Stellar Lumens (XLM) is exhibiting significant bullish momentum, recording an impressive 87% surge in price over the past week. Technical analysis identifies crucial support holding firm at $0.20, with resistance levels now forming at $0.62 and $0.80. Market observers suggest this trajectory could propel XLM towards a potential breakout targeting the $1 mark.
Market dynamics reveal a remarkably strong correlation between XLM and XRP, with a 100-day correlation index reaching 0.95. This indicates highly synchronized price movements between the two assets, suggesting shared market sentiment and behavior.
Supporting the bullish case, XLM futures market open interest has surged to a record high of $589 million. This substantial increase signals strong accumulation by buyers and points towards balanced market conditions conducive to further upward movement.
Renowned technical analyst Peter Brandt has emphasized the critical importance of XLM maintaining its position above the $0.20 support level. Holding this level is deemed essential for sustaining the current positive price momentum.
Further reinforcing the potential for continued gains, analysis of the 90-day spot taker Cumulative Volume Delta (CVD) shows a clear buyer-dominant phase. This persistent buying pressure strengthens the likelihood of an imminent upward price move.