Stellar (XLM) price rose on Wednesday, recording a 3% increase on a number of potential bullish catalysts.

As sentiment around exchange-traded funds and decentralized finance helped top altcoins higher, Stellar price jumped to $0.28.

Stellar (XLM) price rose on Wednesday, continuing to recover from recent lows and clocking in 3% higher as a number of potential bullish catalysts emerged.

Stellar Price Technical Outlook: Bulls Eye Breakout Above Trendline

As sentiment around exchange-traded funds and decentralized finance helped top altcoins higher, Stellar price jumped to $0.28.

Metrics such as total value locked and funding rates as well as the technical outlook for XLM suggest a possible breakout.

Why Is XLM Price Up Today?

Stellar’s price gain comes amid a surge for XRP, Solana and Cardano – all eyeing key levels as chatter around the altcoin season increases.

Recent comments from the Commodity Futures Trading Commission and the Securities and Exchange Commission have added to this upbeat mood.

Notably, investors are also seeing increased chances of the SEC approving top crypto ETF applications in coming months.

According to Bloomberg ETF analyst Eric Balchunas, Litecoin, XRP and SOL sit at the top of the ladder in terms of approval odds.

According to Balchunas:

"Get ready for a potential 'Alt Coin ETF Summer' with Solana likely leading the way (as well as some basket products).’

This follows a note by J. Seyfferov which includes fresh odds for all the spot ETFs.

Lit/XRP/Sol are the top 3 according to Balchunas while BTC/ETH and a basket ETF are closely following in the queue.

Solana is likely to be approved first as it sits at the top of the ladder in terms of approval odds. It is followed closely by Litecoin and XRP.

Next in line are Bitcoin and Ethereum while the last on the list is a basket ETF.

The order of approval matters little as long as the SEC approves at least one of the seven pending applications by the August deadline.

The agency is currently considering seven applications for Bitcoin ETFs from firms including BlackRock and Fidelity.

Moreover, optimal market conditions and a favorable legal and regulatory environment will also influence the SEC’s decision.

The agency has already ruled against proffering Bitcoin ETFs on several occasions.

However, given the competitive landscape and the evolving nature of the digital asset ecosystem, the SEC might be open to exploring new avenues for investment products.

Stellar Price Forecast

XLM price reached highs of $0.60 in December 2024, and is up 187% since trading at lows of $0.1 in November.

A look at the Stellar price chart shows the token currently trades at a key support level above $0.25.

Importantly, bulls looked poised for a breakout above the descending trendline of a triangle formed since November.

The daily chart has the Relative Strength Index (RSI) at 54 and pointing at upwards continuation.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator has formed a bullish crossover, signaling possible strengthening for bulls.

If XLM mirrors top altcoins, it could break above $0.35 and target highs seen in early December 2024. All-time highs around $0.93 seen in 2018 may be on the bulls menu in 2025.

However, this short-term outlook could face notable hurdles if bears take control below $0.30.