A major upgrade to the Stellar blockchain prompted Upbit, South Korea’s largest crypto exchange, to suspend XLM trading on Tuesday as Protocol 23 began its rollout. The move is part of a broader effort by exchanges to ensure network and pricing stability during the upgrade window.
Upgrade Triggers, Price Remains
Stellar’s Protocol 23 went live on September 3, aiming to boost scale. But ahead of the upgrade, XLM couldn’t break past $0.37, holding steady in a tight $0.36–$0.37 range despite multiple attempts.
A brief spike to $0.37 was quickly rejected in the final hour before Upbit’s halt, pushing XLM back to $0.36 on higher-than-average volume.
Market watchers flagged the $0.36–$0.37 zone as a battleground for accumulation, with buyers stepping in, but not enough strength to break the ceiling.
Key Levels in Play
The token comes from a high last month after the SEC update, and now markets are focused on $0.45 resistance, denied four times since June, and $0.30–$0.32 support seen as a fallback zone. Analysts view the sideways action as possible institutional positioning, especially with growing interest in CBDCs and enterprise blockchain, where Stellar contends with Hedera and Ripple.
Trading halts during protocol upgrades are uncommon, and often signal that institutions are paying close attention. As Stellar attempts to evolve into a core player for cross-border payments and CBDCs, the success of Protocol 23 could be a turning point, or another failed breakout.
For now, XLM remains capped, and the next few trading sessions will reveal whether the upgrade marks a launchpad—or a reset.
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