Plasma Mainnet Launch Sparks TVL Surge, XPL Price Soars 65%

Plasma Mainnet Launch: XPL Price Surge and TVL Hike

The Plasma Mainnet launch on September 25 has sparked widespread enthusiasm and excitement across the global crypto space, propelling the XPL price to new heights. As the blockchain is gaining so much traction, the TVL skyrocketed to $2.39 in the blink of an eye, as per DefiLlama data. Being backed by industry players like Binance, Bitfinex, and Tether, the future of cryptocurrency looks promising. 

Plasma Mainnet Launch Sends the XPL Price Soaring

XPL, the native token of Plasma blockchain, is listed on the major exchanges Binance and OKX, debuting with a price surge to $1.54 and an all-time-high market capitalization of $2.8 billion. With a total genesis supply of 10 billion tokens, 1.8 billion coins (18% of the total supply) are now circulating.

Following the Plasma Mainnet Launch, XPL exhibited a major surge, with its price hitting $1.35, up 65%. Though the token sharply dipped immediately after its debut, it soon saw a rebound, soaring to a high of $1.42 on the same day. Despite fluctuations, the token reached $1.41 earlier today just before hours. While the token has plummeted from its all-time high, it is still maintaining its positive momentum.

The cryptocurrency's prospects are looking bright, with traders and investors overwhelmingly bullish on its potential. This is evident in the gigantic hike of the 24-hour trading volume, which is currently at $6 billion, up 319353%. With a market of $2.46 billion, the crypto is ranked 43rd on CoinMarketCap.

Supported by Tether, DeFi platforms, and oracles, the Plasma blockchain aims to be a new infrastructure for tokenized assets and stablecoins. On the other hand, the network stands to be the major competitor for stablecoin transactions, being possibly accepted and used more than the other blockchains due to the giant names supporting its cause and a growing ecosystem.

Where is the Price Headed?

The legendary breakout in price of XPL is attracting traders' attention. The single-session price spike from $0.70 to $1.16 supports a strong demand, with buyers defending price levels between $0.75 and $0.80.

Smooth upward price movement through the resistance levels of $0.90 and $1.00 is evidence of bullish momentum with enormous volatility and whale participation. With the $1.00 resistance level being decisively broken, the next targets lie at $1.50 and $2.00, with some expecting an upside to $3–$5 in the coming months.