XLM Up 3% as Investors Eye Stellar Network Upgrade

Stellar Lumens Up 3% as Exchanges Pause Ahead of Protocol 23 Upgrade

Stellar Lumens (XLM) climbed 3% over the past 24 hours, supported by robust trading volumes and institutional buying, as top South Korean exchanges temporarily suspended XLM deposits and withdrawals in preparation for a network upgrade.

Between Sept. 1, 15:00 UTC and Sept. 2, 14:00 UTC, XLM traded around $0.36, experiencing roughly 5% intraday volatility. The token found a floor near $0.35 following early selling before consolidating in the $0.36 range. Resistance appeared at $0.37, where two rejections occurred, though volumes above the daily average of 31.2 million tokens reflected ongoing institutional accumulation.

Momentum carried into the final hour, with XLM surging 2% from $0.36 to $0.37. A volume spike of 2.7 million tokens at 14:00 UTC briefly pushed the price above $0.37 before settling above $0.36, confirming the intraday bullish trend. Analysts suggest sustained volume could pave the way for a further move beyond resistance.

Protocol 23 Upgrade Drives Market Attention
Bithumb and Upbit announced temporary XLM service suspensions beginning Sept. 3, 09:00 UTC to accommodate Stellar Protocol 23, which aims to modernize network infrastructure and enhance interoperability. The upgrade is expected to expand Stellar’s utility for real-world assets, currently totaling around $460 million on the network.

Technical Summary

• Support established at $0.35, providing a stable base during early selling.
• Consolidation in the $0.36–$0.36 zone reflects steady institutional accumulation.
• Resistance at $0.37 saw two rejection events.
• Trading volumes exceeding daily averages confirm institutional participation.
• Ascending price channel formation indicates potential for further upside.
• Breakout above $0.37 depends on sustained volume and momentum.

The alignment of institutional demand and network upgrades underscores growing enterprise interest in Stellar, setting the stage for a potential continuation of the rally beyond $0.37.