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Stellar (XLM) has taken a significant step forward with the Protocol 20 upgrade on its mainnet, introducing Soroban smart contracts. This positions Stellar as a viable platform for decentralized applications (dApps) and expands its presence in the DeFi ecosystem. The rollout of Soroban occurs in phases, with Phase 0 focused on stability testing and subsequent phases aimed at enhancing scalability and usability.
🚀 Stellar blockchain advances with “Protocol 20” upgrade, introducing Ethereum-style smart contracts through the Soroban project. Validators vote for mainnet upgrade, signaling a new era for Stellar. #Stellar #SmartContracts 🔒
— CryptoNewsAI (@whaleblast) February 20, 2024
This upgrade underscores Stellar’s commitment to innovation in the blockchain space. By enabling smart contracts, Stellar aims to capture a larger share of the cryptocurrency market, currently dominated by protocols like Cardano (ADA). The phased approach to Soroban’s implementation demonstrates Stellar’s dedication to ensuring a smooth transition and robust functionality for developers and users alike.
Stellar has recently experienced a period of consolidation, remaining within a defined price range. This consolidation phase follows a notable surge in market volatility observed on July 23rd. During this event, the price of Stellar saw a remarkable 106% increase, resulting in a considerable fair value gap. Subsequently, the price has been adjusted to fill the inefficiencies created by this sudden spike.
Key Stellar Levels To Watch – February 21
Despite ongoing fluctuations, the price has yet to revisit the high of $0.19560 and the low of $0.09510 recorded on July 23rd. However, anticipation surrounds the upcoming Protocol 20 Upgrade, which is expected to attract additional investors to the Stellar ecosystem. This influx of interest could potentially catalyze a breakout above the current resistance level of $0.13850.
It’s worth noting that crypto signals often exhibit higher accuracy when the price breaks out of a consolidating market. As such, investors are closely monitoring Stellar’s movements for signs of a potential breakout from its current range.
XLM/USD Key Levels
Resistance Levels: $0.12140, $0.19600, $0.23850
Support Levels: $0.10670, $0.09500, $0.07510
Stellar Metrics
Total Market Capitalization: $1.64T
Stellar Market Capitalization: $3.2B
Bitcoin Volume: $120M
Market Rank: #34
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Note: Learn2.trade is not a financial advisor. Research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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