• Stellar (XLM) gains traction as the U.S. Commerce Department adopts its blockchain for recording economic data.
• Analysts see potential bullish momentum, with $0.347 as a key support level for a possible breakout.
• XLM has climbed 2.85% in 24 hours, signaling growing investor interest and market confidence.

Stellar (XLM) is gaining attention as it expands beyond payments. The U.S. Commerce Department is utilizing its network to record economic data. Analysts see potential for upward momentum, while key support levels will determine its next move. This growth highlights Stellar’s expanding role in blockchain and finance.

At the time of writing, XLM is trading at $0.3685, 24-hour trading volume amounting to $346.31 million, and a market capitalization is $11.63 billion. The price of XLM in the last 24 hours increased by 2.85%, a reflection of growing demand among investors.

Stellar Becomes Government-Backed Data Ledger

A major development recently highlighted by crypto analyst X Finance Bull has generated excitement: the U.S. Commerce Department is now recording GDP data on the Stellar network. This positions Stellar not only as a payment system but also as a government-approved data ledger, a development that elevates its status in the financial ecosystem.

“This is massive. Stellar is breaking out of the bounds of payment and into a realm where national economic data is inscribed on a blockchain,” added X Finance Bull.

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Stellar Eyes $0.347 Support for Bullish Breakout

Technically, analyst More Crypto Online shared a post analyzing XLM’s price action. He observed that Stellar’s price is within a possible bullish trend, provided it remains above the $0.347 level.

If the price goes down lower than that point, chances are it would test additional support levels in and around $0.303 and $0.261. Even if it does, it would oscillate somewhat but be positive as it waits on a potential breakout.

Out of all these trends, XLM appears to be playing a larger game than most were anticipating, and connecting mainstream finance with the technology of blockchain while maintaining a bullish trajectory. Investors are paying close attention to whether or not XLM can stay above key support levels and continue onward.

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