XPL Drops 14% After Pump: What’s Next for Plasma?

Plasma (XPL) has recorded a sharp decline after its recent rally. The token is now priced around $0.75, reflecting a 14% drop in the last 24 hours and 23% over the past week. The move follows a brief push that took the price as high as $1.07 in the past seven days. Price Back at Support Area Meanwhile, the price has returned to a support range between $0.74 and $0.78, where previous consolidation and a rising trendline converge. This area acted as a base for the last upward move. The 0/8 Murrey Math Line at $0.78 also aligns with this zone, suggesting it remains a level of interest. Source: TradingView The Relative Strength Index (RSI) on the 4-hour chart is now around 30, placing it in oversold conditions. Early signs of a possible reversal are visible, but there is no confirmation yet. If the trendline and support hold, buyers may step in. If not, lower levels around $0.68 and $0.59 could come into play. Futures Open Interest Holds Above $1B XPL futures Open Interest is currently around $1.09 billion, up sharply from below $300 million in late August. The jump began during the late September rally, when the price climbed toward $1.6. During that move, Open Interest peaked, suggesting strong trading activity and high positioning. Source: Coinglass Although both price and Open Interest have come off their highs, the current level shows that traders remain active. The chart reflects that a large number of positions are still open, which may keep price movement volatile in the short term. Analyst Says Market Now Finds Fair Value Crypto analyst Duo Nine posted a breakdown of XPL’s recent activity. He said, “At $1.70 insiders started to unload… market maker support at $0.85 failed under pressure.” He added that with the pump phase over, the market is now moving to “ find the real price of XPL .” Data shows XPL hit its all-time high of $1.68 on September 28, while the all-time low of $0.72 came just days before. With current price action testing that same range, traders are watching to see if support holds or if further decline follows. The post XPL Drops 14% After Pump: What’s Next for Plasma? appeared first on CryptoPotato .