XLM Slides 7% Amid Market Selloff, but Stellar’s Rain Integration Signals Growth Potential
Stellar’s native token XLM tumbled 7% over the past 24 hours, dropping from $0.288 to $0.271 on heavy selling pressure as the broader market softened. The selloff occurred despite a key development: Rain, the global stablecoin-backed card platform, announced Thursday its support for Stellar alongside Solana and Tron.
This integration represents a notable advance for Stellar’s push toward mainstream adoption, enabling users to spend stablecoins on fast, scalable networks for everyday transactions. Yet, XLM’s price fell sharply, breaking below a trendline that had underpinned its recovery since April — a price movement echoing that of XRP, another cryptocurrency focused on payments.
Technical Overview:
- XLM experienced a 7% decline in 24 hours, sliding from $0.288 to $0.271.
- Selling volume surged to 76.9 million at midnight, establishing resistance near $0.280.
- Support was found in the $0.270 to $0.271 range, supported by a buying volume of 74.7 million during the 01:00 hour.
- The $0.270–$0.271 zone proved critical, tested multiple times with heavy volume.
- A brief recovery attempt formed an ascending channel at 09:43 before renewed selling pressure took over.
- The final trading hour was volatile, with prices oscillating between $0.270 and $0.273 before settling back at $0.271 on strong volume (2.24 million).
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