XPL surges 21% as Platinum card rewards boost Plasma Chain activity

XPL rose 21% to $0.120 after Plasma announced enhanced rewards for flights booked with its Platinum card, with users receiving up to $600 in annual value and 10% back on eligible flights capped at $300 every six months.

Daily transactions on the Plasma Chain climbed from 155,000 to 808,000 over the past six months, according to PlasmaScan data. The fivefold increase in network activity suggests heavier utilization than at the start of the year, giving traders a tangible metric beyond social media momentum. Bitcoin's dominance has held near 54% during this period, with altcoins requiring specific catalysts to attract capital away from the largest cryptocurrency.

The token fell to lows near $0.060 in early June before recovering. A break above $0.120 could open the path toward $0.144, followed by $0.175 and $0.213, based on current market structure. The $0.120 zone has become the most closely watched level on the chart this week, with the token trading near that threshold as of the Asian session on July 3.

If buyers fail to clear $0.120, the token may revisit support near $0.075. The rewards program, which applies to flights booked with the Platinum card, is the latest effort by Plasma to drive utility for the XPL token beyond its core blockchain functions. Unlike many crypto rallies that appear without underlying usage, this move arrives alongside a network showing sustained growth in transaction volume. The next catalyst to watch is whether transaction activity continues its upward trajectory in the weeks ahead, as sustained on-chain usage would provide a stronger foundation for price appreciation than announcement-driven spikes alone. For now, the combination of growing network activity and improving sentiment has turned XPL into one of the more closely watched altcoins this week.

This article is for informational purposes only and does not constitute investment advice.