Stellar Price Action Points to Potential Upside Continuation

The price action of Stellar (XLM) is mirroring that of Bitcoin and Ether, with a nearly 2% decline in the last 24 hours.

However, despite this rejection on the 4-hour and daily timeframes, the coin's derivatives data remains bullish. The Open Interest in XLM at exchanges has increased to $114.71 million, up from $84.64 million earlier this week, indicating new or additional money entering the market.

The funding rates for XLM have also flipped positive, with a current rate of 0.0103%. This is a sign that longs are paying shorts, which can fuel price rallies in other cryptocurrencies.