Looking at XPL's price performance, honestly, it's a bit ordinary right now. The gains are not impressive, and the downward trend isn't that fierce, just oscillating within a repeatedly tested range. But it's this dull and uneventful situation that has made me notice a more interesting phenomenon: the composition of people still paying attention to XPL has completely changed.

I remember in the early days, the discussion atmosphere was very lively. All topics revolved around price, and everyone was thinking about how to profit in the short term, eager to break through. And now? The volume of discussions has obviously decreased, and the pace of topics has slowed down significantly. Most of the remaining voices are long-term monitoring analyses. This shift actually explains the situation better than price fluctuations themselves.

From a technical perspective, XPL has not been quickly rejected by the market. The price correction is orderly, and the rebound isn't rushing higher, indicating that this price range has been repeatedly confirmed by participants. People's attitudes have become more cautious—no reckless chasing of highs, nor rushing to dump, more like a collective wait for the next confirmed signal to appear.

I usually combine the market performance with the project's own developments. Over the past few months, although the updates from the project team haven't been intensive in content output, the Plasma team has been consistently speaking out, maintaining a steady update frequency. This rhythm usually indicates that the project team is progressing according to their plan, rather than performing to cater to market sentiment.

Some projects at this stage choose to generate buzz and amplify publicity, trying to use topic heat to maintain market attention. But XPL's choice is different. It seems to calmly accept the current market state and focus on "sustained existence." This may seem insignificant, but the underlying mindset difference is actually quite substantial.

At this point in time, I’m not in a rush to make any conclusions about XPL. This stage is more like a participant’s renewal process, transitioning from being driven by price sentiment to a gradual observation and patience-based waiting. This change might be more meaningful for the long term than short-term price fluctuations.