Stellar price (XLM) is up 10% this week from the $0.260 support zone and nearly 2% up intraday, as Nasdaq confirms to add XLM along with other assets in the benchmark index via a new SEC filing this week, where its decision is pending by the year-end.
Amid an optimistic crypto sector, the recent news has added hope for XLM’s long-consolidating price action. At the time of writing on Wednesday, it is nearing its falling wedge’s upper border, raising expectations for XLM to hit Q4 2024’s high, on successful breach of the border.
This optimism is not only on the technical chart, infact its fundamentals are growing too, with its stablecoin market capitalization and its TVL spiking significantly. All these points in favor of bulls and hint at renewed investor interest and upward price momentum.
Therefore, XLM price could be on the verge of a massive bullish move, with several triggers likely to fuel bulls’ upsurge.
Can XLM Price Benefit From “Hashdex Nasdaq Crypto Index US” ETF’s 90% Approval Odds?
Stellar’s price gain comes as chatter around the altcoin season advances. Notably, investors are also seeing a rise in odds of approving top crypto ETF applications by the SEC in the coming months.
According to Bloomberg ETF analyst Eric Balchunas, who shared the fresh odds of approval, where baskets/index, litecoin, and Solana have the highest 90% odds.
This is extremely bullish for XLM, despite not having an individual ETF like SOL and LTC. So, for XLM and others to rise, the next few months are very crucial.
XLM Price Bullish Bias Is Supported By On-Chain Metrics
According to DefiLlama, Stellar’s TVL recently reached a new ATH of $97.5 Million, which strongly suggests more users are engaging with the network.
Also, the stablecoin market cap has gone strongly upwards, increasing to $680 million at the start of the current week. These clearly indicate a bullish outlook.
Stellar’s Plan To Lead In Payments Would Pump XLM Price
In a recent interview, the XLM CEO Denelle Dixon emphasized that the Stellar Development Foundation, under her leadership, is focused on positioning XLM as a leader in payment solutions.
In the interview, she also referenced founder Jed McCaleb’s vision of enabling money to move as easily as email, allowing users to conduct cross-border transactions with just a fingertip, regardless of their location.
The vision like these perhaps influenced indices like NASDAQ to acknowledge crypto’s like XLM and give it a piece of ETF exposure, they deserve.
On these ongoing bullish notes, if in the short term, if XLM price mirrors top altcoins, it could break above $0.40 and target highs seen in early December 2024.
However, this short-term outlook could face notable hurdles if bears take control below $0.30 level. If falls then it could hit $0.10 mark, as well.
Additionally, in the long term, the target for this year goes upto $0.639 and $0.796. While in extreme bullish conditions on the monthly time frame, the break in the symmetrical triangle could show higher targets. Where these targets are aimed upto $2 following the break of current all-time highs around $0.93 seen in 2018 may be on the long-term bulls’ menu.
