Stellar Rockets 14% Then Crashes: Network Upgrade Sparks Wild Volatility
Stellar just gave traders whiplash—a 14% moonshot followed by a brutal reversal. All thanks to its latest protocol upgrade turning the network into a casino.
Pump-and-dump or legit breakout?
The upgrade promised faster settlements and cheaper transactions. Markets reacted like caffeinated hedge fund interns—brief euphoria, then panic selling. Classic crypto.
Why volatility is the new normal
Network upgrades often trigger price chaos as speculators front-run changes. This time? No different. The ‘efficient market hypothesis’ remains crypto’s favorite punchline.
One thing’s certain: while Stellar’s tech evolves, traders keep recycling the same old playbook—buy the rumor, sell the news. Just don’t tell the SEC.
Technical Analysis Highlights
- Price range: $0.252 to $0.293 - a 14.3% intraday gain before falling to $0.2896.
- Volume surge: Peaks at 405.9M, nearly 7.5x the 24-hour average of 54.7M.
- Resistance breakouts: $0.270 and $0.278 flipped to support on strong volume.
- Retracement of 2.05% from $0.293 to $0.287 after $0.291 was breached.
- New resistance: Formed near $0.294 following selling pressure.
- Development driver: Release of Stellar Core v23.0.0rc2 enhances sentiment around protocol maturity and upgrade readiness.
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 standards. For more information, see CoinDesk's full AI Policy.
