SPS Market Analysis Feb 28 – Mar 6 2025 | Splinterlands #421

It goes without saying that the crypto market has been a rollercoaster this week, with BTC making its climb back to $90,000 after a brutal slide below $80,000 last week. The past week BTC and ETH are up 6%, and Solana is up 4%. This mini rebound as Trump hints at exemptions to his new tariffs in Canada, Mexico, and China, easing some macro pressure. We would assume that Trump's Strategic Crypto Reserve proposal would be good for the wider crypto market, but Solana's co-founders are pushing back hard, arguing its risks citing centralization when in fact crypto should remain decentralized.

The White House Crypto Summit today (7th March) is the big focus, with Trump hosting and David Sacks chairing. Many people are wondering what will make up the crypto reserve. We know that Trump's public message about the different tokens, but saying and doing are two different things. Nonetheless, the crypto and TradFi markets continue to suffer from the macro uncertainties and as a result, the sentiment is a bit shaky. Last week, SPS took a beating, down 12.9%. Let us dig into the numbers.

SPS Weekly Performance Overview

Source

SPS continues to be strongly correlated to BTC and its ability to hold above $90k. We wait with bated breath as to whether Trump's reserve proposal could lift altcoins if it includes them, but Solana's co-founder's pushback highlights the risk of government involvement in trying to centralize crypto that should be decentralized. It's been reported on X that Yabbapmatt has been buying loads of SPS. This is always a good sign when you have the people involved in a project, heavily investing in it. Do they know something we do not?

• Current Price: $0.006337
• 7-Day Price Change: -1.0%
• Trading Volume: $76,337 (24-hour average)
• Market Cap: $3.10 million

Source

Market Analysis - Trends

The SPS token dropped 1.0% over the past seven days, moving from $0.00639761 on February 28 to $0.006337 by March 07. It mirrored the performance of BTC and ETH and it was unable to maintain any momentum while chopping between the $0.006 and $0.007 range.

Market Analysis -- Volume & Liquidity

Trading volume averaged $76,337, down from last week's $81,232. Though the volume is not drying up entirely - SPS still has buyers at these levels. The drop aligns with the market's uncertainty around Trump's reserve plans and tariff exemptions. The volume spikes are there, but not passing the $100k limit is a signal that there is interest, but it is limited and inconsistent.

Market Analysis -- Key Support & Resistance Levels

SPS is holding just above the $0.0062 support level. This level has been tested continuously since I started writing these weekly analysis posts. If this level breaks, $0.006 is the next stop, a critical floor we flagged last week. Key resistance in this range sits at $0.0068, a ceiling SPS briefly touched on March 03 but could not push through. SPS really needs to see BTC rally above $90k, but it also needs stronger volume to complement this.

Concluding Thoughts

For now, SPS continues to hold the $0.0062 support level. SPS does need a stronger volume (ideally $100k+) to help it push through the key resistance level of $0.0068. If $0.0062 fails, $0.006 is the next stop, which could trigger more selling. On the positive side, we hope to gain more clarity on the crypto reserve this weekend with the summit happening today (March 7th). For now, the SPS trend is neutral but with the macro uncertainty and thin liquidity -- the bears are in control.

Can SPS capitalize on Bitcoin's bounce, or will it buckle under macro pressure?

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