XLM plunges 23% from yearly high despite network growth and September upgrade

Stellar Lumens xlm-4.71%Stellar 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.

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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.