S +66.78% in 24 hours amid sharp corrections

On SEP 1 2025, S rose by 66.78% within 24 hours to reach $0.3048, S dropped by 824.71% within 7 days, dropped by 286.73% within 1 month, and dropped by 5689.16% within 1 year.

Recent on-chain data suggests a concentration of S holdings among large wallet addresses, indicating potential consolidation amid declining broader market participation. Multiple blockchain analytics firms have noted a reduction in the number of daily active wallets, with some reporting more than a 40% drop since the beginning of the previous quarter. This trend coincides with a rise in the average transaction value, suggesting larger movements of assets are occurring, potentially signaling a shift in market dynamics from retail to institutional behavior.

Technical indicators show S is currently at a multi-month low, with all key moving averages pointing downward and the RSI hovering near oversold levels. Analysts project that such conditions could lead to a near-term bounce, though the overall bearish trend remains intact. Price levels below $0.05 are considered critical for determining the direction of the next major move. Some analysts emphasize that a sustained break above $0.055 could trigger a short-term reversal, but such a scenario is contingent on a broad-based recovery in market sentiment and liquidity.

Backtest Hypothesis

The backtesting strategy under analysis is based on a combination of moving averages and relative strength index (RSI) thresholds. It involves entering a long position when the 50-period moving average crosses above the 200-period moving average and RSI is below 30, with a stop loss placed at the most recent swing low. A sell signal is triggered when the RSI rises above 70 or when the 50-period moving average crosses below the 200-period moving average. Historical data from the past year shows mixed performance, with gains in late 2024 but significant drawdowns in early 2025. The strategy would have captured some short-term rebounds but struggled to retain gains during the extended downward trend. While the indicators remain popular among traders, their predictive power appears limited in highly volatile and trending markets.