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Plasma [$XPL] maintains a bearish outlook despite recent momentum. Over the past 24 hours, $XPL climbed 9.50% to reach $0.068 at press time.
Despite the price surge, selling pressure on $XPL persisted as Onchain Lens reported that the Plasma team dumped 150 million tokens worth $9.64 million to Binance. In the crypto market, transfers from wallets to exchanges typically signal a potential sell‑off.
Moreover, it is not only the Plasma team that appears to be offloading its $XPL holdings. The top 100 $XPL addresses are also following the same trend, according to data from the analytics platform Nansen. The data shows that over the past 24 hours, the top 100 $XPL addresses have reduced their holdings by 20%.
However, traders at the same time appear to have a different outlook. At press time, Coinglass data showed that traders were betting on a higher price, as the $XPL’s OI-Weighted Funding Rate has climbed to a positive 0.0055%. This indicates that bullish sentiment is gradually building among market participants.
Meanwhile, traders were heavily over-leveraged at $0.0629 on the downside and $0.0709 on the upside. At these levels, they have built $1.74 million worth of long positions and $333,000 worth of short positions.
This suggests that, on an intraday basis, bulls are currently dominating the market, while bears appear to be losing momentum.
$XPL price action suggests further downside ahead
While examining the daily chart, it appears that whales might be taking advantage of the ongoing retest of a key level.
According to the daily chart, $XPL recently broke below its key support level of $0.07020, which it had been holding since September 2025. However, the asset now appears to be revisiting that key level.
Here are two scenarios that are possible for $XPL: either the asset reclaims the $0.07020 level or it prepares for another leg down. Based on current price action, if $XPL remains below $0.07020, downward momentum could continue in the coming days.
A sharper decline may only occur if the price falls below $0.060. This bearish thesis would be invalidated if $XPL successfully reclaims $0.07020.
At the time of writing, $XPL was trading below the 200-day Exponential Moving Average (EMA), while the Average Directional Index (ADX) has fallen to 16.24. This highlights weak trend strength and a lack of strong bullish momentum, which could make the asset vulnerable to further downside movement.
Final Summary
- The Plasma team dumped a massive 150 million $XPL tokens worth $9.64 million to Binance as the asset’s price recovered.
- Price action suggested that further downside for $XPL may be on the horizon, with a sharp decline possible if the price breaks below the $0.060 level.