SPS Market Analysis June 6 – June 12 2025 | Splinterlands #448
The past week in crypto sums up the risk and volatility of being involved in crypto. BTC is hovering at $104k after Israeli strikes on Iran triggered a sell-off, with Prime Minister Netanyahu labelling it a must-do move that could stretch for days. The U.S. is pulling diplomats from Iraq and warning Americans to leave. The TradFi markets are historically shaky during geopolitical unrest, and crypto markets are also being impacted with ETH down to $2.5k, SOL dipping below $150, and XRP slipping to $2.10. Earlier in the week, the crypto and altcoin markets showed promise, and some were calling that Altseason is upon us. BTC had briefly touched $110k, fuelled by the optimism around the US-China trade deal.
There were several key developments in the push for a clear regulatory framework for crypto assets in the U.S. The Genius Act stablecoin bill continues to be advanced by the U.S. government, with some analysts calling it a bigger catalyst for crypto adoption and may be bigger than crypto ETFs. Another act, this time the Clarity Act has been billed to provide a clear structure for crypto market oversight. The U.S. government really loves to pass acts, but I guess it's all positive for crypto mainstream adoption. Nonetheless, the crypto market feels coiled and, in some ways, constrained, waiting for someone or something to release it.
SPS Weekly Performance Overview
SPS sits at $0.008782, down 2.5% the past week, with a market cap of $4.3m. The price has been ranging between $0.008644 and $0.0093 over the past week. I am not thrilled with the immediate retest that the chart is showing as cleaner entries higher up are my preference, but SPS is showing resiliency, and the volume spikes keep it interesting.
Market Analysis - Trends
The current season ends in a few days, and Survival Mode will be returning on June 17th after a break for enhancements and fixes. The splinterlands team will be adding liquidity bots and adjusting the SPS earnings cap to keep it sustainable. In an era where every week it seems another Web3 games are shutting down, it's even more important that decisions taken are always made with the long-term sustainability of the splinterlands game top of mind. The liquidity push may balance matches, but the cap tweak may favor the whale players, which will cause some negative sentiment. Nonetheless, it will be good to bring Survival Mode back, and the splinterlands team is constantly listening and testing. After the past week, where at the start of the week I thought SPS might be having another Altseason, only for global macro events to stop that movement.
Market Analysis - Volumes & Liquidity
SPS volume took a hit the past week, down to $158k daily average, down from last week's $171k daily average. This lower volume mirrors the rangy SPS performance of the past week, but if we see a trend of lower volumes, this may cause further price slippage and drag the SPS price to test lower support ranges quickly. This does all seem to hinge on BTC being able to hold $104k.
Market Analysis - Support & Resistance
SPS has clear levels to track. Key support at $0.0085 held this past week, forming a base, albeit a fragile base. It all hinges on whether BTC drops below $100k, I expect it to crack next. On the upside, $0.0095 is the first key resistance, then $0.01, with $0.011 as a major resistance from March.
Concluding Thoughts
The past week in crypto sums the challenges that it has to balance between macro/geopolitical events, which drive short-term volatility and the slow red tape, progress of crypto's mainstream adoption by the U.S. government. Surprisingly, SPS continues to show resilience, and this is fuelled by the positive developments in the splinterlands ecosystem with Survival Mode coming back and the positive reception to the Crypto Gaming Recovery Fund proposal by the splinterlands team.
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Amazing analysis on SPS price. I also saw it dipping slowly after the Conclave Arcana edition launch, but I kind of expected this after the pump. Keep playing and growing.
Thanks for sharing! - @mango-juice
