Stellar Upgrade Triggers Trading Pauses on Major Exchanges, XLM Faces Resistance

South Korean crypto exchange Upbit temporarily suspended trading in Stellar’s XLM token on Tuesday, a precautionary move as the Stellar network readies for its Protocol 23 ￰0￱ scheduled modernization, set for Sept. 3, is expected to enhance scalability and accelerate transaction speeds, prompting several exchanges to adopt stability measures during the ￰1￱ traded in a narrow band between $0.36 and $0.37 in the 24 hours leading up to the upgrade, with volume spikes coinciding with tests of resistance at the upper end of that ￰2￱ multiple attempts to break through $0.37, selling pressure kept prices capped, while strong support formed at $0.36.

Analysts suggest this consolidation reflects institutional accumulation, with market participants watching closely for a decisive ￰3￱ final hour of trading before the suspension saw heightened volatility, with XLM briefly touching $0.37 before slipping back to $0.36. The price action underscores the network’s importance in cross-border payments and the growing institutional focus on digital asset ￰4￱ momentum is also being fueled by rising interest in central bank digital currencies (CBDCs) and enterprise blockchain adoption, including partnerships involving ￰5￱ Stellar’s Protocol 23 upgrade underway, traders are eyeing two critical levels: the $0.45 resistance, which XLM has failed to clear on four separate occasions since June, and the $0.30–$0.32 support zone, seen as a potential accumulation ￰6￱ observers say the outcome of the upgrade could dictate whether Stellar finally breaks through its ceiling or retreats to rebuild support at lower ￰7￱ Technical Indicators Price Parameters: XLM traded within a $0.36-$0.37 corridor during the 24-hour period with 3% aggregate ￰8￱ Assessment: Peak trading activity of 28.91 million during resistance examination at the $0.37 ￰9￱ Dynamics: Robust resistance established at $0.37 with support maintaining integrity around $0.36.

Breakout Configurations: Multiple unsuccessful attempts to sustain valuations above the $0.37 resistance ￰10￱ Participation: Volume surges coinciding with key technical levels suggest accumulation patterns amongst sophisticated market participants. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our ￰11￱ more information, see CoinDesk's full AI Policy .