Stellar (XLM) has recently gained nearly 12%, driven by on-chain market statistics and a recent development. Analysts predict potential further gains for the token.
Market Overview
On July 13, the price of Stellar's native token, XLM, rallied by 12%, sparking optimism across the crypto industry. This price increase is underpinned by several bullish market dynamics.
Stellar’s On-Chain Data Signals Market Uptrend
According to Coinglass data, Stellar is currently experiencing a significant market uptrend. The Futures Open Interest (OI) for XLM saw a remarkable 47.24% increase to $42.01 million, indicating a rise in money inflow within the derivatives market and underscoring investor interest in the asset. Additionally, the derivatives volume surged by 229.81% to $184.91 million, reflecting increased trading activity.
However, today’s data also showed more short liquidations compared to long ones. Coinglass liquidation data recorded $224.18K in short liquidations and $59.47K in long liquidations, causing some investor concerns about future price movements. Despite this, a recent upgrade to the Stellar network has mitigated bearish market sentiments.
Earlier this month, Stellar introduced Soroban, a smart contract platform that focuses on performance, sustainability, and security within its ecosystem. This development has attracted users and developers globally, serving as a potential bullish factor for the long-term prospects of XLM.
XLM Price Rallies
At the time of writing, XLM has increased by 11.79% to $0.102. The token’s 24-hour low and high were $0.09054 and $0.1041, respectively
