Stellar XLM Slides 2.6% Amid High-Volume Selling, Support aims at $0.39

• Analysts say September will be crucial in determining whether the Stellar price rebounds toward $0.55 or dips to the $0.32–$0.34 demand zone.
• Stellar went live on NEAR Intents, enabling bridge-free swaps from over 20 blockchains directly into Stellar USDC, simplifying cross-chain transactions.

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XLM, the native cryptocurrency of the Stellar blockchain network, has been under strong selling pressure, extending its weekly losses to 12%. The XLM price is currently testing major support at $0.39, as the altcoin faces a make-or-break situation at the moment.

However, the Stellar Foundation continues to focus on ecosystem growth with key partnerships.

Stellar (XLM) Price Tests Key Support Levels

Stellar (XLM) is currently testing its trendline support after failing to break above the resistance zone near $0.45. If the support level holds, analysts expect a potential rebound with a retest of the $0.50–$0.55 range in September, as mentioned in our previous story.

However, a breakdown below the trendline could push the token toward the next major demand zone around $0.32–$0.34, which may serve as a strong accumulation area before the next upward move.

Source: Alpha Crypto Capital

Market analysts note that September will be a key period for XLM. It will determine whether the token breaks out toward $0.55 or dips into lower support before recovering, according to Alpha Crypto Capital.

Key Partnerships With Archax and Near Protocol

Amid the XLM price coming under pressure recently, the Stellar Foundation has continued with major partnerships in the market. Earlier this week, the Foundation invested in Archax, a UK-regulated digital asset exchange, as part of a strategic move to drive real-world asset tokenization on the Stellar blockchain.

The partnership is expected to enhance connectivity between traditional finance and blockchain-based solutions. Speaking on the development, Graham Rodford, CEO of Archax, said:

In another major development, on Tuesday, August 19, Stellar went live on NEAR Protocol’s Intents, enabling users to swap assets from over 20 blockchains directly into Stellar USDC. The integration removes the need for bridges, reducing wait times and simplifying the process for cross-chain transactions. Commenting on the development, Near Protocol noted:

Furthermore, XLM is the lead contender for the approval of the spot exchange-traded fund (ETF) among Grayscale Investments’ rankings for leading crypto assets, as reported by CNF.

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