Foreign media reports indicate that XPL has rebounded significantly in the past 24 hours, with trading activity rising in tandem, suggesting that short-term funds are returning to the token. While the price has moved away from previous lows, it remains below key resistance levels, and the market is watching to see if this recovery can continue upwards.
Trading volume increased simultaneously
Data shows that XPL rose 14.18% in the past 24 hours, while trading volume increased by 71.04% to $143.3 million. The trading volume to market capitalization ratio rose to 83.41%, indicating that this surge was not based on a low-liquidity environment, but rather accompanied by broader trading participation.
Looking at the price action, XPL had been under pressure for a considerable period, but recently stabilized around $0.080 and began to rebound, gradually forming higher lows. This has brought the price back to the middle of the range, prompting the market to reassess the strength of its short-term recovery.
Binance's large holders still tend to go long.
ConGlass data shows that among Binance's top traders' accounts, 57.84% maintain long positions, while short positions account for 42.16%, resulting in a long-short ratio of 1.37. Although this level is lower than previous highs, the bulls still hold the upper hand.
The article argues that this position structure, echoing the recovery in spot trading, indicates that some active traders have not abandoned their expectations for a rebound. Even after a sharp single-day rise, the market has not shown any clear signs of turning bearish.
$0.1105 becomes a short-term key level
From a price perspective, XPL's first resistance level is at $0.1105. If it can continue to hold above this level and rise with increased volume, the next target area may be $0.1407.
Meanwhile, the Relative Strength Index (RSI) rose to 54.80, above its moving average of 41.55, reflecting improved buying pressure. However, prices have not yet truly recovered the first key resistance level, so whether the rebound can extend further depends on subsequent trading volume and the sustainability of buying pressure.
Funding rates remain positive
Data from the derivatives market also leans towards supporting the current recovery trend. The OI weighted funding rate remains in positive territory at 0.0062%, which typically indicates that long positions are willing to pay higher costs to maintain their positions.
The article argues that this level does not yet show signs of overheating, but indicates that the market as a whole remains biased towards an upward trend. If trading participation continues to expand, XPL may retest $0.1105 and seek to advance towards higher resistance areas.
