$XPL is at a critical point as price trades near $0.1396, testing the strong support zone around $0.1360 after a 0.64% daily drop. Market sentiment remains weak, with the Fear Index near 27, increasing the risk of long liquidations.
Whale data shows a clear bearish bias, as short whales outnumber long whales by nearly 8 to 1, and most short positions are already in profit while long holders remain under pressure. This strong bearish positioning suggests continued downside risk if support fails.
Technical signals also show weak and inconsistent capital flows, meaning buyers are hesitant to step in. If $0.1360 breaks, price could slide quickly toward the $0.115 area. On the positive side, a Binance Mystery Box campaign offering XPL rewards to new users may bring some short-term demand, but it may not be enough to change the trend. For now, caution is advised, with traders watching whether support holds or if a deeper drop follows.
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