Following Microsoft’s announcement that it will be incorporating Space and Time’s blockchain data into its Fabric analytics platform, the price of SXT cryptocurrency surged today.
On May 21 morning Asian time, SXT (SXT), the native token of the decentralized data platform Space and Time, surged up to 37% to reach an intraday high of $0.146.
The rise came after Microsoft said that it will form a relationship with Space and Time Labs, a cryptocurrency firm that was previously supported by a Microsoft investment arm, to start integrating real-time blockchain data flows into Microsoft Fabric.
The partnership will enable Microsoft Fabric customers to access verified data from the Ethereum, Bitcoin, and Sui blockchains using Azure OneLake, a cloud data storage service that is sometimes referred to as a “OneDrive for data,” according to the statement made on May 20.
For those who are unfamiliar, Microsoft Fabric is an end-to-end analytics platform that integrates a number of technologies from Microsoft’s data suite, such as Power BI, Synapse Analytics, and Azure Data Factory.
This connection will allow Fabric’s enterprise users to seamlessly integrate tamper-proof blockchain data into their dashboards, smart contracts, analytics, and even AI models.
Space and Time’s unique “Proof of SQL” technology, which employs zero-knowledge (ZK) proofs to safely and effectively validate SQL database queries, enables the verifiability of this data.
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“We’re excited to expand our collaboration with Microsoft to provide verifiable blockchain data to enterprises, institutions, and developers building on Fabric,” stated Nate Holiday, CEO of Space and Time Labs, in response to the news. Numerous new data-driven use cases in Web3 apps, AI, and financial services are made possible by this integration.
About a week has passed since Space and Time’s public, permissionless mainnet went live. The platform’s ZK-powered SQL coprocessor allows for sub-second query performance and runs on a decentralized network of database validators.
Microsoft’s venture capital division, M12, is supporting Space and Time, which was created by MakeInfinite Labs.
M12 participated in the company’s $20 million Series A investment after leading its strategic fundraising round in 2022. To date, $50 million has been raised by Space and Time.
SXT is currently getting close to the crucial psychological resistance level of $0.15 on the 4-hour chart after managing to maintain a good hold above the $0.12 support level.
Aroon and RSI chart, SXT price, May 21 | Source: crypto.news
The Aroon Down indication is low at 21.43%, indicating that the uptrend is still strong, while the Aroon Up indicator is high at 92.86%. At 0.14, the Chaikin Money Flow indicates that consistent purchasing pressure is still present.
Additionally, after temporarily entering overbought area, the Relative Strength Index has cooled off to about 62, leaving some space for further upward momentum.
Therefore, SXT’s all-time high of $0.1621 is the next likely objective. If the bullish momentum persists, it may break into price discovery above that level.
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