XLM breaks support level with a 5% loss.

XLM's Decline and Institutional Sales

Stellar's XLM token experienced a decline of 5% between October 8, 15:00 and October 9, 14:00. Falling from $0.39 to $0.38, XLM faced significant selling pressure in the current market conditions.

During this period, the trading volume was recorded at 35.51 million tokens, which was well above the daily average. Dropping below the $0.38 level clearly indicated a change in market sentiment, and concentrated trading occurred within a narrow $0.019 range.

Analysis and Technical Indicators

Market structure analysis revealed the formation of a downward channel, while repeated rejections at the $0.38 level indicated ongoing control of the decline. In the final trading hour on October 9, from 13:13 to 14:12, XLM lost another 1% in value. Particularly, the volume spikes at 13:52 and 14:01 indicated that institutional sales were conducted in a coordinated manner.

Analysts noted that this movement reflects ongoing liquidations from professional trading desks rather than short-term retail transactions. The critical failure at the $0.38 support, accompanied by high volume, indicates systematic institutional distribution.

Additionally, there has been a formation of a resistance zone at $0.39, where institutional sales have consistently occurred. It is observed that participant volume during price corrections is above average. In technical charts, this is supported by a downward channel formation and lower peaks recorded at important resistance levels.

In summary, the current technical momentum indicators for XLM suggest continued downward pressure towards the $0.38 psychological support level.