Major Exchanges Halt Trading Ahead of Stellar Upgrade as XLM Hits Resistance

Stellar Protocol 23 Upgrade Pauses XLM Trading as Token Faces Resistance

South Korea’s top crypto exchange, Upbit, temporarily suspended XLM trading on Tuesday ahead of the Stellar Protocol 23 upgrade, a major network overhaul designed to enhance scalability and transaction speeds.

In the 24 hours prior to the upgrade, XLM traded between $0.36 and $0.37, with volume spikes coinciding with tests of the $0.37 resistance level. Despite multiple attempts to push higher, selling pressure capped gains, while strong support held at $0.36. Analysts note this consolidation may indicate institutional accumulation, with market participants closely watching for a potential breakout.

The final hour before the trading pause saw heightened volatility, as XLM briefly touched $0.37 before retreating to $0.36, highlighting the network’s importance in cross-border payments and growing institutional interest in digital asset infrastructure.

Broader market trends, including rising interest in CBDCs and enterprise blockchain adoption, are supporting momentum for XLM. Traders are focused on two critical levels: $0.45 resistance, which XLM has failed to clear multiple times since June, and the $0.30–$0.32 support zone, considered a potential accumulation range. Observers say the success of the upgrade could determine whether XLM breaks above its ceiling or retraces to consolidate at lower levels.

Technical Summary

• Price Range: $0.36–$0.37, ~3% volatility.
• Volume: Peak trading of 28.91 million during resistance tests.
• Support/Resistance: Resistance at $0.37; support around $0.36.
• Breakout Attempts: Multiple unsuccessful moves above $0.37 suggest selling pressure persists.
• Institutional Activity: Volume spikes at key levels indicate accumulation by sophisticated investors.

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