๐จ $XPL Market Update โ Plasma Bleeding Out! ๐ฌ
Plasma ($XPL) just tanked 14.2% in the last 24h, extending its 30-day crash to -71.5% ๐ตโ๐ซ. The drop comes as competition heats up, post-ICO profit-takers cash out, and technicals look ugly.
๐ป 1๏ธโฃ Stablecoin Chain Showdown
๐ฅ Circleโs Arc chain โ backed by BlackRock + HSBC โ launched its testnet on Oct 28, going head-to-head with Plasma in the stablecoin payments arena.
Arcโs deep liquidity + USDC integration = investors jumping ship ๐โโ๏ธ๐จ
๐ Plasmaโs TVL plunged from $3B โ $929M, showing serious outflow and fading activity.
๐ธ 2๏ธโฃ Post-ICO Sell Wave
The September ICO gave early birds a wild 17x run ($0.05 โ $0.85) โ but now, reality bites.
With 2.5B tokens unlocking in July 2026, big wallets are cashing out early.
๐ On-chain data shows ~600M XPL dumped since Oct 25.
90-day chart? -62.9% ๐ฌ Investors fear dilution is coming fast.
๐ 3๏ธโฃ Technical Breakdown
XPL lost key support at $0.35, now chilling near $0.308.
RSI = 28.8 (oversold) but bulls still missing in action.
Resistance now at $0.575, next support sits near $0.25 (Fibonacci level).
๐ฅ Binance long/short ratio: 0.69 โ bears in control.
Even with a small MACD uptick (+0.0417), trading volume is down -51.6%, making recovery weak and shaky.
๐ Summary:
Plasmaโs facing strong headwinds โ institutional rivals, whale sell-offs, and chart damage. Unless volume returns or a new catalyst appears, $XPL might keep sliding before finding a real bottom.
