恒星（XLM）于2025年5月在脆弱的位置进入

尽管遵循了BTC的一般轨迹，但XLM仍未捕获同样的上升空间，同时仍在完全参与市场校正。

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.

恒星（XLM）于2025年5月以脆弱的位置进入。在价格动作和交易量中，该令牌一直落后于比特币和其他山寨币。

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的一般轨迹的同时，XLM未能捕获相同的上升空间，同时仍在完全参与市场校正。

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.

早期的高点也崩溃了，强调了市场兴趣和流动性的下降。由于价格位于关键的支持上方，并且潜在的死亡十字架即将到来，因此恒星面临着一个关键的月份，可以定义其近期趋势。

XLM Lags Behind Bitcoin With Asymmetric Volatility

XLM滞后比特币，不对称波动率

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

在过去的一个月中，Stellar一直遵循比特币的轨迹，但上升性能明显较弱。

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.

虽然比特币攀升了14％以上，但XLM仅管理了2.8％的收益，落后于BTC和其他山寨币，例如Hedera，这些甲币表现出更强的看涨反应。

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

这种静音的上行表示交易者之间缺乏信念，并提出了有关当前市场周期中恒星势头的疑问。

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.

更令人担忧的是，XLM在校正过程中仍然表现得像典型的山寨币 - 在市场撤回时比比特币更难。

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，预计AltCoins会两种方式扩大比特币的动作：在集会期间表现优于下降，并且表现不佳。但是，恒星仅显示下行波动，而没有上行益处。

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

这种不平衡使代币脆弱，表明市场信心较弱，并有可能限制其在风险环境中的吸引力。

Stellar Trading Volume Collapses From Early 2025 Highs

恒星交易量从2025年初的高点倒塌

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

在过去的30天中，Stellar的交易量显着下降，活动在4月23日达到了3.11亿美元的峰值。

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

这远低于以前的高点 - 4月7日的4.8亿美元，3月3日为9.3亿美元，表明市场参与的明显下降趋势。

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

数量下降通常标志着交易者的兴趣削弱，并可能限制价格势头，尤其是在已经表现不佳的代币中。

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

更重要的是，与今年早些时候的活动相比，XLM的当前体积水平苍白。

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.

每天的数量在1月和2月经常超过10亿美元，甚至超过20亿美元。这种流动性有助于加强更强大的价格行动和波动性。

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.

由于目前的数字位于这些峰值的一小部分，因此恒星面临缺乏能量和信念的市场背景，在短期内限制了任何有意义的集会。

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

随着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徘徊在关键支持水平上方，为0.26美元，该区域可以决定其下一个重大行动。 EMA线正在收紧，并且可能形成潜在的死亡十字架，而短期EMA越过长期的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.

如果损失了0.26美元的支持并且死亡交叉确认，则XLM可能会进一步滑入0.239美元甚至0.20美元，这表明更深的看跌转移。

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

相反，如果出色的价格设法反弹并突破了0.297美元的电阻，则看涨的势头可能会恢复。

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.

超过该水平可能会为0.349美元和0.375美元开放，如果票价和情感改善，则更高的上涨潜力为0.44美元，甚至0.495美元。