XPL price could rise strongly thanks to neobanking narrative

The XPL price is drawing increasing attention as the neobanking narrative performs relatively strongly compared with the rest of the crypto market. Analyst onchainmo states that XPL remains the token people buy when they want exposure to this theme. With a public launch on the horizon and a volume trend heading in the right direction, many eyes are on Plasma this week.

Volume growth points to increasing interest

Data from Plasma One Card shows that daily volume per chain has increased significantly in recent months. While volume was still minimal in March, it peaked around the end of May towards $250.000 per day. That is impressive growth, although the absolute figures remain modest for now, according to onchainmo.

The demand from users to be able to spend crypto easily is clearly present. Plasma positions itself as a strong player to capture a meaningful share of that market. When the public launch goes live, it will be interesting to see whether volume continues to rise to new levels.

Chart looks ready for a rally

On the price front, the chart shows that XPL has fallen significantly after a sharp peak. The current price is moving around $84 to $0,095. a fraction of the previous peak above $1.50. That pattern, a prolonged decline followed by a flat bottom, is exactly what onchainmo describes as a potential setup for ‘the most hated rally’.

On Hyperliquid, a long position with 4x leverage already shows a gain of +87.2%, with an entry price of $0.0686 and a mark price of $0.0836. Traders who keep an eye on the RSI heatmap and relative strength of coins will want to watch XPL closely in the coming days. The public launch of Plasma is the most important catalyst to watch.