Analysis: Stellar Network Upgrade Triggers Price Volatility, XLM Surges 14.3% in a Day

According to ChainCatcher, citing a report from CoinDesk, the price of Stellar Lumens (XLM) surged as much as 14.3% within 24 hours, rising from $0.252 to $0.293 and ultimately closing at $0.2896. This rally was accompanied by a sharp increase in trading volume, peaking at 405.9 million tokens, which is 7.5 times the daily average.

The price increase was mainly driven by the release of Stellar Core v23.0.0rc2, an upgrade that enhances the network’s maturity and scalability. Technical analysis indicates that XLM has broken through resistance levels at $0.270 and $0.278, with short-term support now established above $0.278.