Stellar (XLM) Volume Surges to Yearly High, Will it Continue to Trade Higher in April?

Trading Activity Increases

Stellar Lumens (XLM) has moved to its highest trading level since Nov. 11, 2022, as positive fundamentals and technicals behind XLM power the coin toward $0.11.

Last week XLM reached the $0.10 level for the first time in a year. Since reaching the $0.10 level, XLM has gained just under an additional 10% in value.

One critical element for price gains is Volume. According to the Blockchain forensics platform, XLM has seen a significant increase in Volume this week.

XLM Price and Volume Chart Stellar Lumens March 2023

Stellar Lumens Volume: Santiment

Volume for XLM reached $220 million on March 31, marking the highest Volume reading for XLM since November last year.

To put this into perspective, the highest Volume for XLM in February was $125 million, meaning that the highest level of Volume for XLM last month has been surpassed by over 76%.

Another factor that could benefit more gains in XLM is negative sentiment. XLM has seen a significant spike in negative sentiment, according to social data from Santiment.

Also, this was the second-largest-ever spike in negative sentiment towards XLM. Since the large uptick in negativity happened on March 28, XLM has seen a price increase of close to 10%.

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Author: BeInCrypto Team

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