Stellar (XLM) price surged nearly 30% today, fueled by rising investor interest and anticipation of Protocol 23. According to crypto analyst Javon Marks, this rally could be the beginning of a much larger move. He believes XLM may climb more than 102% to hit $0.681, with a potential extension toward $1.291819.
The analysis reveals the price going up from $0.22 to $0.40; thus having undergone 80% gains in less than two weeks. The surge follows confirmation of a breakout from the descending trend. Also, the token made a higher low in early 2023, a bearish setup acting as a sign for possible trend reversals.
Technicals Point to Strong Momentum
As per TradingView’s data, the Accumulation/Distribution (A/D) line has made new highs to the extent of 2.85 billion, indicating an increase in buying pressure.
The OBV too has risen to 4.02 billion. The increase in both indicators is an indication of a rapid inflow of capital into XLM. With sentiment still bullish, the slight pullback from $0.40 is to be expected.
Protocol 23 Sparks Market Excitement
The impending Protocol 23 update for Stellar is a major factor in the current enthusiasm surrounding it. According to Tomer Weller, this update is expected to improve smart contract performance and lower expenses.
Some of the features include Soroban data caching, the ability to run contracts concurrently, and improvements to smart wallets. Plus, this upgrade is about making life easier for developers and improving event handling.
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