crypto.news
$XLM plunges 23% from yearly high despite network growth and September upgrade
- Stellar Lumens price has formed a falling wedge chart pattern.
- Its transactions jumped by 14% in the last 30 days.
- Stellar Protocol will implement a key upgrade in September.
Stellar Lumens ($XLM) was trading at $0.3972 today, August 5, which was about 97% from its lowest point this year.
Stellar transactions and stablecoin growth
Nansen data shows that Stellar’s network is doing well. Its transactions rose by 14% in the last 30 days to 81.2 million, making it the eighth most active chains in the crypto industry.
Stellar’s active addresses jumped by 81% in the last 30 days to 515,000. Similarly, its network fees increased by 120% to $201,000, continuing a trend that has been ongoing this year.
Data from Artemis shows that Stellar is on a path towards achieving its goal of simplifying global payments. Its stablecoin supply jumped by 21% in the last 30 days to $209 million.
Similarly, the number of transactions rose by 17% to $9.8 million, while the adjusted transaction volume rose by 22% to $1.9 billion. Stellar has room to grow because of its faster transaction speeds and lower costs.
The next potential catalyst for the $XLM price will be the upcoming Potocol 23 upgrade. In an X post, the developers noted that the testnet reset and stable builds will be available on August 14, while the mainnet vote will happen on September 3.
🚨 Protocol 23 Timeline Updates 🚨
— Stellar (@StellarOrg) August 4, 2025
Key dates:
Aug 14: Testnet reset + stable builds available
Sep 3: Mainnet upgrade vote
The Aug 14 reset will clear ALL testnet data (accounts, assets, contracts.) Be ready to recreate what you need!
You'll need to upgrade ALL Stellar software…
$XLM price technical analysis
The daily chart shows that the Stellar Lumens price formed a double-bottom pattern at $0.2177 and a neckline at $0.335, its highest point on May 12.
Stellar price then formed the highly bullish golden cross pattern on July 13 as the 50-day and 200-day moving averages crossed each other.
Most importantly, Stellar has formed a falling wedge pattern, which happens when there are two descending and converging trendlines.
Therefore, $XLM price will likely have a strong bullish breakout to a high of $0.5183, which is up by over 31% above from the current level. A move above that level will point to more gains, potentially to $0.6365, which is 61% above the current level.