XLM Struggles at Resistance Amid Exchange Pauses for Stellar Upgrade

Stellar Protocol 23 Upgrade Pauses XLM Trading, Token Faces Resistance at $0.37

South Korea’s largest crypto exchange, Upbit, temporarily suspended XLM trading on Tuesday in anticipation of the Stellar network’s Protocol 23 upgrade, which is designed to improve scalability and transaction speeds.

In the 24 hours leading up to the upgrade, XLM traded in a narrow range of $0.36–$0.37, with volume spikes coinciding with tests of the $0.37 resistance. While multiple attempts to breach this level were met with selling pressure, support remained firm at $0.36, suggesting potential institutional accumulation as traders awaited the upgrade.

The final trading hour before the pause showed increased volatility, with XLM briefly reaching $0.37 before slipping back. This price action highlights Stellar’s growing role in cross-border payments and underscores the increasing institutional interest in blockchain infrastructure.

Momentum in XLM is further supported by rising attention toward CBDCs and enterprise blockchain adoption, including projects with networks such as Hedera. Traders are closely watching two critical levels: $0.45 resistance, which XLM has struggled to clear since June, and the $0.30–$0.32 support zone, a potential accumulation range. Market observers suggest that the results of Protocol 23 could determine whether XLM breaks higher or retraces to reinforce support.

Key Technical Points

• Price Range: $0.36–$0.37 over 24 hours, ~3% volatility.
• Volume: Peak trading of 28.91 million during resistance tests.
• Support/Resistance: Resistance at $0.37; support at $0.36.
• Breakout Attempts: Multiple failed pushes above $0.37 indicate persistent selling.
• Institutional Activity: Volume surges at key levels signal accumulation by sophisticated investors.