It's fair to say that crypto has been a mixed bag this week, with most of the news focusing on the Elon vs. Trump debacle. Circle's public debut on the NYSE under the ticker CRCL stole the spotlight this week, with shares jumping 124% out of the gate and hitting a peak gain of 235%. In a week where BTC saw loads of volatility, this is a solid win for the stablecoin issuer and indicating that the market has a strong need for applications bridging TradFi and crypto. Meanwhile, regulatory news got going again as the House Financial Services Committee tackled the Clarity Act, a bipartisan push to define who regulates what in the crypto space. It's a step toward clarity, but as we have seen with the Elon vs. Trump debate, don't expect any resolution soon.
Moving onto crypto price action, BTC is hovering around $104k, down from its recent $112k all-time high. ETH is sitting at $2.5k, steady but not breaking out, while SOL is $150 and XRP is $2.15 are tagging along with similar sideways price action. As I stated in last week's post, the market feels coiled, almost like it's waiting for a catalyst. ---maybe a BTC push past $110,000 or a regulatory win. For now, none of the price action this past week makes me positive, and we need to keep watching the macro landscape to see whether we are heading for a breakout or another crypto dip.
SPS Weekly Performance Overview
Let's dive into Splinterlands' SPS token this week. As of today, SPS sits at $0.008915, down from last week's close, with a market cap of $4.3m. The price has been bouncing between $0.0086 and $0.0096, mimicking the same behavior as other crypto majors and ultimately looks like consolidation to me.
Market Analysis -- Trends
2025 has been very tough for Web 3 gaming and NFTs. The past week, another two games, Realms of Alurya and Wonder Wars, will be shutting down on the Ronin network due to a lack of funding and crypto market volatility. The splinterlands team has proposed a Crypto Gaming Recovery Fund, which plans to allocate 100k Rebellion packs and 30 million SPS over seven years to the affected Web 3 gaming community.
Splinterlands is carving its path while the Web3 gaming world crumbles around it. The latest buzz is a proposed Crypto Gaming Recovery Fund, a marketing play to lure players from shuttered games like Realms of Alurya and Wonder Wars, both axed this week on the Ronin network due to funding woes and market volatility. The plan involves allocating 100,000 Rebellion packs and 30 million SPS over seven years to build a lifeline for these displaced communities. It's a smart move---more eyeballs on Splinterlands can only boost its long-term prospects.
I think this is a smart play by the splinterlands team. This proposal, if approved, may attract more eyeballs to splinterlands and continue to boost its long-term prospects. The game has shown amazing resilience in a difficult crypto Web 3 gaming environment, and now, in its eight years, it continues to keep grinding. The splinterlands community deserves a lot of credit as it was responsible for making the Conclave Arcana a huge success.
Market Analysis -- Volumes & Liquidity
SPS volume averaged $171k daily last week. That's decent but not enough to signal a breakout. However, if we drop below $150k/day, it's a red flag. Low volume may trigger slippage, testing lower support levels fast.
Market Analysis -- Support & Resistance
Last week, key support at $0.0090 held firm, forming a new base. However, this is hinging all on BTC, and if it goes below $100k, I expect the current price and $0.0085 to crack. On the upside, $0.0095 is the first level, then $0.01, with $0.0111 as the big ceiling since March. Breaking $0.0111 opens $0.012, but that needs a breakout catalyst in the form of positive news around ETF inflows or more BTC all-time high.
Concluding Thoughts
SPS is holding steady at $0.009, down slightly but showing the resilience of a survivor in a dying Web 3 gaming market. The proposed Recovery Fund could be a promising move and potentially attract new players from failed Web 3 gaming projects.
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