Franklin

DeFi

Algorand

Base

Stellar

Stellar price went parabolic on Friday, Nov. 29, as its DeFi ecosystem boomed and its futures open interest reached a record high. 
Stellar Lumens (<a href="https://crypto.news/price/stellar/" target="_blank">XLM</a>) surged to an intraday high of $0.5510, marking its highest level since Monday. This represents a 27% increase from its weekly low, bringing its market cap to over $16 billion. 
Stellar’s rally mirrored that of Ripple (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>), which jumped by over 20% as its demand jumped. The two coins have a close correlation because of their role in the cross-border payment industry. 
Its most recent <a href="https://resources.stellar.org/hubfs/Q3%202024%20Quarterly%20Deck_REPORT.pdf" target="_blank" rel="nofollow">quarterly report</a> showed that Stellar handled 103 million payment transactions, making it the second-biggest blockchain after Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>). This popularity is because of its substantially low fees compared to its competitors. Its average fee is $0.000014 compared to Solana’s $0.004473. Stellar’s network is also fast, with its time to finality being about zero seconds.&nbsp; 
Meanwhile, data shows that Stellar’s total value locked in the <a href="https://crypto.news/understanding-defi-and-its-uses/" target="_blank">Decentralized Finance</a> industry has jumped to a record high of $60.6 million. With Franklin Templeton’s fund assets included, Stellar has over $300 million in assets.&nbsp; 
The network’s assets in DeFi are much lower than in other chains like Base and Sui because it is a relatively new project. Soroban, its layer-1 network was launched a few months ago and is seeing strong growth.&nbsp; 
Stellar’s futures open interest has also surged, reaching $371 million, just below its weekly high of nearly $400 million. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2771" height="850" src="https://crypto.news/app/uploads/2024/11/XLM-Open-Interest.jpeg" alt="Stellar Open Interest" class="wp-image-14315037">
 <figcaption class="wp-element-caption">
 Stellar Open Interest | Source: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="nofollow">CoinGlass</a>
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="xlm-price-could-double">XLM price could double</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/11/XLM-price-1.png" alt="XLM price" class="wp-image-14315036">
 <figcaption class="wp-element-caption">
 XLM price chart | Source: <a href="https://crypto.news/price/stellar/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
The weekly chart shows that the Stellar Lumens price has jumped sharply in the past few weeks. It has crossed the important resistance level at $0.1945, its highest point on June 10. Moving above that level was important because it was the neckline of the double-bottom pattern at $0.076.&nbsp; 
The coin has also jumped above the key resistance at $0.4400, its highest swing in November 2021. Also, it has moved above all moving averages, meaning that bulls are in control for now. 
Therefore, with Stellar being highly overbought, there is a risk that it could reverse soon. However, a move above the key resistance level at $0.6370, its highest level last week, will point to more gains, potentially to its all-time high of $0.7960. If it crosses that level, it will jump to $1, doubling from the current level. 
This bullish view will depend on whether Bitcoin continues its strong uptrend and crosses the key level at $100,000. 
 You might also like: <a rel="" href="https://crypto.news/algorand-price-surges-as-crypto-pundit-sees-it-hitting-1-25/"> Algorand price surges as crypto pundit sees it hitting $1.25 </a>

Can XLM price hit $1 as DeFi TVL and open interest soars?

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