SPS Market Analysis May 16 – May 22 2025 | Splinterlands #443

BTC smashed through a new all-time high, hitting $111814 before settling around $111k, fuelled again by growing institutional interest and corporate adoption. ETH jumped 3.8% to $2.65k and continues riding the wave of momentum, while SOL also followed suit by breaking through the $180 price barrier. This week, the Senate advanced the Genius Act stablecoin bill on a 66-32 bipartisan vote after earlier setbacks, though there are still concerns over AML and Trump's memecoin. Meanwhile, Coinbase faced scrutiny with an SEC probe into its user numbers and a $20 million hack-related extortion attempt. This feels like the weirdest crypto bull market, with BTC's steady climb past all-time highs and ETF inflows signalling that we are entering a bull phase again.

SPS Weekly Performance Overview

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SPS has had a choppy week but held its ground above $0.01, which is a crucial level to hold. Starting at $0.01101176 on May 21, it dipped to $0.01043504 by May 22, reflecting a slight 1.5% drop based on the latest data. The price action shows a tight consolidation, with SPS bouncing between support at $0.01 and resistance near $0.01132572.

Market Analysis - Trends

The past week saw another Web 3.0 game shutdown, Ember Sword, which burned through $200 million. As many as 17 Web 3.0 games have already closed up shop in 2025 alone, with the new term coined - play-to-zero becoming associated with crypto gaming. Most are calling crypto gaming a ponzified scheme, where big funding evaporates without sustainable growth. How does this relate to splinterlands? Well, since 2018, it has weathered bull and bear markets, releasing content and building a community without a flashy Series A. It has mostly relied on support and funding from early backers and its community of hardcore players. Over the past few years, while many games are shutting down, splinterlands has been focused on long-term sustainability and cost-cutting measures over the past few years. What splinterlands needs is players, and the more players it can attract, the better for the long-term success of the game.

Market Analysis - Volumes & Liquidity

Daily trading volumes averaged $117k this week, up from last week's $97450 but still shy of the $200k needed for a breakout. The Conclave Arcana launch and free Wild season have increased activity, but SPS needs consistent buying pressure to escape this range. Without it, we could see more sideways action, reminiscent of early 2025's $0.0055-$0.007 chop.

Market Analysis - Key Support & Resistance Levels

SPS is clinging to support at $0.0105, a level it has defended despite the week's dip. Key resistance sits at $0.01132572, where it peaked before pulling back. If BTC holds above $110k and Ethereum keeps climbing, SPS could test $0.012 again. A drop below $0.01 would signal trouble, with $0.0095 the next area to be tested.

Concluding Thoughts

The positive sentiment from the Conclave Arcana set and the free Wild season is seeing a boost in player numbers for splinterlands. SPS at $0.01036 is on a key support level, and I am optimistic it will hold this level off the back of the crypto market moves over the past week. However, we need to see volumes hit $200k to take advantage.

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