Stellar (XLM) is currently trading at $0.088, slightly down by 2% since the day’s start.
Stellar (XLM) bullish momentum to set fresh yearly highs could be said to have been steered by the large volume and a growing sentiment amidst its investor base.
However, from a basic point of view, it seemed the recent rally was rather spurred by investor hype rather than on XLM underlying strength as it is currently showing some signs of weakness after a strong rejection that sparked an intense price drop.
Data from on-chain analytics firm Santiment indicated that this latest rally seems to be an anomaly because, from historical antecedents, on-chain development activity normally increases concurrently with Stellar’s price. On the contrary, this recent rally saw a decline in on-chain development activity while social volume stood at an 8-month high.
Data via Santiment
Image Credit: Santiment, Shutterstock