The initial crash likely resulted from selling pressure as users who received network airdrops liquidated their positions.
After the selling subsided, XPL found strength for its recovery rally, supported by strong fundamental metrics across the Plasma ecosystem. The token was trading at $1.26 as of press time.
DEX volume on Plasma crossed $226 million on Sept. 26, while the stablecoin market cap on the network climbed to nearly $4 billion.
The lending protocol also produced $6,000 in reserve revenue on day one, exceeding what many smaller Aave deployments achieve across weeks or months. These fundamental metrics likely contributed to XPL’s price recovery as traders recognized the network’s early adoption and liquidity attraction capabilities.
The strong rebound, which comes amid a week where the crypto market shed 9% in value, indicates XPL’s strength among crypto investors. Yet, it remains to be seen if the token can maintain its momentum over the following days.
