Smooth Love Potion (SLP), earned from the game Axie Infinity, has been upsetting long-time investors and is 98% off the ATH price. According to recent posts from crypto analytics firm Santiment, the bottom for SLP may be imminent. The firm is assessing a possible “bullish signal” as metaverse coin on-chain activity gives the first signs of recovery.
Metaverse coin signals bullish after ATL level
Crypto analytics firm Santiment says that the native token of a popular Ethereum-based gaming project has started to rise after several months of downtrend. Santiment says that SLP earned by participating in Axie Infinity (AXS) could hit bottom after falling over 97% from ATH:
0.0088 dollars! Almost 44x the ATH level less than a year ago. We can say that this is quite painful for SLP investors. There’s probably a nicely formed bottom somewhere nearby.
SLP is trading at $0.01105 at the time of writing, with its lowest price 10% above $0.009.
The analytics firm says that despite the metaverse coin’s constant correction, SLP is signaling bullish on on-chain data:
We are seeing a strong increase in on-chain SLP activity over the past weeks. You may also notice that it differs in price. As the price continues to drop, more addresses are interacting with SLP every day. It’s a pretty bullish divergence on its own.
Smooth Love Potion (SLP) whales keep accumulating
Santiment also says that SLP whales or wallets holding more than $100,000 in Axie Infinity are accumulating and the process begins in late 2021:
Only one wealthy group was selected here, those with $100,000 in SLP. What do they seem to be doing? They have been accumulating almost all the way since November. Whatever the price, it’s diving deeper and deeper. Whales continue to raise their capital.
Smooth Love Potion (SLP) is the 608th largest cryptocurrency by market cap. It has a trading volume of $41 million, with a gain of 5.63% in the last 24 hours.