Status (SNT) price up after 35% dev activity rise – Crypto News – Crypto News
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Status (SNT) price up after 35% dev activity rise Status (SNT) price up after 35% dev activity rise

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Status (SNT) price up after 35% dev activity rise – Crypto News

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15 hours ago

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  • Status (SNT) price jumpd 38% in the past 24 hours.
  • Gains see the altcoin rank among best gainers today.
  • SNT broke to near $0.030 amid network growth, though potential for profit taking is high.

Status (SNT), the utility token powering the Status Network, has seen a remarkable price surge.

According to data from CoinMarketCap, SNT price is up 38% in the past 24 hours and over 60% in the past week. Its performance has overshadowed the plummeting MANTRA.

Having broken above resistance at $0.023, Status price jumped to near $0.030 before paring some of the gains.

Despite this, SNT ranks among the top gainers in the top 500 coins by market cap, behind Ardor (ARDR) and Fuel Network (FUEL). The altcoin traded around $0.028 with the daily volume spiking more than 1,200% to suggest massive market activity.

SNT development activity on the rise

Status has been making waves in the blockchain space, as evidenced by a 35% growth in development activity, a metric verified by Chain Broker.

According to the analyst, Status ranked among the top 10 projects for development activity growth in the past month. Its overall activity measure of +35% put SNT alongside heavyweights like Cosmos, and Solana.

The projectā€™s consistent focus on its missionā€”delivering private messaging, crypto freedom, and true decentralizationā€”has kept its development efforts robust. A recent update from the official Status account emphasized this commitment.

Status is a project dedicated to enhancing an open-source messaging platform and mobile interface for Ethereum-based decentralized applications, likely contributing to its recent price momentum.

Status price forecast: What next for SNT?

Traders might want to watch the broader market for overall sentiment, with Bitcoin futures suggesting a weakness as China reportedly sells its seized crypto.

If thereā€™s a sharp retracement, wavering on the part of bulls will impact the rest of the market.

The crypto fear & greed index also points to caution.

Technical indicators provide an outlook for SNTā€™s price trajectory.

On the daily chart, the Relative Strength Index (RSI) stands at 61 and upslopping, signaling a potential flip into overbought territory.

Similarly, the Moving Average Convergence Divergence (MACD) reflects bullish momentum. The signal line is above the 50-period mark, while the positive histogram adds to this picture.

However, the recent 9.65% price increase could signal a potential reversal if bullish momentum builds.

SNT chart by TradingView

Derivatives data from CoinGlass highlights market dynamics, showing fluctuations in futures volume and open interest for SNT.

OI up 89% to over $7.4 million and rising trading activity in futures suggests growing speculative interest. This could amplify price volatility, with a jump in open interest continuing in the short term.

In this case buyers could push SNT price to $0.05. However, the market continues to seesaw and SNTā€™s price may have to rely on support near $0.018.

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