The crypto markets have shown resiliency over the past week. The prices have rebounded on the back of positive economic news like strong jobs numbers, softer inflation data, and optimism around a U.S. and China trade deal. Beneath the market turbulence, much progress has been made. In Washington, crypto regulation continues to take major steps forward as the Senate passed the Genius Act stablecoin bill, and many believe this will have a bigger impact on the crypto markets in the future than the Bitcoin ETFs. Also, it seems like a week doesn't go by where major companies are announcing crypto buying strategies. This past week, we saw GameStop announce that they have spent over $500m on buying BTC.
We have seen key partnerships formed in the past week, with Coinbase enabling USDC payments for Shopify merchants and PayPal bringing its stablecoin to the Stellar network for remittances. However, the markets are spooked with the geopolitical issues happening in the world, and the US have been pulling diplomats from Iran, which BTC dropped down to $104k before it clawed back to $106k. ETH dipped to $2.5k but stabilized around $2.6k, while SOL slid to $143 before recovering to $148. XRP took a hit to $2.10 but is now hovering at $2.17. This translates to a tight market, about ~5% across majors, shows a cautious market, and I'm not betting on a breakout until this mess settles.
SPS Weekly Performance Overview
SPS is sitting at $0.008265 at current prices, down from last week's close of $0.008782. The market cap holds at $4.047 million. This week's price action has been a grind, ranging between $0.008237 and $0.008992, which mimics a similar tight trading range the majors have been experiencing. The daily chart looks choppy, and the $0.0085 key support level is a level I've been watching closely. I'd prefer cleaner entries higher up, but SPS continues to show resilience, which is important to note.
Market Analysis -- Trends
The splinterlands team host a Town Hall this week, and overall, I'm liking the direction. The team plans to shift focus to new player onboarding and retention for the second half of 2025, which makes sense after the Conclave Arcana hype settled. The new Foundation format gives new players a place to learn before jumping into Modern. The updated campaign mode, which launched Tuesday, also added fresh chapters to teach mechanics, and I'm hopeful it'll hook players early. Also, this past week, we saw Survival Mode 2.0 make its comeback on June 17th. I have one of my alts (8.5k SPS staked with Chaos Legion cards), and the SPS earnings have reduced considerably, which I think is a smart move for the long-term health of the splinterlands ecosystem.
Market Analysis -- Volumes & Liquidity
SPS volume averaged $187k volume the past week, up from last week's $171k daily average. That's a decent bump, but it's still not screaming momentum. Even with the increase in volume liquidity over the past week, this didn't translate to any significant price action.
Market Analysis -- Support & Resistance
SPS support levels have stayed consistent throughout the past 6 months. The key support at $0.0085 held this week, forming a somewhat unstable base. As SPS is tightly correlated to BTC and ETH, if BTC slips below $104k, $0.0080 could be on the cards. On the upside, $0.0090 is the first resistance level to crack, then $0.0095, with $0.0105 as a big resistance from March 2025. Breaking $0.0105 opens $0.011, but that needs a catalyst like a BTC surge or dissolution of tariff wars.
Concluding Thoughts
SPS is holding at $0.008265, down slightly over the past week, but continues to show strong resiliency. The Iran-Israel geopolitical tension has kept crypto majors in a tight 5% range, and SPS mirrors that, trading the past week between $0.0082 and $0.0089. The past week saw another splinterlands Town Hall, which was focused on new player onboarding, and many of the updates coming out of the Town Hall give me hope for the future of the game.
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