We introduce a rigorous and general framework to study systematically self-gravitating elastic materials within general relativity, and apply it to investigate the existence and viability, including radial stability, of spherically symmetric elastic stars. We present the mass-radius ($M-R$) diagram for various families of models, showing that elasticity contributes to increase the maximum mass and the compactness up to a ${cal O}(10%)$ factor, thus supporting compact stars with mass well above two solar masses. Some of these elastic stars can reach compactness as high as $GM/(c^2R)approx 0.35$ while remaining stable under radial perturbations and satisfying all energy conditions and subluminal wave propagation, thus being physically viable models of stars with a light ring. We provide numerical evidence that radial instability occurs for central densities larger than that corresponding to the maximum mass, as in the perfect-fluid case. Elasticity may be a key ingredient to build consistent models of exotic ultracompact objects and black-hole mimickers, and can also be relevant for a more accurate modelling of the interior of neutron stars.
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