Stellar (XLM), in the last 30 days, recorded an 11.17% decline in price as it experienced severe fluctuations on the cryptocurrency market. Investors backing the asset can, however, look forward to a bullish September with a strong likelihood of the price reclaiming $0.50.
Altcoin season speculation could boost Stellar price
According to Cryptorank data, Stellar has an average growth rate of 3.08% in the month of September, a big shift from the current extended drawdown. In 2024, the asset closed September with a 6.24% growth rate in price. If history is on the side of Stellar, the asset could repeat last year’s performance to post a strong bullish rally.
In the past 11 years, the asset’s highest growth rate has been bullish, with most months, like September 2014, posting a gain of 55.8%. The asset repeated outstanding performances in 2016, 2018 and 2022, with growth of 49.4%, 17.1% and 9.92%, respectively.
With predictions of a possible altcoin season soon, Stellar has enough bullish catalysts to push its price close to the $0.50 level. A bullish rally for altcoins will likely rub off on XLM’s outlook.
Notably, if Stellar grows at its September average, it will see the asset hit approximately $0.40, minimum. This signals better performance compared to its 5.64% average drawdown for August. It is currently down by 3.95%, hence the volatility that the altcoin has recorded.
XLM adoption grows as volume soars
As of press time, the Stellar price was changing hands at $0.3869, representing a 1.17% decline in the last 24 hours. XLM previously hit a peak of $0.3994 before it experienced volatility.
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However, trading volume has increased by a significant 38.59% to $471.95 million within the same time frame. It suggests that investors in the ecosystem see this as a buy opportunity.
As reported by U.Today, Stellar has the potential to hit $0.50 with its early bullish signs like increased volume, which suggests growing adoption. The legal clarity of its rival, XRP, can support the asset’s upward movement in the next couple of days.