$XPL is clearly under pressure right now and the chart is not hiding it. Price is trading at 0.1287, well below all major EMAs, with the 20 EMA at 0.1551 and the 50 EMA up at 0.1894. That gap is not healthy. It shows sustained bearish control rather than a temporary dip. The rejection from the 0.14 area and the slide toward the 24h low of 0.1138 suggest sellers are still comfortable pushing price lower. Volume remains high, which rules out the idea that this move is just due to illiquidity. This is active distribution, not silence.
From a structure point of view, the trend is broken on every relevant timeframe. The short term EMA cluster has rolled over, and even the 5 EMA is now above price, which tells you momentum is gone. Support near 0.12 is being tested and if that fails, there is very little on the chart until the psychological 0.10 zone. Bulls might argue that the price is extended and due for a bounce, but there is no confirmation yet. Catching this blindly would be trading hope, not data.
If $XPL is going to recover, it needs to reclaim at least the 0.155 area and hold it with declining sell volume. Until that happens, rallies are suspect and more likely to be sell opportunities than reversals. The market is saying this coin is still in correction mode, and pretending otherwise is ignoring what the chart is openly showing.