The Stellar Development Foundation’s discovery of a low-risk bug has led to the postponement of a planned network upgrade, initially scheduled beyond January 30. This delay follows community feedback after the bug was detected on January 25. The bug, found in the Stellar Core v20.1.0 software, could potentially impact applications and services using the new “Soroban” smart contract transactions post-upgrade. Despite this setback, a fix is expected within two weeks, aiming for completion by mid-February.
Stellar, established in 2014 as a Ripple protocol fork, has seen a decline in popularity due to emerging competitors. The upcoming update is crucial for Stellar to regain relevance, as it seeks to enhance network functionality and Ethereum contract compatibility. This strategic move is intended to prepare the Stellar network for the expected bull market season by attracting more users and improving capabilities.
In the cryptocurrency market, XLM’s price has recently faced resistance, influenced by Bitcoin’s downturn, and tested the $0.1098 support level. While the market has yet to respond to the anticipated update, overcoming the channel’s resistance in the next two weeks could lead to significant price movements. XLM’s price has remained subdued compared to other altcoins’ gains since December, highlighting the need for a market shift.
If XLM can reclaim the $0.1252 region, analysts predict a potential rise to $0.1367, followed by $0.1466 and possibly $0.172. The price has tested the resistance of the parallel channel three times since November, offering profitable opportunities during fluctuations. A fourth successful attempt at breaking resistance could signal new highs for XLM, though overall market sentiment will be a critical factor.
The Stellar network’s enhancements and the corresponding price forecast for XLM coin are closely watched by investors and enthusiasts, as these developments could significantly influence the cryptocurrency’s market trajectory.