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crypto.news 2024-11-29 16:39:20

Can XLM price hit $1 as DeFi TVL and open interest soars?

Stellar price went parabolic on Friday, Nov. 29, as its DeFi ecosystem boomed and its futures open interest reached a record high. Stellar Lumens ( XLM ) surged to an intraday high of $0.5510, marking its highest level since Monday. This represents a 27% increase from its weekly low, bringing its market cap to over $16 billion. Stellar’s rally mirrored that of Ripple ( XRP ), which jumped by over 20% as its demand jumped. The two coins have a close correlation because of their role in the cross-border payment industry. Its most recent quarterly report showed that Stellar handled 103 million payment transactions, making it the second-biggest blockchain after Solana ( SOL ). This popularity is because of its substantially low fees compared to its competitors. Its average fee is $0.000014 compared to Solana’s $0.004473. Stellar’s network is also fast, with its time to finality being about zero seconds. Meanwhile, data shows that Stellar’s total value locked in the Decentralized Finance industry has jumped to a record high of $60.6 million. With Franklin Templeton’s fund assets included, Stellar has over $300 million in assets. The network’s assets in DeFi are much lower than in other chains like Base and Sui because it is a relatively new project. Soroban, its layer-1 network was launched a few months ago and is seeing strong growth. Stellar’s futures open interest has also surged, reaching $371 million, just below its weekly high of nearly $400 million. Stellar Open Interest | Source: CoinGlass XLM price could double XLM price chart | Source: crypto.news The weekly chart shows that the Stellar Lumens price has jumped sharply in the past few weeks. It has crossed the important resistance level at $0.1945, its highest point on June 10. Moving above that level was important because it was the neckline of the double-bottom pattern at $0.076. The coin has also jumped above the key resistance at $0.4400, its highest swing in November 2021. Also, it has moved above all moving averages, meaning that bulls are in control for now. Therefore, with Stellar being highly overbought, there is a risk that it could reverse soon. However, a move above the key resistance level at $0.6370, its highest level last week, will point to more gains, potentially to its all-time high of $0.7960. If it crosses that level, it will jump to $1, doubling from the current level. This bullish view will depend on whether Bitcoin continues its strong uptrend and crosses the key level at $100,000. You might also like: Algorand price surges as crypto pundit sees it hitting $1.25

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