Stellar (XLM) has been pushing more into DeFi in recent weeks, and this could have a positive impact on its price outlook. The coin has also been surging in recent weeks. How will the focus on DeFi affect XLM? More to follow below, but here are some facts for you:
XLM has been up to over 15% over the last 7 days.
The chain has been making major moves into DeFi in recent times.
The 7-day rally will continue as sentiment in the market improves.
Data Source: Tradingview
Stellar (XLM) – The long-term outlook?
DeFi has been one of the key drivers of growth in crypto for the best part of a year now. DeFi projects are expected to continue to explode. Stellar has been trying to bring in more DeFi to its ecosystem. In fact, the project just announced recently that it will be launching a new product that will aggregate DeFi protocols and connect them to investors.
That news alone saw XLM surge by over 15%. As the push towards DeFi continues, we are likely to see gains in this token in the medium and longer term. Besides, we have also seen some steady improvement in investor sentiment over the last few weeks.
It is safe to say that the torrid start to 2022 that we saw is now starting to ease. As such, it is likely that we will see more growth for XLM and other coins.
Why is Stellar (XLM) a good project?
Even before its recent push to DeFi, Stellar still remained one of the most promising projects in crypto. This is a blockchain project that aims to spur the growth of innovative decentralized apps.
Stellar has been working on improving cross-chain interoperability and is always finding new ways to add more value to its ecosystem. For an investor looking for a legitimate opportunity, XLM is up there with the best.