Plasma (XPL) price surges ahead of $160 million token unlock

Plasma (XPL), the native asset of an EVM-compatible Layer 1 blockchain designed for stablecoin payments, recently experienced a 24.18% daily price surge. This rally occurred despite an upcoming token unlock of approximately 1.76 billion XPL, valued at roughly $160 million, which represents 63.2% of the total circulating supply.

Market activity around the unlock has been marked by significant volatility and high leverage. A large transaction involving 300 million XPL, worth about $33.07 million, was moved by the Plasma Team to an unknown wallet. Despite these supply concerns, derivatives trading volume rose by 182.78% to $744.47 million, and Open Interest increased by 52.16% to $302.60 million.

On Binance, top traders maintained a long bias with a Long/Short Ratio of 1.60. Technical analysts are monitoring whether the price can confirm a breakout and successfully retest key resistance levels to sustain its bullish structure, noting that increased leverage could lead to sudden price swings if a reversal occurs.