SPS Market Analysis Sep 19 – Sep 25 2025 | Splinterlands #477
Bitcoin struggled to maintain the $113k level and posted its first weekly loss in three weeks. All major alts, including Ethereum and XRP, also closed lower despite what was going on the BNB Chain (ASTER) and Plasma (XPL).
Nonetheless, several institutional developments continue to shape the institutional adoption narrative. Morgan Stanley announced plans to roll out retail crypto trading services via E*Trade in the first half of 2026, partnering with Zero Hash for infrastructure. Regulatory momentum continued with ongoing advocacy for the Bitcoin Act on Capitol Hill, where industry leaders, including Michael Saylo,r pushed for codifying a strategic Bitcoin reserve. One notable conflict starting to emerge is between crypto exchanges and traditional banks over stablecoin rewards, with banking groups lobbying to prohibit crypto platforms from offering yields on stablecoin holdings. Well, rektember is here and has destroyed all optimism in the crypto markets the past week. Let us look at how this may have impacted SPS.
SPS Weekly Performance Overview
SPS mirrored the general crypto markets and had another bearish week, dropping from $0.00794 to $0.00733 (approximately 7.7%). The chart has been on a downtrend for the past while and has been consistently printing lower highs and lower lows. The current support test at $0.0072 represents the most critical level for SPS bulls. A break below this point would likely trigger selling toward $0.0070, with the next major support around $0.0065. With the price action the past week, the 0.0076-0.0078 range is now forming a critical resistance zone. Any bullish price action attempt must reclaim this zone with conviction to invalidate the current bearish structure. Above that, $0.0082 represents the next meaningful resistance. The lower high pattern remains intact, with each bounce finding sellers at progressively lower levels. Nonetheless, these support and resistance levels should be viewed as approximate rather than exact.
Market Analysis - Trends
The broader crypto gaming ecosystem continues to face struggles as multiple blockchain games have shut down this year. This is where splinterlands steps in and potentially provides some optimism for the future with the Crypto Gaming Recovery Fund. The fund, launched with over $500k, aims to support players from failed projects by offering SPS assets over seven years.
This initiative could differentiate SPS from other crypto gaming tokens as it positions splinterlands as a stable, long-term player committed to the crypto gaming space. Also, the past week saw the addition of dCrops as the first founding member, which validates the fund's legitimacy.
Market Analysis - Volumes & Liquidity
SPS trading volumes averaged approximately $43k daily during the week, showing there is some activity despite the price decline. Volume peaked at $54422 on September 19th and dropped to just $15034 on September 21st. The volume profile suggests most of the week's action was driven by players and retail traders rather than institutional flows. Any potential reversal would need an increase in volume to sustain the momentum and upward movement.
Concluding Thoughts
SPS continues to face a clear bearish setup which mirrors the wider crypto market. The technical structure of the chart of lower highs and lower lows, and the lack of volume flowing through the token, suggests a coin with a lack of conviction. As I have noted multiple times, splinterlands needs continual game development to spark more conviction in the price. On the positive side, the Crypto Gaming Recovery Fund initiative may potentially be a catalyst that could differentiate SPS from other struggling crypto gaming tokens. If splinterlands successfully positions and markets itself as the long-term community for crypto gamers, it may drive genuine adoption. Regardless, the immediate outlook on SPS depends on the $0.0072 support zone test. If there is strong volume and $0.0078 is reclaimed, then it may suggest a reversal. Until then, the path of least resistance remains lower, with $0.0070 and $0.0065 as the next logical price targets.
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