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Stellar‘s price surged over 80% in the past 24 hours, securing the top spot among the biggest gainers. With this upward trend, XLM climbed from $0.302 to $0.55, and analysts predict that the asset may approach the $1 mark. Despite being considered an old altcoin, XLM continues to achieve impressive gains over the years, becoming one of the top-performing assets among the largest 100 cryptocurrencies for the week.
Stellar Price Increases
The increase in Stellar’s price reflects strong buyer interest, establishing a significant upward trend as it reached $0.55. Following a consolidation period around $0.40, the cryptocurrency surpassed resistance levels, providing impressive returns to investors.
Grayscale Investments LLC’s 10-K report indicated a 10% rise in the net assets of Stellar Lumens Trust for the fiscal period ending September 2024. Despite price fluctuations and management fees, the trust has recorded growth with the addition of 34,875,230 XLM tokens.
XLM Price Target
Cryptocurrency analysts suggest that Stellar’s long-term price structure may be ready for further increases. An analyst known as “Charting Guy” predicts that Stellar’s price could reach targets between $3 and $5.
The Grayscale trust has managed to recover token value losses from the beginning of the year, maintaining asset growth. There has been a significant increase in trading volume and open positions in XLM derivatives markets, indicating rising institutional interest and making it an attractive investment.
Experts point out that Stellar’s future price movements could exhibit a strong upward trend. As a digital currency, Stellar presents significant opportunities for investors while positively impacting the overall market outlook.
