XPL surged 42%, boosted by its mainnet launch and a 10% supply airdrop worth.
Open Interest jumped to $1.47 billion while the TVL surged to $2.55 billion.
XPL remains in price discovery, with fundamentals supporting upside potential.
XPL, the native token of the recently launched Plasma layer-1 blockchain, defied the market’s chaos. While the broader crypto market faced a staggering $170 billion liquidation, XPL’s price surged 42% in the past 24 hours.
The cryptocurrency briefly spiked to $1.43 on the chart before retracing to $1.18 at press time. Yet, Plasma’s price wasn’t the only thing climbing —another critical aspect of the project also caught fire.
In this analysis, CCN unpacks what else jumped, the forces behind the move, and what could be next for XPL’s price.
Plasma Sees Strong Debut Amid Market Chaos
XPL has become one of the most talked-about tokens in the market. Its momentum isn’t just about the Plasma Mainnet launch — the project also airdropped 10% of its supply to presale participants, a move that supercharged sentiment.
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Even more striking, each participant received at least $10,000 worth of XPL, instantly fueling optimism and drawing in speculators. This combination of a major network launch and a generous airdrop has pushed Plasma into the spotlight.
Following the explosive move, XPL’s Open Interest (OI) surged to $1.47 billion, fueled by its listings across several major exchanges.
Such a rise in OI reflects a flood of new capital flowing into derivatives markets, signaling that traders are aggressively positioning around XPL.
While this influx highlights growing confidence and attention, it suggests that volatility could rise as leveraged bets stack up on both sides of the trade.
For XPL’s price, the jump in TVL reinforces the bullish narrative, suggesting that the rally isn’t purely hype-driven but backed by growing on-chain participation. If TVL continues to rise, it could serve as a foundation for sustained price strength.
XPL Price Prediction: Volatility Ahead
In the short term, XPL remains in price discovery mode. With the token still fresh to the market, traders are actively testing support and resistance levels, searching for fair value.
This stage brings heightened volatility, as bullish momentum and profit-taking play tug-of-war. While strong fundamentals — such as rising TVL and surging OI—support the upside, the lack of established historical price zones makes pullbacks equally likely.
In essence, XPL’s next moves will depend heavily on whether new inflows continue to outpace early profit-takers. Until the market finds balance, traders should expect swift swings in both directions.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
