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SPS Still Struggling
Back in Spetember it was already clear that the run up to 2 cents+ was going to be a difficult road for SPS. A big resistance was and still is in play (a downward sloping trend line from the previous highs); this is what the chart looked like back then:
Today, we have seen confirmation of this resistance and SPS is struggling to stay at 1 cents. I do not think (or rather hope) that it necessarily means a strong correction back to ATLs. If 2025 really is the year of the bull and the alt season then there is no time for a lower low. As can be seen in the chart, even the 10 cents target seems to be almost out of reach, everything above it feels even impossible. But 10 cents would give us a new ATH for SPS' MC and it still seems like a reasonable target.
This is the updated chart:
We can see a perfect rejection at the trend line. There is no obvious support for the price atm and it remains to be seen if this is the start of a greater downtrend. If so, it would be quite dramatic as I don't see a viable path to 10 cents for 2025 anymore. However, the more likely scenario is a push upward to around 2 cents where we will have the next great resistance.
As far as I know there are a couple of good changes coming to SPL soon:
- survival mode
- validators
- a new card set which will finally retire the Chaos Legion set into wild
- tech modernization
- marketing
- player retention
The past has shown that a new expansion does have a positive impact on price and I believe this is coming in Q2 (April) of 2025. Hopefully, price can retain its value until then.
Conclusion
I have been a long time supporter of SPL and I still think the team can turn things around. But it's clear that it has been the hardest years for hodlers. The chart does suggest a bottom and a final run up for the bull run mania in late 2025, if we don't get another major downturn. Fingers crossed!
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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