BTC climbed to $97k on May 1, its highest since late February, up 3%, while ETH gained 5% to just over $1.8k. XRP also rose 3.5% after ProShares got SEC approval for three new XRP ETFs. However, not everything was green or plain sailing as the Q1 GDP contraction raised fears of recession, and DOGE fell over 5% despite NASDAQ filing for a Dogecoin ETF. TradFi mirrored the volatility, with tech earnings lifting markets on May 1 after a rough start to the year. On the crypto regulatory front, the DOJ pushed for a 20-year sentence for Celsius founder Alex Mashinsky after his fraud plea, and SoFi announced plans to bring back crypto investing within six months, citing a friendlier Trump-era regulatory shift. Meanwhile, Trump's first 100 days saw many pro-crypto moves like a strategic Bitcoin reserve and a more lenient SEC under new chair Paul Atkins. Amid all this, Splintershards (SPS) largely moved sideways the past week to $0.01012. Let's break it down.
SPS Weekly Performance Overview
SPS took a breather this week, sliding from $0.01030086 on April 26 to $0.01012373 by May 1, a small 1.7% dip. Market cap broke below the $5 million, which is slightly down from $5.4 million last week. The Conclave Arcana presale, still ongoing, has seen 1058660000 DEC and Credits spent, with Standard packs 18.3% sold, Alchemy at 40.4%, and Legendary at 17.4%. The presale ends May 11, but SPS price action suggests the initial pre-sale excitement might be fading.
Market Analysis -- Trends
SPS is stuck in a tight range after last week's 25% drop, which followed a 70% pump the week before. The splinterlands community on X continues to be a source of positive sentiment about the presale and latest updates about the game. On Tuesday, the splinterlands team announced a new resource has been added to Land. Crafting Midnight Potions, the first land-based item, which doubles the odds of pulling Black Foil cards in Conclave Arcana packs. Also, DEC is holding near its $1 peg at $0.981 per 1k DEC. Last week, I said the SPS pump felt like existing players betting on a new adoption wave of new players, which hasn't been coming. This week's SPS price action reinforces that. I'm cautiously optimistic long-term - splinterlands has survived worse, but at least short-term, $0.01 feels like a support base that price action will be ranging in and around.
Market Analysis - Volumes & Liquidity
Daily trading volume averaged $97449, a sharp drop from last week's $229445. That's below the $100k threshold. I've said SPS needs to sustain momentum, let alone the $200k I'd want to see for a real rebound. Liquidity is thinning, and the volume decline mirrors the price action stagnation. The pre-sale SPS burns could tighten supply and push volumes back up, especially with DEC so close to its peg, but this past week's price action gives me the feeling that the market is lukewarm after a lively month.
Market Analysis - Key Support & Resistance Levels
SPS is hanging on to the $0.01 support I flagged last week. If this support level breaks, $0.008 is the next stop, with $0.0075 below that. Resistance is at $0.011, the same as last week. A close above it with $100-200k daily volumes may fuel a rebound to $0.013, maybe even $0.014. The daily chart shows consolidation above $0.01, which is better than an immediate drop, but it's not a bullish chart. BTC's push to $97k helps, but holding $0.01 is crucial here.
Concluding Thoughts
SPS is ranging in the $0.01 zone after last week's 25% correction, down 1.7% this week. The Conclave Arcana presale is still going on, and the Midnight Potions have been released over the past week, which is a big deal for those involved who want a piece of the Black Foil card action. Long-term, I still see upside if splinterlands can attract new players, as the game itself is still fun to play.
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