Spheron Network (SPON) Pops 36% — Monitor for Follow‑Through
I note that Spheron Network's native token SPON surged about 36% in the past 24 hours, briefly reaching $0.085 before trading around $0.065, boosting its market cap to roughly $64M.
I also consider the project's 2023 $7M+ financing and backing from names like ConsenSys Mesh and Protocol Labs as supportive fundamentals, but the sharp intraday move looks like short-term momentum rather than a confirmed breakout.
Analysis
Recommendation
Watch for consolidation or increased on‑chain activity and clearer catalysts before entering; consider waiting for a pullback or confirmed volume support rather than chasing the spike.
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.