Why is Plasma’s price sliding despite a green market?
Upcoming unlocks, collapsing activity, and a sharp drop in stablecoin TVL weakened XPL’s short-term structure.
What on-chain signals showed XPL’s momentum fading?
DEX volume, daily users, and transaction counts fell steadily through November, aligning with a bearish technical setup.
Plasma dropped more than 11% in recent hours, even as the broader market traded green for most of the day.
The decline put Plasma [XPL] alongside Starknet [STRK], which also posted double-digit losses during the same window.
XPL extended its downtrend after the post-launch hype faded. That early rally had been supported by an airdrop worth about 10,000 XPL for initial users.
As price cooled, on-chain activity followed the same path, weakening the token’s momentum.
What’s driving Plasma token down?
The first wave of selling stemmed from the upcoming unlock on the 25th of November.
About 88.88 million XPL, valued at $18.13 million, was set to unlock, leaving over 80% of the supply still locked. It was the largest of the roughly $80 million in weekly token unlocks across the sector.#Plasma @Plasma $XPL
