XPL slides over 10% as XPL trades below daily moving averages amid intense liquidations

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Plasma slides 10.17% today on heavy selling

Highlights

$24.49 million in liquidations involving Plasma occurred within an hour, with $556,000 in losses at the HLP vault on Hyperliquid.
Market capitalization was near $344 million as trading volume more than doubled the 30-day average during a session of sharp downward pressure.
XPL/USD trades below key daily moving averages with mixed momentum signals, expected to range from $0.0646 to $0.0804 in the next five days.

Record liquidations and trading surge deepen session’s downward momentum

On November 1, 2026, approximately $24.49 million in liquidations tied to positions involving Plasma were reported within a single hour, with related losses at the HLP vault on Hyperliquid estimated at $556,000. Market capitalization stood near $344 million as trading volume spiked to more than double its 30-day average, consistent with a period of intense activity. These developments accompanied pronounced downward pressure during the session.

Anton Kharitonov, expert at Traders Union, sees the sharp 10.17% decline in Plasma (XPL) as a reflection of deep market weakness. He highlights the persistence of XPL below all major moving averages, noting that heavy liquidations and surging volumes amplified selling pressure. The presence of mixed momentum signals—especially the divergence between a bearish MACD and overbought short-term oscillators—raises red flags about the reliability of any intraday rebound. Kharitonov is critical of optimistic interpretations, pointing out that sellers remain dominant and downside risk is far from resolved. "Liquidations and sustained technical weakness show that caution still prevails, and any upside will likely face rapid selling," he says.

Viktoras Karapetjanc, expert at Traders Union, notes that XPL’s elevated trading volume suggests renewed participant engagement despite the intraday rout. He sees the market cap remaining above $340 million as a sign of underlying investor commitment. Karapetjanc emphasizes that recent volatility offers multiple setups for tactical traders, particularly with momentum indicators presenting conflicting signals. Forward-looking, he believes the structure allows for a fresh accumulation phase if demand persists near current levels. "The bullish structure remains intact and constructive flows may drive a swift recovery once selling exhausts," he states.

Sholanke Dele, market strategist, remains cautious on XPL after the drastic decline and spike in volatility. The substantial losses at the HLP vault and rapid liquidations signal fragile market sentiment. He warns that intraday buying power is unreliable under current stress conditions. "There’s little confidence that support will hold, and any relief bounce may prove short-lived," Dele says.

Divergent momentum signals as XPL tests support on high volatility

XPL/USD is trading below all key daily moving averages, with the last price at $0.0725, beneath the MA-20 at $0.0782, the MA-50 at $0.0869, and the MA-200 at $0.0891. This alignment indicates ongoing pressure from sellers across short, medium, and long-term trends, with the Ichimoku Kijun at $0.0811 and a bearish bias shown by the MA-50 vs MA-200 alignment. The near-term ceiling is at $0.0782, and support sits near the session low at $0.069. Momentum signals are mixed: the Moving Average Convergence Divergence (MACD) projects a strong sell, and the Average Directional Index (ADX) is neutral. The Relative Strength Index (RSI) is mid-range at 52, hinting at neither overbought nor oversold conditions, but the Stochastic RSI at 100 highlights an overbought situation, confirmed by a bullish forecast from the Commodity Channel Index (CCI) and BBP. Bull/Bear Power (BBP) is positive, showing buyers dominate intraday, with the overbought Stochastic RSI suggesting short-term caution. The pair is down $0.0082 or 10.17% on broad intraday volatility (25.22%), having opened with an upside gap of roughly $0.0006 (0.74%), then slipping toward the lower end of the day's range. There is ongoing pressure after the open, and momentum indicators present a clear divergence between negative trend signals and persistent underlying buying interest.

Earlier, analysts noted that Plasma faced persistent downside risk due to subdued buying interest and a weak technical outlook. The latest liquidation-driven drop and mixed momentum signals highlight an uncertain near-term bias, with traders advised to monitor the $0.0646 level as a potential inflection point for further volatility.

Source of Data: XPL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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