Stellar’s native token XLM endured heavy selling pressure over the past 24 hours, trading in a tight but punishing 5% range between $0.34 and $0.36. The session began with relative stability before a late-evening selloff knocked the token from its $0.36 peak to $0.34.
Trading volume surged past 57 million units at midnight as the market tested support around the $0.34–$0.35 zone. Buyers stepped back in early the next morning, briefly lifting XLM back to $0.36 on the back of what appeared to be institutional accumulation, with volumes swelling to 70 million units.
Despite the recovery, price action stalled around $0.36, creating a range-bound structure that technical traders say often precedes a directional breakout. The final hour of trading on Sept. 1 showed bearish momentum regaining control, with XLM slipping 1% as the consolidation pattern broke down.
Intraday data highlighted an acceleration of selling pressure between 13:45 and 13:46, when more than 1.28 million tokens changed hands at the day’s low. Attempts at recovery fizzled before the close, and a lack of activity in the final minute suggested trading had effectively ground to a halt.
The token’s fundamentals were also tested by exchange- and network-related developments. South Korea’s Bithumb announced it will suspend XLM deposits on Sept. 3 while Stellar implements network upgrades, a temporary disruption that underscores the blockchain’s transition into a critical upgrade phase this month.
At the same time, Ripple’s completion of pilot tests with banks has bolstered broader confidence in blockchain-based payment solutions, putting added pressure on Stellar to deliver competitive improvements.
Volume Spikes Signal Institutional Activity
- $0.02 trading range represents 5% spread between $0.34 support and $0.36 resistance during session.
- Midnight selloff generates 57 million volume spike indicating heavy institutional selling.
- Morning recovery surge hits $0.36 on 70 million volume suggesting accumulation phase.
- Resistance confirmed at $0.36 with support zone established around $0.34-$0.35.
- Final hour recovery attempts fail as bearish momentum accelerates.
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