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Highlights
- Sonm (SNM) crypto is primarily a Binance Smart Chain driven protocol which offers cloud-based services on distributed customer-level hardware such as personal computers or servers.
- Sonm crypto on 26 August witnessed an upswing of over 162.60% and a massive volume gain of over 14400% at 11: AM (GMT +1).
- SONM crypto, on Friday, was trading at US$0.579434 with a trading volume of US$4,22,06,595 over a day.
Sonm (SNM) crypto is primarily a Binance Smart Chain driven protocol which offers cloud-based services on distributed customer-level hardware such as personal computers or servers. As a distributed global system with its fog computing structure, it claims to offer consumers computing power cost-efficiently.
As a self-supporting marketplace, the users can trade computing power using its in-house token known as SNM. Created to cater to individuals and businesses, the SNM crypto as a decentralised cloud service is free from ownership, fault-tolerant and secure compared to a centralised platform.
Sonm crypto on 26 August witnessed an upswing of over 162.60% and a massive volume gain of over 14400% at 11: AM (GMT +1), according to CoinMarketCap.
Why is Sonm crypto rallying?
Sonm crypto has been buoyed by the trading announcement on the Binance platform. The Sonm crypto will start trading on the platform in SNM/BUSD trading pair from 26 August. Besides, SNM will collaborate with Neblio, which is an open-source, decentralised blockchain platform solution provider. Sonm protocol explores ways to collaborate with NEBL for further development.
The news has resulted in sudden market interest from the investors, resulting in its RSI being placed at 94.06%, indicating it is in an oversold position in the intraday trading session.
Image credit: Trading View
The news of the Nebilo partnership and trading platform has resulted in the MACD indicator soaring over the past 24 hours. The MACD line is well above the signal line, indicating a positive uptrend for the token. The rise today adds to the rally the token has witnessed in the past fortnight. In fact, in the past 14 days, tokens as surged to gains of over 400%. Over the past week as well, the gains swelled by 438%, according to CoinGecko.
How is SNM crypto’s price faring?
SONM crypto, on Friday, was trading at US$0.579434 with a trading volume of US$4,22,06,595 over a day, according to CoinMarketCap. The 553rd-ranked token was enjoying a live market cap of US$2,57,26,869 with 4,44,00,000 SNM coins in circulation. The rally has posted the third highest gain of the day, following Custodiy (CTY) and The Sprint Token (TST). However, despite the significant gains, it is still far off from its all-time high of US$1.23, which the token achieved during the April bull run last year.
While rallies have been significant, the market participants must also be wary of the price correction that follows soon after such a rally. Market participants must continue monitoring the market and conducting the proper research before making critical investment decisions.
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