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Plasma (XPL) Price Rally Backed by Strong Spot Volume and Active Network Usage
Plasma (XPL) has staged a notable comeback after dipping to a low of $0.86, reclaiming the crucial $1 resistance level as anticipated by AMBCrypto. At press time, XPL was trading at $0.99, just shy of the day’s intraday high of $1.07, marking an impressive 12.22% gain within 24 hours.
Surge in Buy Volume and Exchange Netflow Signals Accumulation
The driving force behind XPL’s recovery appears to be strong spot market demand, with a staggering 506.9 million tokens in buy volume outpacing 497.13 million tokens sold, resulting in a bullish Buy/Sell Delta of 9.77 million tokens. Meanwhile, CoinGlass data revealed a consecutive three-day negative Spot Netflow at – $19.35 million, indicating that investors are aggressively accumulating XPL off exchanges—a historically bullish sign suggesting lower selling pressure ahead.
On-Chain Metrics Highlight Renewed Network Strength
Plasma’s recovery is further bolstered by a surge in on-chain activity. According to Dune Analytics, daily active users jumped from 5.4k to 9.6k, while cumulative transactions surged to 31 million. Stablecoin transactions have also skyrocketed, with Artemis reporting 1.2 million stablecoin transfers and 34.7k active addresses, alongside a staggering $43.9 billion adjusted transaction volume, led by USDT’s daily volume of $3.4 billion. This heightened network usage boosts liquidity and attracts developer interest—key elements for sustaining momentum.
Will XPL’s Uptrend Hold?
Technical indicators present a mixed but hopeful picture. The Directional Movement Index (DMI) has climbed to 26 on the 4-hour chart, signaling strength. However, the Stochastic RSI has dipped to 78 after a downside crossover, hinting at short-term volatility.
Currently trading within an ascending channel, XPL shows a controlled upward trajectory with buyers holding the upper hand even as some sellers take profits. Should these trends persist, XPL could challenge the $1.07 resistance again and potentially target $1.37. Conversely, if profit-taking intensifies, a retracement to the $0.86 support zone remains possible.
