The native token for the Stellar network (XLM) could rally 350% to $2, while Ripple’s XRP shows promise in the long term.

According to analysts, XLM (the native cryptocurrency of the Stellar network) can have an incredible rally and head towards the $2 mark, representing an increase of 350% from its present value. A well-known crypto expert cited several bullish indicators to support this forecast.

While the token’s price has been on a downtrend in recent weeks, analysts consider the downturn temporary. This perspective underpins the belief that Stellar’s trajectory remains firmly upward.

Technical Analysis for Stellar

Stellar’s price trajectory has been marked by sideways movement in recent days. However, it registered a 2.6% increase in the last 24 hours, bringing its value to $0.432.

Over the past week, XLM’s value decreased by 11.6%, reflecting broader market pressures. Nevertheless, technical analysis shows that XLM forms a bullish pattern on the daily chart.

The asset’s price action (a flag-and-pole configuration) is typically associated with upward movements. As such, if XLM can successfully break out and maintain levels above $0.47, the short-term target could be a 32% gain to trade at $0.63.

Further long-term forecasts indicate that the token can surge as high as 537% to $3.04. Adding to the bullish view, Stellar’s RSI is still below the overbought zone, indicating ample room for further upside in the coming weeks.

$118 Million Outflow from Exchanges

On-chain data also supports the bullish bias. According to Coinglass, about $118 million worth of XLM has been pulled out of exchanges in the last 10 days.

Such heavy outflow indicates an emerging accumulation trend as traders move these tokens to private wallets. Such moves increase investor confidence in Stellar’s future performance.

Moreover, another popular cryptocurrency analyst had made a bullish prediction about Bitcoin and Stellar, stating that both cryptocurrencies had good prospects for steady growth. The analyst added that Stellar, in particular, keeps outperforming forecasts on the back of strong technical and market sentiment.

He said the broader market momentum will cause Bitcoin’s price to surge over $105,000 early next year.

Stellar’s Key Support Levels

As for Stellar, the analyst indicates that the token has constantly respected a critical support zone. Every pullback will likely revisit this zone for a retest before further upward movements.

In addition, a Binance listing of XLM has caused the token’s price to surge significantly.

The Meteorite-like Rise of Velodrome

Like it was for XLM, a Binance listing has caused a huge surge in the price of VELO, the native token of the Velodrome crypto project. VELO surged 810% from its yearly lows to the high of $0.0335.

Its listing on Binance increased its visibility and trading volume, increasing its market capitalization to over $282 million. Most cryptocurrencies usually surge after getting listed on major exchanges like Binance.

Such surges are usually short-term; however, the fundamental analysis of Velodrome suggests more room for upside action in the long run. The total value locked on the platform has crossed over $100 million, while the DEX volumes have exceeded $700 million for the week.

These metrics make Velodrome one of the leading chains in the DeFi world, alongside Uniswap and Curve Finance. Furthermore, VELO’s daily chart shows a bullish cup-and-handle pattern that could send the token to new highs.

It’s already above key moving averages; analysts expect the token to surge as high as $0.054, a 109% jump from its current level.

Stellar vs. Ripple

Stellar and Ripple are the leading blockchains in the race to revolutionize cross-border payments. XRP, the native token of the XRPL, recently witnessed a tremendous rally, as its price surged above $2 after some key market developments.

Accordingly, analysts are projecting profit-taking levels between $4.4 and $27. Notably, both tokens have very strong ecosystems.

The appeal of XRP rests in the RippleNet platform, which has partnered with top financial institutions. In contrast, Stellar draws its strength from an open, decentralized, peer-to-peer platform capable of transferring assets.