The XLM price has pulled back over the past few months, declining from a high of $0.6322 in December to $0.2680. This retreat has coincided with the ongoing sell-off in the cryptocurrency market, with most top coins falling by double digits.
Stellar Has Beat Ethereum, Arbitrum, and Optimism on Key Metric
The XLM price is in the spotlight as third-party data show that the Stellar Network is outperforming popular layer-1 and layer-2 chains in key metrics.
Data shows that Stellar handled over 19.63 million transactions in the last seven days, a 155% surge from the previous week.
In contrast, Ethereum’s transactions rose by 4.2% to 9.7 million, while Optimism and Arbitrum handled 6.9 million and 12 million, respectively.
The same trend has happened in the last 30 days, when Stellar’s transactions rose by 1% to 74 million. Ethereum handled 40 million, while Arbitrum and Optimism processed 50.5 million and 28.6 million.
READ MORE: XLM Price Prediction: Stellar, an XRP ‘Cousin’ Eyes a 105% Surge
These numbers mean that Stellar’s network is growing, helped by the amount of USDC transactions flowing through its technology.
However, Stellar lags on other metrics. For example, it had only 263,158 active addresses in the last 30 days, and its network generated just $101,000 in fees during that period. Etherem has over 6.7 million addresses and made over $41 million in the same period.
All these chains are significantly lower than other crypto projects, such as Solana, BNB Chain, and Bas, which handled 1.8 billion, 296 million, and 267 million transactions in the last 30 days, respectively.
Stellar has also become a prominent name in the real-world asset tokenization industry, thanks in part to a substantial investment from Franklin Templeton. Data shows that it is the third-biggest player in the RWA industry with over $400 million in assets.
XLM Price Technical Analysis
The weekly chart shows that the XLM price has declined significantly over the past few weeks, dropping from a high of $0.6322 in December to $0.27 today. It retested the crucial support level at $0.1942, the highest swing on July 10.
The token has formed a bullish flag pattern, comprising a vertical line and a descending channel. This pattern often leads to a strong bullish breakout. If this happens, the next point to watch will be at $0.6322, the highest swing in November, which is about 135% above the current level.
READ MORE: Here’s Why Stellar’s XLM and Ripple’s XRP Prices Are About to Surge
