恆星（XLM）於2025年5月在脆弱的位置進入

儘管遵循了BTC的一般軌跡，但XLM仍未捕獲同樣的上升空間，同時仍在完全參與市場校正。

Stellar (XLM) enters May 2025 in a fragile position. The token has been lagging behind Bitcoin and other altcoins both in price action and trading volume.

恆星（XLM）於2025年5月以脆弱的位置進入。在價格動作和交易量中，該令牌一直落後於比特幣和其他山寨幣。

While following BTC’s general trajectory, XLM has failed to capture the same upside, while still participating fully in market corrections.

在遵循BTC的一般軌蹟的同時，XLM未能捕獲相同的上升空間，同時仍在完全參與市場校正。

Volume has also collapsed from early-year highs, highlighting a drop in market interest and liquidity. With price sitting just above a key support and a potential death cross on the horizon, Stellar faces a critical month that could define its near-term trend.

早期的高點也崩潰了，強調了市場興趣和流動性的下降。由於價格位於關鍵的支持上方，並且潛在的死亡十字架即將到來，因此恆星面臨著一個關鍵的月份，可以定義其近期趨勢。

XLM Lags Behind Bitcoin With Asymmetric Volatility

XLM滯後比特幣，不對稱波動率

Over the past month, Stellar has been closely following Bitcoin’s trajectory but with significantly weaker upside performance.

在過去的一個月中，Stellar一直遵循比特幣的軌跡，但上升性能明顯較弱。

While Bitcoin has climbed over 14%, XLM has managed only a 2.8% gain, falling behind BTC and other altcoins like Hedera, which have shown stronger bullish reactions.

雖然比特幣攀升了14％以上，但XLM僅管理了2.8％的收益，落後於BTC和其他山寨幣，例如Hedera，這些甲幣表現出更強的看漲反應。

This muted upside signals a lack of conviction among traders and raises questions about Stellar’s momentum in the current market cycle.

這種靜音的上行表示交易者之間缺乏信念，並提出了有關當前市場週期中恆星勢頭的疑問。

What’s more concerning is that XLM is still behaving like a typical altcoin during corrections—dropping harder than Bitcoin when the market pulls back.

更令人擔憂的是，XLM在校正過程中仍然表現得像典型的山寨幣 - 在市場撤回時比比特幣更難。

Normally, altcoins are expected to amplify Bitcoin’s movements both ways: outperforming during rallies and underperforming in downturns. Stellar, however, only shows downside volatility without the upside benefit.

通常，預計AltCoins會兩種方式擴大比特幣的動作：在集會期間表現優於下降，並且表現不佳。但是，恆星僅顯示下行波動，而沒有上行益處。

This imbalance makes the token vulnerable, signaling weaker market confidence and potentially limiting its appeal in a risk-on environment.

這種不平衡使代幣脆弱，表明市場信心較弱，並有可能限制其在風險環境中的吸引力。

Stellar Trading Volume Collapses From Early 2025 Highs

恆星交易量從2025年初的高點倒塌

Stellar has seen a noticeable drop in trading volume over the last 30 days, with activity peaking at just $311 million on April 23.

在過去的30天中，Stellar的交易量顯著下降，活動在4月23日達到了3.11億美元的峰值。

This is well below previous highs—$480 million on April 7 and $930 million on March 3—showing a clear downtrend in market participation.

這遠低於以前的高點 - 4月7日的4.8億美元，3月3日為9.3億美元，表明市場參與的明顯下降趨勢。

Declining volume often signals weakening interest from traders and can limit price momentum, especially in a token that already underperforms on the upside.

數量下降通常標誌著交易者的興趣削弱，並可能限制價格勢頭，尤其是在已經表現不佳的代幣中。

More importantly, XLM’s current volume levels pale compared to earlier this year’s activity.

更重要的是，與今年早些時候的活動相比，XLM的當前體積水平蒼白。

Daily volume frequently surpassed $1 billion in January and February, even reaching above $2 billion. That level of liquidity helped fuel stronger price action and volatility.

每天的數量在1月和2月經常超過10億美元，甚至超過20億美元。這種流動性有助於加強更強大的價格行動和波動性。

With current figures sitting at a fraction of those peaks, Stellar faces a market backdrop that lacks energy and conviction—potentially capping any meaningful rallies in the near term.

由於目前的數字位於這些峰值的一小部分，因此恆星面臨缺乏能量和信念的市場背景，在短期內限制了任何有意義的集會。

Stellar at Make-or-Break Support As Death Cross Looms

隨著死亡十字架迫在眉睫

Stellar is hovering just above a key support level at $0.26, a zone that could determine its next major move. The EMA lines are tightening, and a potential death cross may be forming where short-term EMAs cross below long-term ones.

Stellar徘徊在關鍵支持水平上方，為0.26美元，該區域可以決定其下一個重大行動。 EMA線正在收緊，潛在的死亡十字可能正在形成短期EMAS以下的EMA。

If the $0.26 support is lost and the death cross confirms, XLM could slide further toward $0.239 and even $0.20, signaling a deeper bearish shift.

如果損失了0.26美元的支持並且死亡交叉確認，則XLM可能會進一步滑入0.239美元甚至0.20美元，這表明更深的看跌轉移。

Conversely, bullish momentum could return if Stellar price manages to bounce and break through the $0.297 resistance.

相反，如果出色的價格設法反彈並突破了0.297美元的電阻，則看漲的勢頭可能會恢復。

Moving past that level could open the door to $0.349 and $0.375, with further upside potential toward $0.44 and even $0.495 if volume and sentiment improve.

超過該水平可能會為0.349美元和0.375美元開放，如果票價和情感改善，則更高的上漲潛力為0.44美元，甚至0.495美元。