XPL Bulls Are Absolutely Cooking—128% Volume Explosion Blows Through $0.08 Like It's Nothing

Plasma (XPL) decided to show off yesterday. The token absolutely demolished a 128% spike in spot volume over the last 24 hours, which—shockingly—pushed the price up by 14% in the same timeframe. As XPL went vertical, it ate through approximately $362K of liquidity sitting at the $0.08 level like it was appetizers at a bull buffet. That zone has historically played party pooper, slowing XPL's momentum every time it tried to moon. But not this time. With that little gremlin cleared, the bulls are basically standing in an open field asking "what's next?"

The move also triggered what traders call a "short squeeze"—crypto's favorite spectator sport. A decent chunk of short positions got absolutely eviscerated, leaving those borrowers crying into their liquidations. Meanwhile, the dip buyers were handed the floor on a silver platter. Nothing says "community building" like collectively watching short sellers get rekt in real time.

Over on the derivatives desk, Open Interest shot up by $39 million, which suggests actual new positions—not just panicked short covering—are piling into the trade. When Open Interest decides to tag along with a price pump, that's the market's way of saying "we're actually serious here." It's the difference between someone yelling "WAGMI" and someone actually wiring the funds.

The daily chart is now giving off serious "we're not done yet" energy, with $0.1263 staring down from above—the next key resistance in plain sight. XPL's pump has been backed by legitimate spot volume, a proper short squeeze, and what sure looks like institutional demand joining the Telegram group. That said, sustained buying pressure remains the critical ingredient. Keep buying and XPL probably continues its victory lap toward $0.1263. Lose momentum and it pulls a classic crypto move—consolidates like a tired degen waiting for the next catalyst. At press time, the trend was cooperating with the bulls, which is always nice.