XLM climbed 3% to break through $0.37 resistance on above-average volumes as Stellar prepares Protocol 23 upgrade. South Korean exchanges Bithumb and Upbit will pause XLM deposits/withdrawals Sept. 3 to support the network enhancement, which aims to expand interoperability for the $460 million in tokenized assets already on Stellar.
Stellar Lumens (XLM) extended its rally between Sept. 1-2, gaining 3% and breaking through $0.37 resistance on above-average trading volumes, signaling sustained institutional interest. The token found support at $0.35 before consolidating in the $0.36 range, with a volume spike enabling the breakout above $0.37. Concurrently, major South Korean exchanges Bithumb and Upbit announced they will suspend XLM deposits and withdrawals starting Sept. 3 at 09:00 UTC to prepare for Stellar's Protocol 23 upgrade. The upgrade aims to modernize network infrastructure and expand interoperability for real-world assets, with roughly $460 million already circulating on the network. Technical analysis suggests the consolidation above $0.36 combined with accumulation at key support levels indicates ongoing institutional positioning that could drive further gains beyond $0.37.