Stellar’s native token XLM has experienced a recent dip in value due to heavy institutional selling pressure. The token dropped from $0.39 to $0.36 between August 28 at 3:00 p.m. and August 29 at 2:00 p.m. ET, with over 41.89 million XLM changing hands during this period. Large holders reducing their exposure contributed to the decline in value.
Despite the downward pressure on XLM, Stellar’s enterprise initiatives remain strong. The Stellar Development Foundation reported that the network is close to reaching 10 million registered accounts, with a daily growth of 5,000–6,000 new corporate wallets. Strategic partnerships with MoneyGram International and Circle Internet Financial continue to drive adoption of Stellar’s payment rails in cross-border finance.
On August 29, analysts observed sharp intraday swings in XLM’s price. The token dropped 1.38% between 1:26 p.m. and 2:06 p.m. before institutional buyers re-entered the market. XLM then recovered 1.27% during the following 15-minute window, closing the session at $0.361 after briefly touching $0.357.
A spokesperson close to Stellar’s corporate strategy emphasized that the market turbulence was sentiment-driven rather than reflective of the project’s business fundamentals. The late-session bounce indicated that some large buyers saw the decline as a buying opportunity, showcasing confidence in Stellar’s long-term role in blockchain-based financial infrastructure.
Technical market indicators suggest mixed corporate sentiment towards XLM. The token experienced a 7.74% decline from $0.39 to $0.36 during the August 28-29 trading period, with a daily trading range of $0.031. Peak selling activity occurred during the morning European trading hours on August 29, with volume surpassing the 24-hour average of 41.89 million units.
Technical resistance was noted near the $0.373 level as institutional buyers remained cautious, while support levels were identified at $0.375 and $0.362. The lower support threshold demonstrated stability during the final trading hours. Elevated trading volume during the decline suggested potential institutional accumulation strategies, with an intraday price range of $0.005 in the final 60-minute trading period indicating continued market interest.
Support at $0.357 attracted institutional buying interest before the session close, and the final hour recovery of 1.27% on volume exceeding 2 million units hinted at corporate treasury departments accumulating positions. Overall, despite recent selling pressure, Stellar’s long-term prospects and strategic partnerships continue to drive confidence in the project’s future.