BTC smashed through to a fresh all-time high above $117k, and it's holding strong. ETHs climbed past $2.9k, up over 6% in spots, with a solid bounce this past week, while SOL's hit $163 with a 4.5% price increase, and XRP's pushing $2.59, up 4% as well. Some news agencies are reporting that altcoin season is upon us, and while it's too early to call, things are looking very positive. What is underpinning these strong moves in the crypto markets? The action lies in the institutional space with CoreWeave's $9 billion all-stock grab of Core Scientific. In other news, Bit Digital ditched Bitcoin mining for an ETH treasury, stacking 100k ETH and sees ETH as a $10k price target. It is becoming more and more clear that the themes of the 2025 crypto bull run are about institutions adopting crypto and including it as part of their balance sheet. This hypothesis is further vindicated by ETF flows, with $40 million pouring into Ether ETFs, led by BlackRock the past week.
What is aiding all of this is having a pro-crypto US president, with Trump Media filing for a Crypto Blue Chip ETF. Musk, not wanting to be left out of the news, has formed a new political party, America Party, and it's eyeing BTC donations, with Musk calling Fiat hopeless. For now, most of the crypto price charts look bullish across monthly, weekly, and daily time frames, and I am leaning long, but the most important thing is how this impacts splinterlands and the SPS price. Let's unpack this further below.
SPS Weekly Performance Overview
SPS is ticking up today at $0.0075, a very welcome green week after almost 2 months of downward performance. The SPS chart has been ranging between $0.00709254 and $0.00751327, with the $0.0075 support holding. I am liking the bounce off $0.0070, a false breakdown that is turned into support, but it is too early to determine if there is clear momentum. The monthly frame still looks decent, though the weekly is lagging, and we need to reclaim and hold $0.0075 on the weekly for me to feel optimistic about whether altcoin season will also extend to SPS.
Market Analysis -- Trends
I am stoked to see SPS flash green, and with BTC at $117k and altcoins like ETH at $2.95k showing life, dare I say altseason might be creeping in. The past week, we had a splinterlands town hall influencers edition (
Market Analysis -- Volumes & Liquidity
SPS volume's averaging $139k daily this week, naturally up from last week's $128k, which gives me hope that we see some of the altcoin rally spillover to SPS. If we continue to see volume (next week's target $150k avg daily) and liquidity increase in the forthcoming weeks, this will signal positive momentum.
Market Analysis -- Support & Resistance
SPS support is holding at $0.0070 after this week's range, with $0.0075 as the next test if it breaks up. A drop below $0.0070 could drag it back to $0.0065, echoing early-year lows. Resistance starts at $0.0079, then $0.0085, with $0.0090 as a key hurdle from earlier this year. A clean break above $0.0090 could eye $0.0100, but that is looking too far ahead and at least for the next week, I will be watching the $0.0075 level.
Concluding Thoughts
BTC is climbing to new all-time-highs, and other altcoin majors are rallying. It is great to see SPS follow suit, and $0.0075 feels like a breath of fresh air this week. It is the first time in almost that we have seen a green week for SPS. However, I am watching $0.0075 level closely, and if it holds, then we may see some momentum for the push upwards.
Are you new to splinterlands and want to learn to play the game? Check out my Ultimate Guide to Splinterlands: A Collection of Articles and Guides. If you enjoy reading my splinterlands content, please follow and support me by signing up to play splinterlands through my affiliate link: https://splinterlands.com?ref=mercurial9.
Thank you for reading, and hope you have a good rest of the day!
Follow me on these other platforms where I also post my content: Publish0x || Hive || Medium || Twitter