Despite a challenging year where Sylo experienced a significant dip, dropping to $0.001108 in October and lagging behind the market, the token has made a remarkable turnaround in recent weeks.
Unexpectedly, in November, Sylo staged a compelling comeback against the prevailing bearish sentiment, jumping by 50.7% from its low of $0.001108 on October 20 to $0.001670 by November 13. This surge, although promising, didn’t entirely lift Sylo out of its year-long bearish trend.
The token then faced a retreat from the $0.001670 level, slipping below $0.0015 in November, before capitalizing on a broader market uptrend to rally to $0.002644.
Despite some intermittent declines, Sylo has shown resilience, maintaining an upward trajectory and reaching a remarkable high of $0.004318 on December 18, a level unseen since the events surrounding the Terra implosion in May last year.
While the asset has retraced slightly from its recent peak, it stands firm above $0.003, currently trading at $0.003638. This marks a 24.58% increase over the past week, a 152% surge in the last month, and a 25% uptick in the last 24 hours.
Social Volume Decline and RSI Surge
Despite a staggering 421% spike in the 24-hour trade volume, data from Santiment indicates a significant drop in social volume for Sylo, reflecting fewer social mentions despite the increased trading activity.
Sylo’s Relative Strength Index (RSI) has surged from 32.8 to 61.8, signaling a notable strengthening of momentum amidst the recent price surge and heightened buying pressure.
While the RSI increase might hint at a potential price correction, remaining below the 65 mark could still suggest further bullish momentum.
The surge in trade volume, coupled with a lack of significant project updates, has led market observers to attribute this rally to speculative activity.
However, considering the lack of broader market support and the current 1.91% decline in the global crypto market cap as of December 18, concerns arise about a potential correction. As Sylo enters overbought territory, there’s a possibility of a price adjustment despite the recent bullish run.
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