#Plasma 🚨 PLASMA UNDER PRESSURE: XPL DROPS 14.2% IN 24H 🚨
Plasma ($XPL ) continues its downward slide — now down 14.2% in 24h and 71.5% over the past 30 days — as competition heats up and investor sentiment turns sharply bearish.
Key Drivers (All Bearish)
1️⃣ Stablecoin Chain Rivalry Intensifies — Circle’s Arc chain, backed by BlackRock & HSBC, launched its testnet on Oct 28, directly challenging Plasma’s stablecoin network. Arc’s USDC integration and institutional muscle are pulling liquidity away from XPL. Plasma’s TVL has plunged to $929M (down from $3B at launch).
2️⃣ Post-ICO Profit-Taking Accelerates — After a 17x run from $0.05 → $0.85, early investors are cashing out. With 2.5B XPL unlocking in July 2026, whales are front-running dilution — over 600M XPL sold since Oct 25, according to CoinDesk.
3️⃣ Technical Breakdown Deepens — XPL broke key support at $0.35, now hovering near $0.308. RSI sits at 28.84 (oversold), but momentum remains weak. Resistance looms at $0.575, and next support is near $0.25. The Binance long/short ratio of 0.69 confirms bearish bias.
📉 Sentiment is fragile, with traders shorting every bounce as liquidity and confidence drain from the ecosystem. #DeFi #Stablecoins #CryptoMarket
