- Stellar Open Interest hits a record $602 million as bulls push toward the key $0.50 resistance level.
- A breakout above this level could extend the rally, with analysts eyeing targets as high as $0.72.
Stellar (XLM) is at a critical juncture, with bullish energy building and Open Interest (OI) hitting record levels. After a strong 9% rally, the token is now battling the key psychological resistance at $0.50 — a move that could determine the next phase of its price trajectory.
Stellar Open Interest Surges to $602M
According to data from CoinGlass, XLM Open Interest has surged by 17% in just 24 hours, reaching an all-time high of $602.39 million. This surge signals a rapid influx of capital into XLM’s derivatives market and growing confidence among traders.
The OI-weighted funding rate has also jumped to 0.0327%, up from 0.0114%, suggesting that bullish traders are increasingly dominant. This aggressive buying behavior has wiped out $6.06 million in short positions, exposing the vulnerability of bearish traders as upward pressure builds.
Peter Brandt’s Bullish View: $7.23 If XLM Clears Key Levels
Veteran chartist Peter Brandt sees a potential major breakout for Stellar. In a recent analysis, he pinpointed two critical conditions: a monthly close above the $1.00 mark and a need for XLM to remain above its April low of $0.20. If these are met, Brandt suggests a long-term price target of $7.23.
Currently, XLM remains trapped in a wide range, but the daily price action is encouraging. The formation of a Doji candle shows indecision, yet bulls are holding their ground.
Technical Outlook: $0.50 Resistance in Focus
Stellar’s price touched a 24-hour high of $0.52 — a new year-to-date peak — before pulling back slightly. If XLM secures a daily close above $0.50, analysts expect the rally to continue toward December’s high of $0.56, and potentially the 1.272% Fibonacci extension at $0.72.
Indicators also paint a bullish picture. The MACD is in strong positive territory with expanding green histogram bars, while the RSI holds steady at 85, deep in the overbought zone.
However, failure to break past $0.50 may trigger a correction down to the 78.6% Fibonacci retracement level near $0.45.
With Open Interest at record highs and analysts eyeing ambitious price targets, Stellar’s next move hinges on the $0.50 resistance. A breakout could validate the bulls’ confidence — and signal the start of a much bigger rally.
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