Sylo (SYLO) Surges to 19-Month High Amid Market Turbulence
The native token of the blockchain-based data exchange, Sylo (SYLO), has defied market trends by recently rallying to a 19-month high above $0.0043. This comes after a period of underperformance earlier in the year, with Sylo hitting a low of $0.001108 in October.
Despite the bearish sentiment, Sylo experienced an unexpected comeback in November, surging 50.7% from its October low. However, the token eventually dropped below $0.0015 before leveraging a market-wide uptrend to reach $0.002644.
Currently, Sylo’s uptrend continues as it records higher highs, reaching $0.004318 on December 18th. Although there have been intermittent declines, the asset remains strong above $0.003.
Sylo’s Social Volume Decreases as RSI Spikes
While Sylo’s trade volume has increased significantly by 421% to $5.19 million, its social volume has dropped to 1 according to Santiment data. This suggests low social mentions for the token.
The recent spike in price has also impacted Sylo’s Relative Strength Index (RSI), which has surged from 32.8 to 61.8. This indicates a strengthening momentum and substantial buying pressure for Sylo.
However, staying below the 65 mark on the RSI would suggest further bullish momentum for Sylo. The surge in trade volume is attributed to speculation as there have been no significant updates about the project recently.
A Possible Correction on the Horizon
With no support from the broader market and entering overbought regions, Sylo may face a correction in the near future. The global crypto market cap is down 1.91% as of December 18th.
Hot Take: Sylo’s Resilience Amidst Market Volatility
Sylo (SYLO) has demonstrated resilience amidst market volatility by reaching a 19-month high. Despite previous underperformance, the token made a comeback and continues to record higher highs. The recent surge in price has led to increased trade volume and a spike in Sylo’s RSI, indicating strong momentum and buying pressure. However, caution is advised as the asset may be entering overbought regions without support from the broader market. Overall, Sylo’s performance showcases its potential for growth and highlights the importance of monitoring market trends.
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