The post XPL tests $0.08 demand as bears press hard: Reversal ahead? appeared on BitcoinEthereumNews.com.

Journalist Posted: February 24, 2026 A few weeks ago, chains associated with the stablecoin narrative were thriving but have since lost the flair. Plasma [XPL] was one of them, with their focus on stablecoin payment, which also featured Tether’s USDT. XPL lost more than 12% of its total market capitalization in only 24 hours. A spike in daily trading volume by 38% confirmed the selling pressure. Additionally, the coin’s turnover ratio of 0.436 indicates a significant portion of the capitalization was being traded. Can bulls step in as they did previously as the price approached a key demand zone? XPL approaches a key demand zone XPL price extended its decline for the second consecutive day to 18% following the day’s losses. The current bear strength, as evident from the Bull Bear Power indicator whose bars were increasing in size, was pushing price toward the $0.08 zone. As per the Market Structure Break and OB Probability indicator, the $0.08 was a key demand zone. Initially, XPL rebounded from this zone and pushed the price above $0.10. Source: XPL/USDT on TradingView While a decline to the $0.08 zone could trigger bulls into buying, bear strength was still very present. In fact, it increased with each candle close, with BBP at negative 0.0148. This value was half of what the strongest bears in February had managed. The decline made a potential rebound at $0.08 difficult with the current conditions. Probably, pessimism among traders and low chain activity amplified the losses. XPL perpetual Futures traders at extreme pessimism Looking at the perpetual Futures data for XPL, traders showed pessimism. The OI-Weighted Funding Rate sharply dropped into the negative territory, hitting 0.0437%. The data showed that the market was overly crowded on the short side, an indication of panic selling. Furthermore, these shorts were paying…

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Filed under: News - @ February 23, 2026 11:26 pm