XLM, the native token of Stellar, faced significant institutional selling pressure in the most recent trading session, dropping from $0.39 to $0.36 between August 28 at 3:00 p.m. and August 29 at 2:00 p.m. ET. Market data indicates that over 41.89 million XLM were traded, with volumes increasing as major holders decreased their positions.
Despite this selling pressure, Stellar’s enterprise initiatives are still progressing. The Stellar Development Foundation announced that the network is nearing 10 million registered accounts, driven by a daily addition of 5,000–6,000 new corporate wallets. Partnerships with companies like MoneyGram International and Circle Internet Financial continue to enhance the adoption of Stellar’s payment solutions for cross-border transactions.
Analysts noted significant intraday movements on August 29, when XLM fell by 1.38% between 1:26 p.m. and 2:06 p.m. before institutional buyers reentered the market. The token regained 1.27% in the quarter-hour that followed, finishing the session at $0.361 after briefly dipping to $0.357.
A representative familiar with Stellar’s corporate strategy emphasized that the market fluctuations were sentiment-driven and not indicative of the business’s fundamentals. The late-session recovery indicated that some large investors viewed the drop as a buying opportunity, reinforcing confidence in Stellar’s long-term position in blockchain-based financial systems.
Technical Market Indicators Signal Mixed Corporate Sentiment
- XLM experienced a 7.74% decline from $0.39 to $0.36 during the trading period from August 28-29.
- The daily trading range was $0.031, with a session high of $0.387 and a low of $0.356.
- Peak selling occurred during the morning European trading hours on August 29, with volume surpassing the 24-hour average of 41.89 million units.
- Technical resistance is noted around the $0.373 level as institutional buyers remain cautious.
- Support levels have been identified at $0.375 and $0.362, with the latter showing stability during the final trading hours.
- Increased trading volume during the decline suggests potential accumulation strategies by institutions.
- An intraday price range of $0.005 in the final hour of trading indicates ongoing market interest.
- Support at $0.357 attracted institutional buying just before the session closed.
- A final hour recovery of 1.27% on volume exceeding 2 million units implies corporate treasury departments may be building positions.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see RialCenter’s full AI Policy.
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