$SXT Short-term strength, technical aspects and sector effects resonate
1. First of all, this project itself has something to offer; it is focused on decentralized database verification. Recently, with the hype around AI data security, their technology of 'ZK proof + on-chain data locking' happens to align with the trend. Moreover, it belongs to the Layer 1 category, and the entire sector has been rising these past few days, naturally attracting funds.
2. From the market perspective, it is even more evident; the trading volume suddenly surged to 4.24 million, which is two to three times higher than usual, indicating that new funds are coming in to make moves. The price was also forcefully pushed up from the support level of 0.0705, and technical traders jumped in to buy following the breakout.
3. Another hidden factor could be that Binance is promoting it, after all, it is traded on their platform and is tagged with 'Ethereum ecosystem'. Recently, this sector rose by 0.86%, so it’s possible that the exchange has added some promotional placement.
4. However, I must remind you, this sudden increase in volume is mostly short-term funds at play. If the RSI exceeds 70, you need to be cautious as someone might take profits at any time. If you really want to engage, wait for a pullback near 0.07 before considering; don’t mindlessly chase the highs. This project's technology sounds impressive, but whether it will actually be useful remains questionable.
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