Stellar’s Soroban Update Ignites XLM Surge to 52-Week High

Key Insights:

  • Stellar’s Soroban Preview Release 10 sparks a bullish rally, driving XLM to a 52-week high.
  • The ripple case ruling sets a precedent for digital assets, boosting optimism in the industry.
  • Stellar’s blockchain innovation tackles ledger bloat, paving the way for a brighter financial future.

In a groundbreaking move, the digital asset world erupted into a buzz with Judge Torres’ landmark decision in the Ripple case. The verdict, which outlines a digital asset as not being a security per se, sent waves of optimism through the industry. This long-awaited resolution sparked hopes for a halt in the industry’s erratic regulatory shifts.

However, amidst this maelstrom of activity, Stellar diligently channelled its efforts into unearthing utility. It harnessed the power of blockchain to illuminate a brighter financial future. Moreover, the Stellar ecosystem welcomed a milestone update with the Soroban Preview Release 10 announcement.

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Stellar’s Soroban Preview Release 10 Ignites Bullish Rally

A Stellar developer, Tomer Weller, shared the news of Soroban’s Preview Release 10 going live on Futurenet. The innovative contract platform, based in Rust, was designed with scalability and practicality in mind. 

Notably, its integration with Stellar sheds light on a significant challenge in blockchain – ledger bloat. Soroban’s unique state expiration system ensures optimal usage of the ledger space, making it sustainable in the long run.

Following 15 months of public discussions and design iterations, the announcement of Soroban v1 marks a crucial turning point. It is now stable and feature-complete. Consequently, the Stellar market responded to this update with an upsurge. The XLM price jumped from an intra-day low of $0.09679 to a 52-week high of $0.183 within 24 hours.

At press time, the bulls continued to dominate the XLM market. It resulted in a 1.83% increase, lifting the price to $0.1303. If this upward trend surpasses the $0.183 mark, the next resistance could hover around $0.195. 

XLM/USD 30-day price chart (source: CoinMarketCap)

This could lead to further price gains for XLM. However, if it fails to break the $0.183 barrier, a retracement toward the $0.1400 support level might be on the horizon. This price point has a strong history of attracting buyers and could limit further downward movements.

XLM Market Displays Mixed Signals

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The stochastic RSI, sitting at 47.72 and trending southward beneath its signal line, suggests a minor downtrend in the XLM market soon. However, a market reversal or consolidation could be on the cards with the stochastic RSI in the neutral zone.

The Relative Strength Index, at 69.99 beneath its signal line, hints at building bearish momentum in the XLM market. This shift could prompt further declines in the near future. However, as the RSI remains above the oversold level of 30, the market still faces pressure to buy.

The Aroon up reads 42.86 on the daily chart, with the Aroon down at 7.14%. This indicates lingering bullish sentiment, which may wane as the Aroon up continues to descend. The Aroon down value reveals some bearish pressure, which could sway market sentiment if bullish strength wavers.

In summary, Stellar’s bullish rally, fueled by the Soroban Preview Release 10 and optimistic market sentiment, has propelled XLM to a 52-week high. Stellar’s outlook remains buoyant, with solid support at $0.1300 and potential resistance at $0.195.