Plasma token XPL continued its decline over the past 24 hours, falling to $0.0957, a daily drop of 11.34%. Trading volume during the same period decreased to $205.8 million, a 51.96% decrease from the previous day. The simultaneous weakening of both price and trading activity indicates a decline in short-term investor participation.
The article notes that while XPL remains a relatively actively traded asset, new buying interest failed to materialize after the previous rebound. As trading volume declined, the price lost upward momentum near a key resistance level, and selling pressure re-emerged.
Futures positions cooled down in tandem.
Data from the derivatives market also shows that leveraged funds are withdrawing. Open interest in XPL futures fell 15.63% to $147.22 million. This typically indicates that some funds are choosing to exit the market rather than continue to increase their long or short bets.
The simultaneous decrease in open interest alongside price declines often reflects a weakening of market risk appetite. In the case of XPL, this indicates that the recent rebound has failed to attract more highly leveraged traders to remain in the market.
$0.0913 remains a key support level.
From a technical perspective, after XPL broke through a descending channel, the price retraced to the upper edge of the channel and tested support around $0.0913. Subsequent selling pressure has made this level a key short-term support zone.
Despite the recent pullback, short-term moving averages still maintain a relatively strong structure. The article mentions that the 9-day moving average remains above the 21-day moving average, indicating that the previously formed bullish pattern has not been completely broken. However, the stochastic RSI has fallen from its high level, showing that buying pressure after the previous rapid rise is cooling.
Liquidity is more concentrated at the top.
Liquidation distribution data shows a more pronounced liquidity concentration zone above the current price. The highest concentration is seen in the $0.100 to $0.106 range, with significant liquidity also present in the $0.110 to $0.115 range.
In contrast, liquidity below the current price is relatively light. This means that, judging from the liquidation structure alone, there are no strong signals of an immediate and sharp market decline. However, if the $0.0913 level is breached, trading focus could quickly shift to lower price areas and retest the vicinity of the June lows.
Overall, XPL's current main characteristics are a simultaneous decline in price, trading volume, and leveraged positions. The short-term direction still depends on whether the support level can hold and whether funds flow back into the futures market.
