Key Takeaways:
- Plasma team deposited 150 million XPL tokens worth $9.64 million to Binance
- Top 100 XPL addresses cut holdings by 20% as selling pressure mounts
- XPL retests $0.07020 support with ADX at 16.24, signaling weak trend strength
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Plasma team dumps $9.6M in XPL as token retests $0.07020 support
XPL rose 9.5% to $0.068 as the Plasma team deposited 150 million tokens worth $9.64 million to Binance, Onchain Lens data shows.
The top 100 XPL addresses reduced their holdings by 20% over the past 24 hours, according to Nansen data, mirroring the team's move. The coordinated selling by large holders contrasts with the token's intraday price recovery, creating a divergence between on-chain flows and spot market action. Exchange deposits from project teams often precede token sales, adding to the bearish pressure on XPL.
Traders maintained a bullish bias despite the selling pressure. XPL's OI-Weighted Funding Rate climbed to a positive 0.0055%, Coinglass data shows, indicating long positions dominate. The liquidation map shows $1.74 million in long positions clustered at $0.0629 and $333,000 in shorts at $0.0709, suggesting bulls are over-leveraged on the downside. A move below $0.0629 could trigger cascading long liquidations across exchanges, accelerating any decline.
XPL recently broke below the $0.07020 support level held since September 2025 and is now retesting it. Two scenarios are possible: the token reclaims $0.07020 as support, or it prepares for another leg down. A failure to reclaim that level could trigger further downside, with a sharper decline possible if the price falls below $0.060. The token trades below its 200-day EMA, and the ADX at 16.24 reflects weak trend strength, leaving XPL vulnerable to selling pressure. The bearish thesis would be invalidated only if XPL successfully reclaims $0.07020.
The divergence between on-chain selling and futures market positioning creates a binary setup. If bulls defend $0.0629, a short squeeze toward $0.0709 could materialize. A break below $0.060 would invalidate the bullish case and open the door to deeper losses. The broader altcoin market faces similar headwinds as Bitcoin dominance remains elevated, pressuring smaller tokens. XPL's price action in the coming sessions will depend on whether the team's Binance deposit leads to actual sell orders or represents a strategic transfer.
This article is for informational purposes only and does not constitute investment advice.
