Can XPL break $0.105 after Plasma’s product launch fails to lift price?

Plasma [XPL] declined by 11.58% over the past 24 hours despite the successful rollout of Plasma One’s neobank and Visa card on the 30th of June. The token traded at $0.09009 at press time while its market capitalization stood at $162.16 million. 

However, trading activity remained elevated as daily volume climbed 13.42% to $115.9 million. The sharp increase in volume suggested that market participants stayed highly active even as the token lost value. 

Rather than attracting sustained buying interest, the product launch coincided with renewed selling pressure.

Kryptomeny Why are top traders still betting lower on XPL?

Binance’s top trader Long/Short Ratio continued reflecting a cautious outlook despite the product launch. 

At the time of writing, longs represented 47.51% of positions, while shorts made up 52.49%. This left the Long/Short Ratio at 0.91, showing that professional traders maintained a modest bearish bias throughout the latest session. 

Although the imbalance remained relatively small, it still indicated that experienced participants preferred downside exposure instead of positioning for an immediate recovery. However, the gap between long and short positions did not widen aggressively, suggesting that traders had avoided taking extreme directional bets. 

Instead, sentiment remained defensive as participants waited for stronger confirmation before changing their positioning.

Kryptomeny Leveraged bulls absorbed most liquidation losses

Liquidation data also reflected the pressure that long traders experienced during the decline. Total long liquidations reached $222.66K across major exchanges, while short liquidations totaled only $83.53K. 

Binance recorded the largest long liquidation value at $87.96K, followed by Hyperliquid with $104.6K. By comparison, Binance registered just $19.43K in short liquidations during the same period. 

Several other exchanges displayed a similar pattern, reinforcing that leveraged bulls absorbed significantly larger losses than bearish traders. Even though short liquidations remained present across the market, they failed to match the scale of forced long closures. 

Therefore, recent price weakness affected bullish positions much more heavily than bearish exposure.

Kryptomeny Can XPL reclaim its neckline resistance?

XPL continued holding above the critical $0.085 support, keeping its inverse head-and-shoulders pattern intact despite recent weakness. 

Buyers repeatedly defended the right shoulder, although they failed to secure a decisive close above the $0.1058 neckline, where selling pressure continued limiting upside attempts. Meanwhile, the RSI stood at 50.54 as of writing, while its signal line remained at 53.81, showing that buying strength had cooled but stayed close to neutral instead of turning outright bearish. 

If bulls reclaim the neckline with stronger participation, the reversal pattern would confirm and open the path toward $0.120, followed by the measured target near $0.150. However, another rejection below $0.1058 would likely keep XPL consolidating above $0.085 until buyers generate enough demand to force a sustained breakout.

Conclusively, XPL remained under pressure despite its major product launch, while derivatives traders continued favoring short positions, and long liquidations dominated recent market activity. However, price still held above key support and preserved the inverse head-and-shoulders structure. 

If buyers reclaim the $0.105 neckline, the bullish pattern would remain valid. Otherwise, continued resistance would likely keep XPL trading below its breakout level.

Kryptomeny Final Summary

• Plasma XPL remained under pressure despite its product launch as bearish positioning persisted.

• Buyers defended key support, but resistance near $0.105 continued limiting upside progress.