Stellar Lumens (XLM) has seen a price rise for two consecutive days, trading at $0.105 on Wednesday, a 6% increase from its lowest point this month. The cryptocurrency is up by 36% from its July low, with analysts predicting a continued comeback.
Stellar, founded by Ripple’s former CTO Jed McCaleb, is known for its partnerships with Circle and MoneyGram. Circle’s data shows a total USDC supply of $228 million on Stellar as of July 31. The network also powers Franklin Templeton’s OnChain U.S. Government Money Market Fund, which has over $402 million in assets.
Analysts like Jonathan Morgan and Cryptosahintas believe Stellar is undervalued, with potential gains up to 600%. However, for this forecast to materialize, XLM must break key resistance levels, notably $0.1125 and $0.1626. Despite its price potential, Stellar’s Soroban blockchain platform has attracted limited developer interest.
Stellar’s strategic partnerships and market positioning indicate long-term importance in the cryptocurrency ecosystem.
