As the XPL price faces pressure, on-chain activity has not declined in tandem—this phenomenon warrants a closer look.

Indeed, unlocking sell pressure has always existed, and the candlestick chart does look quite uncomfortable. But if you only focus on the price, you might miss key signals. Looking at Plasma's on-chain data reveals interesting points: the actual stablecoin holdings haven't significantly shrunk; instead, the number of transfers and transaction frequency are steadily increasing.

What does this indicate? Speculative funds are exiting, that's a fact. But users with genuine demand are not following the trend to withdraw. To use an analogy—many people queued outside a restaurant have left, but the tables inside are still full. For a public chain focused on stablecoin circulation, the latter determines its survival.

At this stage, the market is essentially testing Plasma's true value. After removing the speculative bubble, can this chain sustain itself through real cross-border payment needs and settlement applications? From a few large transfers, it’s clear that enterprise-level cross-border settlements are becoming normalized—this is what we call the "boring but stable fundamental base."

If Plasma can weather this unlocking cycle and the on-chain stablecoin ecosystem remains intact, the bottom price may indeed be near. Market enthusiasm will fluctuate, but the users who continue to buy are the true foundation supporting the asset's value.