Stellar’s native token, XLM, surged nearly 12% today, reflecting the growing enthusiasm in the crypto space. This rise is bolstered by bullish market dynamics, including a 47.24% increase in Futures Open Interest to $42.01 million.
Notably, derivatives volume also spiked 229.81% to $184.91 million, underscoring heightened trading activity. Despite concerns over short liquidations, a recent upgrade introducing the Soroban smart contract platform has mitigated bearish sentiments.
XLM’s market cap soared 11.82% to $2.98 billion, with its 24-hour trading volume jumping 120.04% to $158.85 million.
Crypto analyst Crypto Tony suggests XLM could challenge its $1 resistance level, indicating potential further gains. This momentum showcases Stellar’s strategic importance in cross-border payments and its long-term growth prospects.
