SPS Market Analysis Apr 18 - Apr 24 2025 | Splinterlands #435

BTC surged past $93k on April 23, briefly touching $94k, its highest in over a month, before settling. ETH climbed to $1794 on April 23, up 5.3%, but like BTC has stabilized at lower ranges of $1.7k. Other altcoin majors like Solana also saw gains, rising over 4% after some key holders increased their holdings. With Trump softening his stance on tariffs, which boosted TradFi markets as well, the Dow jumped 1k points in the past week. All this is being pinned on the hopes that trade war tensions de-escalate over the next 90 days. Meanwhile, PayPal rolled out a 3.7% yield for PYUSD holders starting this summer, and the FBI reported a record $9.3 billion in crypto scam losses for 2024, a 66% spike from last year. Amid this, SPS also took a hit, dropping 25% over the week -- let's pack the numbers.

SPS Weekly Performance Overview

Source

SPS corrected hard this week, falling from $0.01412919 on April 18 to $0.00994240 by April 24 - a 25.8% decline. It peaked at $0.01412919 on April 19 but could not hold, sliding steadily over the past week. Market cap decreased from $6.9 million to $5.4 million. The Conclave Arcana presale is now live, but the price action suggests the hype might be cooling, which is potentially a buy-the-rumour, sell-the-news trap.

Market Analysis - Trends

While BTC, ETH, SOL and other altcoins saw gains past week, SPS went the other way, shedding 25% after three weeks of gains, including last week's 70% rise. The splinterlands community on X is still very positive, and the sentiment remains bullish with players chasing Black Foil Arcana cards. The presale stats are solid: 121467 packs sold, 915340k DEC and Credits spent, with Standard packs at 15.8% sold, Alchemy at 34.8%, and Legendary at 15.1%. SPS is being burned hard for DEC, which is now at $0.981 per 1k DEC, getting close to its $1 peg. Last week's analysis raised the point, *"This SPS pump feels like the existing player base pumping the SPS price in anticipation and essentially betting that new players will flow in.", *but the price dip does raise questions. Is this a healthy correction after a sharp run, or a sign the rally was all FOMO? I am leaning toward the former - SPS needed to cool off after such a sprint, but the lack of new player signups still worries me.

Market Analysis - Volumes & Liquidity

Daily trading volume averaged $229445, down from last week's $296232 peak but still above the $100k+ threshold I have been saying SPS needs for a real rally. Nonetheless, the volume dip aligns with the price correction. A push above $300k daily volume is not out of reach, especially with DEC nearing its peg, which could trigger more burns and tighten supply. For now, volumes are holding up, but they need to stay above $200k to support any rebound.

Market Analysis - Key Support & Resistance Levels

SPS broke below last week's $0.013 support, dropping to $0.00994240 on April 24. The $0.01 level is now a key support level - if it holds, it is a healthy support level after the correction. Otherwise, if it breaks then $0.008 (last week's support) is the next level, with $0.0075 below that. Key resistance sits at $0.011 now, and a close above it with $200k+ daily volumes could signal a bounce toward $0.013 or even $0.014. BTC's stability above $90k helps, but if macro uncertainty (trade wars/tariffs) comes back, then the market sentiment will turn cautious. The chart looks like a textbook pullback after a big run but holding $0.01 is important.

Concluding Thoughts

SPS took a 25% hit this week, which is its first red week in a month. Nonetheless, the Conclave Arcana presale is live, and the stats are promising and DEC is nearing its peg. But the price correction feels like a textbook buy-the-rumor, sell-the-news setup. I see this as a healthy correction after a rapid rise as prices cannot go parabolic forever, and this dip could set a stronger base around $0.01. If SPS holds $0.01 and volumes stay above $200k, we could see a bounce to $0.013. If not, $0.008 is in play.

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