Stellar (XLM) price has experienced a notable increase, climbing over 7% in the past week. This rise coincides with a broader recovery across the cryptocurrency market. As Bitcoin maintains its position above the $58,000 mark, the market overall appears bullish. However, Stellar’s price trajectory still faces challenges in sparking a sustained rally.
Stellar Price Surges as Open Interest Grows: A Bullish Sign?
According to Coinglass, trading activities have seen notable shifts in the recent period. The overall trading volume has decreased by 3.83%, settling at $35.49 million. This downturn reflects a cooling interest or potential consolidation phase within the trading market.
Source- Coinglass
In contrast, open interest, which indicates the total number of outstanding derivative contracts that have not been settled, has increased by 2% to $32.69 million. This rise suggests fewer trades may occur, and the interest in holding positions remains robust, possibly indicating more cautiou
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