XLM Stellar Price Skyrockets From IDR 3,000 To IDR 9,000, This Is The Cause!

Stellar's (XLM) crypto assets have surged significantly in recent days. (Photo; Doknews)

JAKARTA - The price of the crypto asset Stellar Lumens (XLM) increased significantly from Rp3,799 on November 22 to Rp9,673 on November 24 yesterday. The skyrocketing price of XLM was not only driven by large investors or whales but also by Grayscale Investments which added large amounts of XLM tokens through the Stellar Lumens Trust.

This price increase was triggered by the purchase of 34.8 million XLM by Grayscale in the last quarter. This step succeeded in increasing the net asset value of the trust by 10%, despite fluctuating the market price of XLM and administrative costs.

Meanwhile, according to a CoinGape report, Stellar's derivative market also showed a significant increase. Derivative trading volume soared to 284%, reaching 8.98 billion US dollars (Rp142.2 trillion). This indicates a surge in investor interest supported by technical indicators such as "golden cross," a bullish pattern that shows bright long-term prospects for XLM.

Launching CoinSpeller, this momentum is also supported by a bullish "golden cross" technical signal, indicating further strengthening potential. The "golden cross" signal occurs when the 50-day moving average exceeds an average 200-day movement. In the XLM case, this signal appears simultaneously with a breakout above the critical resistance level, pushing prices to a multi-year high of US$0.243 (Rp3,840), last seen in March 2022.

Stellar's success cannot be separated from its unique function in the global financial system. With its high efficiency and ability to support real-world transactions, the network continues to get greater attention from large institutions, which have the potential to support its long-term growth amid intense competition in the crypto market.