XLM Price Soars 85% in a Week: Is $1.50 Next?

Stellar's Breakout Ignites Bullish Frenzy

Hang onto your hats, folks! Stellar's XLM has rocketed over 80% in just a week, shattering the chains of a descending channel that's been holding it down since last December. The breakout blasted past the $0.26 mark, riding a double bottom pattern with lows around $0.23 and a neckline at $0.33. Once it cleared that neckline, XLM didn't just rally—it exploded over 85%! It smashed through the double bottom's target of $0.45, screaming a loud and clear bullish reversal.

Next Stop: $1 and Beyond?

XLM's now flirting with the January peak at $0.52, which also lines up with the 0.236 Fibonacci retracement from the last big swing high. If it smashes through this zone, hold tight—we could be zooming toward the 1.618 Fibonacci extension at $1. And if the bulls keep charging, we might just see XLM hit the 2.618 extension at around $1.50. That's a full-blown trend expansion from the last cycle low, people!

Watch Out for Overbought Signals

But wait, don't get too excited just yet. The RSI's deep in overbought territory, clocking in above 86. That means we might see some cooling off or a pullback near that $0.52 resistance. If the bulls can hold the fort around the $0.33-$0.36 breakout zone and turn it into solid support, then the sky's the limit for those higher targets in the medium term.

What's Driving This Rally?

So, what's fueling this wild ride? It's a perfect storm of rising investor interest, booming ecosystem growth, and skyrocketing on-chain activity. The network's stablecoin supply has gone through the roof, hitting a record $647 million in mid-June from just $44 million earlier this year. And guess what? Futures open interest has followed suit, jumping to $345 million—the highest since January. Buckle up, because XLM's on fire!