Plasma prize went to a bear market after his recent airdrop, even if his transactions and assets in his decentralized financial increase.
Summary
- The competitive fall in plasma emphasizes a growing decoupling between fundamentals on chains and market sentiment.
- Despite the rising network activity, rising Defi deposits and a new partnership with Chainlink, the sale of token after the AirDrop underlines how the dynamics can overshadow strong project performance in the short term profit and liquidity dynamics.
- In the coming weeks, testing will test whether the basic principles of Plasma can stabilize the confidence of investors and cause a recovery.
Plasma -price fell despite the growth of the ecosystem
Plasma (XPL) Token slid under a crucial level of support at $ 1 and then at a low point of $ 0.8720. This month it has fallen by almost 50% from the highest point.
Plasma Token has fallen despite the strong performance of his network. Nansen data shows that the number of transactions in the network has risen by 5,200% over the past 30 days to more than 28.7 million. This growth made it the fastest player in the Layer-1 and Layer-2 Industries.
More data has shown that the number of active addresses also reached increased and reached more than 878,600. This makes it bigger than other chains such as Somnia, Starknet and Avalanche.
More data shows that Plasma has become the fifth largest chain in terms of the total value locked. Are Defi TVL Went to more than $ 10 billion, making it only smaller than popular chains such as Ethereum, Solana, BSC and Bitcoin.plasma has caught up popular chains such as Cardano, Tron and Suio.
Moreover, Plasma has become a top name in the Stablecoin industry, where the total market capitalization of Stablecoin has risen to more than $ 5.28 billion.
Plasma’s growth will probably speed up after the network has reached a partnership with Chainlink, That is now the official Oracle provider.
That is why the XPL price has probably crashed because the airdrop recipients are starting to sell their tokens. This is a common occurrence when a new airdrop takes place.
XPL Price Technical Analysis
The two -hour graph shows that the plasma prize peaked at $ 1,6938 after its airdrop. Then it dived and reached a low point of $ 0.8312.
There are signs that the coin has brought to the bottom because it has formed a double bottom pattern for $ 0.8312. This is one of the most popular bullish reversing patterns in technical analysis.
It has formed a falling wig pattern that is also another very bullish sign. That is why token is likely to have a strong bullish breakout, possibly to the psychological point at $ 1. A drop under support for $ 0.8312 will invalidate the Bullish View.
