Plasma prices have retreated from their recent peak, even if the total locked on the network has more than doubled to $5.45 billion.
summary
- Plasma is $1.14, down 13% in 24 hours and 32% from ATH.
- TVL has reached $545 million, more than doubled since September 26th.
- Overselling RSI gives hints in rebounds, with $1.12 serving as a major support and resistance around $1.32.
At the time of writing, Plasma is trading at $1.14, down 32% from $1.68 on September 28th. The token has a market capitalization of $2.05 billion and a fully diluted valuation of $11.43 billion.
Despite the price decline, trading activity remains high. Plasma’s 24-hour trading volume was $2 billion, up 11.2% from the previous day, suggesting that market volatility is attracting more players.
Open interest in futures contracts rose 0.77% to $1.43 billion, while derivatives volumes fell 10.7% to $6.14 billion, according to Coinglass data. This indicates that long-term positions remain stable while short-term speculations subside.
Defi’s growth outweighs price declines
The foundations of Plasma continue to expand rapidly. According to data from Defilama, the total locked amount has increased to $5.45 billion, more than doubled from $2.32 billion as of September 26th. Plasma’s $6 billion stable market capitalization shows high demand for low-cost, high-throughput infrastructure.
Adoption metrics show healthy on-chain use, but distributed exchange volumes have cooled somewhat, dropping from $351 million on September 26th to $126 million. The position of plasma as a Stablecoin-optimized Layer-1 blockchain continues to drive capital inflows despite short-term market modifications.
The protocol’s mainnet was released on September 26th, and has seeded $2 billion in TVL into over 100 Defi protocols, including Aave, Ethena, Fluid and Euler. XPL is listed in major exchanges such as Binance, OKX, Kucoin, Bybit.
That ecosystem is further strengthened by other integrations, such as chain link oracles and liquidity incentives, approved by UNISWAP governance.
Plasma price technology analysis
Plasma trades nearly $1.14 on its hourly chart, slightly above its immediate support level of $1.12. Since peaked on September 28th, there has been consistent sales pressure, as price action has been limited to the lower half of the Bollinger band.
The momentum indicator indicates a mixed signal. A relative strength index close to oversold territory of 31.8 suggests that sellers can be exhausted in the short term. MACD indicates a potential purchase signal that narrows the spread between the MACD line and the signal line, while ADX has a strong ongoing tendency and favors volatility.
If Bulls holds the $1.12 level and can push past 20-SMA, the next upward goal is $1.25 and $1.30. A more powerful breakout could test the $1.32-$1.35 range.
If the current level is not maintained, the reduction can speed up. A clear break below $1.12 could lead to a move heading towards $1.05, while persistent weakness could potentially make psychological levels $1.00 for testing, at which point buyers would likely be reorganized.