Stellar Price Forecast: Bullish on-chain measures and rebounds off support point suggest additional increases.

Stellar fell in the first part of the week but rebounded in the second, trading at $0.54 on Friday.

Watching XLM's TVL and Open interest rise on-chain suggests a positive outlook.

A weekly candlestick closing below $0.43 would disprove bullishness.
After surging more than 170% and hitting levels not seen in over three years last week, Stellar (XLM) is trading at $0.54 on Friday. Rising Open Interest (OI) and Total Value Locked (TVL) to record levels underscore this optimistic forecast.

Great bulls seem powerful.

Stellar price rose 170% last week to heights not seen since May 24, 2021. XLM fell in the first part of this week till Tuesday, but it rebounded after finding support at its 50% price retracement level at $0.43. It rises over 8% to $0.54 on Friday.

XLM might retest its May 2021 weekly high of $0.79 if it keeps rising.

The weekly chart's Relative Strength Index (RSI) momentum indicator is 92, indicating overbought circumstances and a growing chance of a correction. RSIs falling from overbought area may indicate a downturn.

Stellar's TVL rose from $22.2 million on November 15 to an all-time high of $56.4 million on Friday, according to crypto intelligence tracker Artemis terminal data.

TVL growth suggests Stellar ecosystem activity and interest. It means more users deposit or use assets in XLM-based protocols, supporting the optimistic outlook.

Stellar's OI also promotes bullishness. Coinglass data reveals that XLM futures OI jumped from $264.40 million on Wednesday to $334.39 million on Friday. An growing OI indicates fresh money entering the market and purchasing, suggesting an Algorand price increase.

If the XLM weekly candlestick finishes below $0.43, bullish on-chain metrics and technical analysis will be discredited, causing a price decrease below $0.38, its next weekly support.

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