key player in digital payments.
As we move toward the end of 2024, cryptocurrency enthusiasts and investors are keeping a close eye on Stellar (XLM) and its potential to reach $1 by December. Stellar has been making headlines for its unique approach to facilitating cross-border payments and its partnerships with various financial institutions. But can XLM reach this price point in the coming weeks?
Stellar’s Market Performance
With the broader cryptocurrency market regaining strength, Stellar (XLM) is emerging as a focal point for investors. The combined market capitalization of cryptocurrencies has surged by an impressive 41.28%, now standing at $3.42 trillion. Amid this resurgence, Stellar has shown remarkable performance, with its price increasing by 4.69% in just 24 hours and 21.42% in the past week.
Over the past month, Stellar has experienced remarkable growth, soaring over 447% and now entering the top 15 crypto-list with a market cap of $16.38 billion, reported CNF. This performance not only positions XLM as one of the top gainers among the top 20 altcoins but also raises expectations about its future trajectory.
This suggests that there is an opportunity for additional gains if buyers can seize control and push the price above critical resistance levels, with key resistance identified at $0.58, a potential surge target of $0.71, and the ultimate objective being to reclaim the January 2018 all-time high of $0.91. As of press time, the XLM price is trading 12.23% up at $0.5367 with a market cap of $16.16 billion and the daily trading volume surging 76% to $3.88 billion.
Factors Supporting XLM’s Potential
Stellar sets itself apart by facilitating quick and low-cost transactions across various currencies, including digital forms of the U.S. dollar, euro, and Bitcoin. Its open-source architecture enables developers to create applications like blockchain wallets and crypto tokens. Stellar also excels in governance, featuring robust on-chain tools promoting transparency and community decision-making involvement.
Additionally, its advanced authentication methods and secure smart contract functionalities prioritize security. Collectively, these features position Stellar as a comprehensive financial platform designed to tackle real-world transactional challenges rather than merely a cryptocurrency. Partnerships with MoneyGram, Franklin Templeton, and IBM are enhancing the network’s credibility and driving its adoption.
Additionally, Grayscale Investments relaunched its private placements for various altcoins, including Stellar, providing opportunities for corporate and institutional investors. This move by Grayscale underscores the growing institutional interest in Stellar as an investment vehicle, aligning with its recent market performance. The U.S. Federal Reserve’s reported decision to use Stellar Lumens as supporting infrastructure for its FedNow system is a major factor in XLM’s rise.
A technical analyst, known as Charting Guy shared a prediction on X that XLM could achieve price targets between $3 and $5, while other analysts caution about a consolidation period. Charting Guy emphasized patience, indicating that the current rally could lead to substantial gains for long-term holders.
Other market participants have noted this upward movement as a sign of renewed confidence in the asset’s potential. Jed McCaleb, founder of the Stellar Development Foundation, believes that Stellar is the most underrated and least understood crypto project.