XPL Struggles to Push Past $0.105 as Plasma's Neobank Launch Fails to Spark Rally

Plasma (XPL) posted a notable decline of 11.58% within a single 24-hour period, even as the project successfully launched its Plasma One neobank platform and Visa card on June 30th. At the time of writing, the token was changing hands at $0.09009, with its total market capitalization sitting at $162.16 million.

Despite the price drop, trading activity showed no signs of slowing down. Daily trading volume surged by 13.42%, reaching $115.9 million — a sign that market participants remained highly engaged even as the token's value eroded. Rather than generating sustained buying momentum, the product release appeared to coincide with a fresh wave of selling pressure, leaving bullish traders unable to capitalize on the news.

**Professional Traders Lean Bearish Despite Launch Hype**

Data from Binance's top trader Long/Short Ratio painted a cautious picture in the wake of the announcement. Long positions accounted for 47.51% of total exposure, while short positions held the majority at 52.49%, placing the Long/Short Ratio at 0.91. This figure indicates that experienced traders maintained a mild bearish bias throughout the session rather than pivoting toward optimism following the product news.

Notably, the gap between long and short positioning did not widen dramatically, suggesting that traders stopped short of placing aggressive directional bets. Instead, the broader sentiment remained defensive, with many participants waiting for clearer confirmation before adjusting their exposure.

**Long Positions Bore the Brunt of Liquidations**

Liquidation data further illustrated the pain felt by bullish traders. Across major exchanges, total long liquidations amounted to $222.66K, compared to just $83.53K on the short side. Hyperliquid recorded the highest long liquidation figure at $104.6K, with Binance close behind at $87.96K. In contrast, Binance saw only $19.43K in short liquidations during the same window.

This pattern was consistent across multiple platforms, confirming that leveraged long traders absorbed far greater losses than their bearish counterparts. While short liquidations did occur, they were nowhere near the scale of forced long closures, underscoring the degree to which recent price weakness hit bullish positions disproportionately.

**Technical Picture: Inverse Head-and-Shoulders Pattern Still Alive**

From a technical standpoint, XPL continued to hold above the critical $0.085 support level, keeping an inverse head-and-shoulders pattern structurally intact. Buyers repeatedly stepped in to defend the right shoulder zone, though they have yet to achieve a convincing close above the $0.1058 neckline resistance, where selling pressure has consistently capped any upside attempts.

The Relative Strength Index (RSI) sat at 50.54 at the time of writing, with its signal line at 53.81. These readings suggest that buying momentum has cooled but has not turned outright bearish — the indicator remains hovering near neutral territory.

Should bulls manage to reclaim the neckline with meaningful volume and participation, the pattern would formally confirm and potentially open the door to a move toward $0.120, with the measured target extension pointing to approximately $0.150. Conversely, another rejection at $0.1058 would likely confine XPL to consolidation above $0.085 until buyers can build sufficient demand to force a decisive breakout.

**Bottom Line**

Despite a significant product milestone, XPL remains under pressure as derivatives traders continue to favor short exposure and long liquidations dominate recent market activity. The token's key support at $0.085 has held firm, and the inverse head-and-shoulders structure remains valid for now. Whether bulls can reclaim the $0.105 neckline in the near term will be the deciding factor in determining whether XPL's technical setup transforms into an actual price recovery.