Despite the successful launch of Plasma One’s neobank and Visa card on June 30, Plasma (XPL) is down 11.58% in the last 24 hours. At the time of writing, the token was traded at $0.09009 and its market value was $162.16 million.
However, trading activity remained high, with daily volume rising 13.42% to $115.9 million. The sharp increase in volume showed that market participants remained highly active even as the token lost value.
Rather than attracting sustained purchasing interest, the product launch coincided with renewed sales pressure.
Why are top investors still betting lower on XPL?
Binance top trader Long/Short Ratio continued to display a cautious outlook despite the product launch.
At the time of this writing, long positions constituted 47.51% of the positions and short positions constituted 52.49%. this left Long/Short Ratio The 0.91 level indicates that professional traders maintained a modest bearish trend over the last session.
Although the imbalance remained relatively small, this suggests that experienced participants preferred to suffer adverse effects rather than position themselves for an immediate recovery. However, the fact that the difference between long and short positions has not widened aggressively indicates that investors are avoiding extreme bets.
Instead, sentiment remained defensive as participants waited for stronger confirmation before changing their positions.
Leveraged bulls absorbed most of the liquidation losses
Liquidation data also reflects the pressure long-term investors experienced during the downturn. Total long liquidations on major exchanges reached $222.66K, while short liquidations totaled only $83.53K.
Binance recorded the largest long liquidation value with $87.96 thousand, followed by Hyperliquid with $104.6 thousand. In comparison, Binance recorded only $19.43K in short liquidations during the same period.
Several other exchanges exhibited a similar pattern, reinforcing that leveraged bulls absorbed significantly larger losses than bearish investors. Although short-term liquidations continued across the market, they could not match the scale of forced long-term closures.
Therefore, recent price weakness has affected bullish positions much more than bearish ones.
Can XPL regain neckline resistance?
XPL It remains above the critical $0.085 support and keeps the inverse head-and-shoulders pattern intact despite recent weakness.
Buyers repeatedly defended the right shoulder, but failed to achieve a definitive close above the $0.1058 neckline, where selling pressure continued to limit upside attempts. Meanwhile, as of press time, the RSI stood at 50.54, while the signal line remained at 53.81; This suggests that purchasing power has cooled but remained close to neutral rather than falling completely.
If the bulls regain the neckline with a stronger engagement, the retracement pattern will be confirmed and a path towards $0.120 will be opened, followed by the target measured around $0.150. However, another rejection below $0.1058 will likely continue XPL’s consolidation above $0.085 until buyers generate enough demand to force a sustained breakout.
As a result, XPL remained under pressure despite its major product launch, while derivatives traders continued to favor short positions and long liquidations dominated recent market activity. However, the price still remains above the key support and maintains the inverse head-and-shoulders structure.
The bullish formation will remain valid if the buyers regain the $0.105 neckline. Otherwise, continued resistance will likely keep XPL trading below the breakout level.
Final Summary
- Plasma XPL remained under pressure as the downward trend continued despite the product launch.
- Buyers defended key support, but resistance near $0.105 continued to limit upside progress.
