Stellar (XLM) is demonstrating strong bullish technical signals, highlighted by the formation of a golden cross pattern on its price chart.
This technical indicator, characterized by the 50-day Simple Moving Average (SMA) rising to cross above the 200-day SMA, has historically signaled sustained upward momentum for XLM. The pattern emerged following a significant price increase of 104% in recent weeks.
The occurrence of the previous golden cross in late December 2024 preceded a notable rally driving XLM’s price to $0.634. Market analysts view the current formation as a potential precursor to further significant gains.
Fundamental developments are adding to the positive sentiment. Stellar is preparing for its Protocol 23 upgrade, encompassing eight Core Advancement Proposals (CAPs). The mainnet community vote for this upgrade is scheduled for August, following initial deployment on the testnet.
Prominent analysts, including Peter Brandt, have cited both the strengthening technical posture and fundamental upgrades like Protocol 23 as key factors supporting XLM’s positive outlook. Brandt specifically identified potential for a rally towards the $1 price target.
Beyond technicals and specific upgrades, Stellar’s established position focusing on scalability and real-world financial applications enhances its standing among altcoins. This focus, combined with current strong market sentiment and developer activity, reinforces its potential in the evolving blockchain landscape.