Plasma One ships, XPL dips: neobank launches, token tanks 11.58% 🎉📉

Plasma [XPL] declined 11.58% over the past 24 hours following the rollout of Plasma One's neobank and Visa card on June 30. At press time, XPL traded at $0.09009 with a market capitalization of $162.16 million. Trading activity remained elevated, with daily volume rising 13.42% to $115.9 million as market participants stayed active even as the token lost value. Rather than attracting sustained buying interest, the product launch coincided with renewed selling pressure.

Binance's top trader Long/Short Ratio continued to reflect a cautious outlook despite the launch. Longs represented 47.51% of positions while shorts made up 52.49%, leaving the ratio at 0.91. This showed that professional traders maintained a modest bearish bias throughout the latest session. Although the imbalance remained relatively small, it indicated that experienced participants preferred downside exposure. The gap between long and short positions did not widen aggressively, suggesting traders avoided taking extreme directional bets.

Liquidation data reflected the pressure on long traders during the decline. Total long liquidations reached $222.66K across major exchanges, while short liquidations totaled $83.53K. Hyperliquid recorded the largest long liquidation value at $104.6K, followed by Binance with $87.96K. By comparison, Binance registered just $19.43K in short liquidations during the same period, a pattern repeated across several other exchanges.

XPL continued holding above the $0.085 support, keeping its inverse head-and-shoulders pattern intact despite recent weakness. Buyers repeatedly defended the right shoulder but failed to secure a decisive close above the $0.1058 neckline, where selling pressure continued limiting upside attempts. 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.

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