Stellar's native token XLM fell along with the broader market in the past 24 hours, with large volumes occurring at the turn of the day. The decline happened even as Rain, the global card issuing platform powered by stablecoins, announced Thursday support for Stellar alongside integration with Solana and Tron.
XLM has plummeted 7% over 24 hours, dropping from 0.288 to 0.271, with exceptionally high selling volume. The cryptocurrency dived out of a trendline, marking the recovery from April lows, mimicking a pattern seen in payments-focused cryptocurrency XRP.
Still, despite the price drop, Stellar's integration with Rain offers a rare bright spot in an otherwise dour market sentiment. The integration is a meaningful step toward mainstream adoption, allowing users to spend stablecoins held on these high-throughput networks for everyday purchases.
Technical Analysis
- XLM-USD experienced a significant 7% decline over 24 hours, dropping from 0.288 to 0.271.
- An exceptionally high selling volume of 76.9M occurred at midnight (00:00), establishing strong resistance at 0.280.
- Support emerged around 0.270-0.271, with substantial buying volume (74.7M) during the 01:00 hour.
- Price formed a critical support zone at 0.270-0.271 that was tested multiple times with high volume.
- A temporary recovery began at 09:43, forming an ascending channel pattern before selling pressure returned.
- The final hour showed volatile trading, with prices dropping to 0.270 before recovering slightly to 0.273, then falling back to 0.271 on high volume (2.24M).
