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SATELITE (Ordinals), the native token of the Satoshi network, has emerged as the best performer among the top 200 cryptocurrencies this week, with its value increasing more than 63% in the past seven days.
The cryptocurrency, built on the bitcoin blockchain, is currently priced at $0.000000198. It has a market cap of $415.8 million and a 24-hour trading volume of $56.8 million.
Despite an 8% decrease over the past 24 hours, SATS has also seen 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 (SMA) are at $0.006239 and $0.006495, respectively, suggesting neutral market sentiment.
Price analysis indicates a stable short-term outlook, with the average price for August expected to be around $0.00000020, which will serve 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. SATS’s Fear & Greed Index 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.
Ordinal 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 creating decentralized applications (dApps) and tools on the Ordinals network, expanding the ecosystem and driving increased demand for the token.
High-profile nft collections nft/#utm_source=perplexity” target=”_blank” rel=””>thrown out Collections based on the Ordinals protocol have also attracted considerable attention from cryptocurrency enthusiasts and investors. These collections, which include unique digital art and collectibles, have significantly increased transaction volume and contributed to the appreciation of the sats price.
Besides, the bitcoin-layer-2-stacks-prepares-for-nakamoto-upgrade-its-largest-hard-fork-ever” target=”_blank” rel=””>integration The integration of Ordinals with the Stacks layer-2 solution for bitcoin has further strengthened the ecosystem. Stacks enables the creation of smart contracts and decentralized applications on the bitcoin network, providing a solid 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 one of the top gainers in the cryptocurrency market. The unique capabilities of the Ordinals protocol, coupled with the growing interest in bitcoin-based nfts, suggest that the token may continue to see significant price appreciation in the coming weeks and months.
