Status (SNT) belongs to a cohort of altcoins that has been making admirable progress in the past several weeks, mainly because its fundamental value is based on exploiting the Ethereum blockchain and the corresponding products. ETH itself has been going strongly to the upside lately due to the expectations around the launch of Ethereum 2.0 and the overall progress in the field of decentralized finance (DeFi), and dragged the rest of the related altcoins upward, too.
Status is not a part of the DeFi space - we have already covered its fundamentals in the previous SNT price prediction article - as it represents a messaging platform and a home for decentralized applications (dApps), but the connection with Ethereum must have given SNT the much-needed boost, although its performance on the macro scale still remains somewhat underwhelming, as the all-time chart below shows.
SNT historical chart
Despite the two bullish rallies in 2020, SNT didn't show enough vigor to make a significant push off the bottom where it laid for the entire duration of the bear market, although this underperformance could also mean that the altcoin has extra upside potential that could come into play in the later stages on the bull market that is taking shape now.