CoinDesk reports:
XPL has become one of the most watched tokens in this week’s crypto market. Following the announcement of rewards tied to Platinum card ticket purchases, the token surged over 21% intraday. Meanwhile, on-chain transactions on Plasma Chain have continued to grow, prompting the market to pay increasing attention to both price movements and real-world usage metrics.
Flight ticket rebate news drives price increase
Users who book flights with the Platinum card are eligible for higher cashback. The annual reward for new airline benefits can reach up to $600, with 10% cashback on eligible flight purchases, capped at $300 every six months.
After the announcement, XPL rose rapidly, indicating that the market viewed the expansion of such consumption scenarios as a short-term catalyst. Unlike price movements driven solely by sentiment, this price reaction was further supported by improved network activity.
Plasma chain daily transactions rise to 808,000
On-chain data shows that the daily number of transactions on Plasma Chain has increased from approximately 155,000 to 808,000 over the past six months, more than quintupling. Network usage has significantly intensified since the beginning of the year, serving as a key driver behind this market rally.
- Approximately 155,000 six months ago
- Currently increased to approximately 808,000 transactions.
- The cumulative increase has exceeded fivefold.
$0.120 resistance is being watched
In terms of price, XPL dropped to around $0.060 in early June, followed by a sustained rebound, and is now approaching the $0.120 level. This level has become the most watched resistance zone in short-term trading.
If this level is further broken through, the next areas of market interest will shift upward to $0.144, $0.175, and $0.213. If this level is not sustained, the current rally may slow, and price could retest support near $0.075.