Irrespective of the Iran-Israel-US geopolitical tensions, the crypto markets over the past week have shown resiliency. Further to that, stablecoins are showing a signal towards mainstream adoption with major players like Visa and Fiserv announcing their own stablecoins. This news, coupled with the Senate's push with the Genius Act, continues to add fuel to stablecoins becoming the main driver of mainstream crypto adoption. On the Wall Street front, Circle stock has soared 600% post-IPO, and Bitcoin treasuries are also heating up with Anthony Pompliano's ProCap aiming for a $1 billion BTC stash via a SPAC, joining the likes of Trump Media in this trend. Meanwhile, a federal judge is rejecting the SEC-Ripple settlement, which I didn't see coming as I had assumed this was done and dusted.
Marketwise, BTC held steady around $106k after dipping to $99k amid Middle East tensions, proving its resilience. ETH sits at $2.4k, which is holding firm, while SOL dropped to $140, reflecting broader altcoin pressure. For me, BTC's bounce is a good sign, but the geopolitical macro news does make me very cautious.
SPS Weekly Performance Overview
SPS is taking a beating the past week with its price trading at $0.007477 today, down 2.3% from last week's close and a far cry from months past. The price action this week has been choppy at best, ranging between $0.007408 and $0.007861. The market cap sits at $3.6m, and the daily chart looks messy, with that $0.0075 support level holding so far, but shaky.
Market Analysis -- Trends
On the splinterlands front, SPS feels like it's hit a rough patch, dropping to levels we haven't seen in months. The Yaba's Pickle card sale kicked off this week, which will stir up some good market activity as it's a great card. I have been looking at the SPS earnings on my alt account since Survival Mode 2.0 went live the past week. The very reduced earnings have me rethinking my alt account as those SPS payouts have tanked, and I'm tempted to stop the bot on the alt account. Regardless of the SPS price action, the splinterlands team continues to pump out updates, and the recent end-of-battle screen update is a nice touch, which hopes to improve the player experience as new players join the game.
A new rental market proposal from Peak Monsters is asking for $14k to automate rentals and set fair prices for new players. I see the appeal, but the proposal at the moment is not passing, as many others have voiced concern for this functionality to be integrated into the splinterlands game. Finally, Marketing's promotions have started to ramp up on X and Instagram, netting 411 sign-ups in a day, though only four spellbooks sold.
Market Analysis -- Volumes & Liquidity
SPS volume averaged $206576 this week, up from last week's $171k, which is great considering the wider crypto market challenges. However, even though volume and liquidity have increased, it's not translating to price momentum. This sluggish flow tells me the market's hesitant and not committing. It's a game of wait and see at the moment with the SPS price action.
Market Analysis -- Support & Resistance
SPS support is holding at $0.0075 but is forming a shaky base after this week's rangy price action. As SPS has proven countless times that it's correlated to BTC, and therefore, if BTC shows signs of dropping, $0.0070 could be next on the cards for SPS. On the upside, $0.008 is the first hurdle, then $0.0085, with $0.0090 as a key resistance from earlier this year. Cracking $0.0090 would open $0.0100, but that needs a catalyst like an improvement in play signups, resulting in a splinterlands FOMO wave. I'm watching $0.0075 closely as a break below takes us back to the territory that SPS was struggling in at the beginning of the year.
Concluding Thoughts
SPS at $0.007477 is down slightly this past week but holding tight despite the geopolitical storm rattling all markets. The Iran-Israel tension keeps crypto majors in a tight trading range, and SPS tracks that, bouncing between $0.0074 and $0.0079. Regardless of the geopolitical macro news, the splinterlands team continues to release continuous updates, and the new end-battle screen is a great addition.
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