Stellar (XLM) skyrockets 70% in a week

Stellar (XLM) has been on a run, skyrocketing 70% in a week to break the $0.40 price barrier and adding over $6 billion to its market cap.

The upswing was backed by strong trading volume, signaling renewed interest among retail and institutional traders.

Thanks to the record momentum, XLM became the second highest gainer among the top 100 cryptocurrencies by market cap during the same time frame, according to CoinMarketCap.

At press time, XLM was trading at $0.4631, down 1% in the previous 24 hours.

XLM performance analysis

Looking at it from a technical perspective, a confirmed Elliott Wave breakout has emerged as the primary catalyst.

As per the data on CoinMarketCap, analysts have identified the completion of a five-wave structure, with wave (v) projected to drive XLM toward $0.799.

Beyond the charts, Stellar is riding a wave of renewed institutional interest propped up by its integration with PayPal’s (NASDAQ: PYPL) PYUSD stablecoin and partnership with MoneyGram.

Largely owing to these moves, the blockchain now boasts a total value locked (TVL) of $140.7 million.

Meanwhile, high-profile crypto bills in the U.S. Congress continue to bring blockchain-based payment solutions to the spotlight.

As the ongoing “Crypto Week” debates will decide how crypto is incorporated into the market, the success of Stellar’s recent partnerships will also depend on the outcome.

Featured image via Shutterstock