- $XPL fell through the 1.35–1.38 support zone and is now trading close to $1.14.
- Total Value Locked on Plasma doubled to $5.45 billion despite the price drop.
- Buyers must reclaim $1.25 to stop the slide and build momentum back up.
Plasma ($XPL) is in clear correction mode after dropping below critical support at $1.35. Trading near $1.14, the token faces bearish pressure unless buyers quickly reclaim key levels to halt further losses.
Plasma’s Price Correction Picks Up Pace
Plasma ($XPL) is going through a noticeable pullback after losing a key support zone between $1.35 and $1.38. The token climbed above $1.70 at the end of September but has since fallen sharply. Right now, it’s trading around $1.14, with sellers clearly having the upper hand.
Breaking below that key support has set the stage for more downside. XPL is now trading under key moving averages, showing buyers are stepping back. Trading volume has thinned out since the big rally, signaling weak interest. Unless bulls push it above $1.25 soon, further losses could follow.
Strong Growth in DeFi Despite Price Drop
Even though the price is down, Plasma’s network is growing fast. The total value locked (TVL) on Plasma more than doubled to $5.45 billion since late September. This shows that more users and projects are coming to the network.
Plasma’s $6B stablecoin market shows strong demand for its fast, low-cost blockchain. Major DeFi players like Aave and Euler are already onboard, with support from Chainlink and Uniswap boosting credibility. The price may be down, but the network’s core fundamentals remain strong and active.
What’s Next for Plasma’s Price?
Looking at the charts, Plasma is testing support around $1.12. The RSI suggests the token might be oversold, which could lead to a short-term bounce. If buyers push it back above $1.25, there’s a chance to reach resistance levels near $1.30 to $1.35.
On the flip side, if $1.12 doesn’t hold, the price could fall toward $1.05 or even the psychological $1.00 mark. Buyers are likely to come back at those levels. For now, though, the sellers are in control until $1.25 is taken back.
