SATS (Ordinals), the native token of the Satoshi Network, has emerged as the top performer among the top 200 cryptocurrencies this week, with its value soaring by over 63% in the past seven days.
The cryptocurrency — built on the Bitcoin blockchain — is currently priced at $0.000000198. It boasts a market capitalization of $415.8 million and a 24-hour trading volume of $56.8 million.
Despite an 8% decrease in the past 24 hours, SATS has also experienced a 3,999% increase over the past year.
Bullish sentiment
The Relative Strength Index (RSI) is above 50, indicating strong bullish momentum. The 50-day and 200-day Simple Moving Averages (SMAs) are $0.006239 and $0.006495, respectively, suggesting a neutral market sentiment.
Price analysis indicates a stable short-term outlook, with the average price for August expected to be around $0.00000020, serving as a resistance level. Long-term predictions are more optimistic, with the average price for 2024 projected to be $0.000000350.
Fundamental analysis highlights the importance of supply and demand dynamics in determining the price of SATS. The Fear & Greed Index for SATS currently stands at 47, indicating neutral sentiment. Additionally, the 30-day price volatility is 25.90%, with 13 out of 30 days showing positive trends.
Ordinals protocol fuels SATS surge
The SATS protocol enables the creation and trading of non-fungible tokens (NFTs) on the Bitcoin network. The recent price surge is largely due to the growing adoption and diverse use cases of the Ordinals protocol.
Developers have been actively building decentralized applications (dApps) and tools on the Ordinals network, expanding the ecosystem and driving increased demand for the token.
High-profile NFT collections launched on the Ordinals protocol have also drawn considerable attention from crypto enthusiasts and investors. These collections, featuring unique digital art and collectibles, have significantly increased trading volume and contributed to the price appreciation of Sats.
Moreover, the integration of Ordinals with the Stacks layer-2 solution for Bitcoin has further strengthened the ecosystem. Stacks allow for the creation of smart contracts and decentralized applications on the Bitcoin network, providing a robust infrastructure for the Ordinals protocol to thrive.
As the Ordinals ecosystem continues to grow and attract more developers, the SATS token is well-positioned to remain a top gainer in the cryptocurrency market. The unique capabilities of the Ordinals protocol, coupled with the increasing interest in Bitcoin-based NFTs, suggest that the token may continue to see significant price appreciation in the coming weeks and months.