Despite market-wide turbulence, Sylo reaches highest point in 19 months.
Sylo (SYLO), the native token of the blockchain-based data exchange, is defying the overall market trend by recently surging to a 19-month high above $0.0043.
Prior to this recent uptrend, Sylo had performed poorly throughout the year, reaching a low of $0.001108 in October. While other cryptocurrencies experienced gains throughout the year, Sylo’s price declined by 42% year-to-date.
However, in an unexpected turn of events, Sylo made a comeback in November, rallying 50.7% from its October low to $0.001670 on November 13. Despite this resurgence, Sylo remained in bearish territory for the year.
Although the asset eventually dropped below $0.0015 as November progressed, it later took advantage of a market-wide uptrend and rallied to $0.002644.
Despite occasional declines, Sylo’s uptrend appears to be continuing as the token continues to reach new highs. It reached a 19-month high of $0.004318 on December 18, sustaining its uptrend amid the ongoing market correction. The last time Sylo reached this price was prior to the Terra implosion in May.
While the asset has experienced some correction in its recent price gains, it is still trading well above $0.003. Currently, Sylo is valued at $0.003638, reflecting a 24.58% increase over the past week. Over the last month, Sylo has seen a 152% increase, and it has risen by 25% in the last 24 hours.
Despite the increased trade volume, Santiment data indicates that Sylo’s social volume has decreased recently, with fewer social mentions. However, the spike in price has had a significant impact on Sylo’s Relative Strength Index (RSI), which has surged from 32.8 to 61.8. This rapid increase suggests a substantial strengthening of Sylo’s momentum and significant buying pressure.
While the RSI could indicate a potential price downturn, as long as it remains below the 65 mark, it still suggests further bullish momentum.
The significant increase in trade volume further supports the notion of increased buying pressure. However, with no significant updates about the project recently, market observers attribute the recent surge to speculation.
As a result, a correction may be on the horizon, as the asset enters overbought territory without support from the broader market. The global crypto market cap is currently down 1.91% as of December 18.
