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Stellar (XLM) could be on the verge of a major move, as a classic setup on its hourly chart might trigger a 15% swing, but the direction remains uncertain.
In a tweet, Ali, a crypto analyst, highlights a triangle pattern forming on the XLM/USDT one-hour chart, writing, "Stellar is forming a triangle pattern that could result in a 15% price move."
A triangle chart pattern involves price moving into a tighter range over time and provides a visual display of a battle between bulls and bears. This consolidation builds pressure in the market, and when it finally resolves, it usually results in a strong move, either higher or downward.
At the time of writing, XLM was up 4.33% in the last 24 hours to $0.248. Stellar began to recover on April 7 from a low of $0.2. The recovery continued, with XLM reaching an intraday high of $0.252 in the early Sunday trading session.
On the upside, the daily moving averages of 50 and 200 at $0.273 and $0.291 remain crucial, as they could kickstart a fresh uptrend for the XLM price if breached.
If XLM breaks above these key levels, bulls could push the price up toward $0.375, marking a significant recovery from recent lows. On the other hand, a drop from current levels could cause Stellar to retest $0.2, erasing recent gains. A decisive move in either direction could result from buying or selling pressure in the broader crypto market.
Stellar saw growth in H2, 2024
According to a recent half-year report by Nansen, H2, 2024 was mostly a phase of consolidation for Stellar blockchain. From July to November, the daily transaction volume remained between 1.5 million and 2 million, despite volatile market moves that led many other chains to fall in statistics.
Protocol 22 was released to mainnet Dec. 5, 2024, after being tested on testnet since Nov. 12. This version added constructors for Soroban smart contracts (CAP-0058) and support for BLS12-381 cryptographic functions (CAP-0059).
The increasing participation of centralized exchanges and DeFi protocols suggests a maturing ecosystem, with growing potential for decentralized alternatives to emerge in 2025. Looking ahead, Stellar is well-positioned for continued growth as it refines its infrastructure, expands cross-chain interoperability and strengthens partnerships within both the blockchain and traditional financial sectors.
U.Today Editorial Team
Dan Burgin
