Crypto analytics agency Santiment says that the native token of a preferred Ethereum-based gaming mission is beginning to look bullish after a multi-month downtrend.
Santiment says that Smooth Love Potion (SLP), which is earned by collaborating within the Axie Infinity (AXS) recreation, may quickly be bottoming out after falling by over 97% from its all-time excessive.
“$0.0088! It’s nearly 44x from all-time excessive lower than a 12 months in the past. We may recommend that that is fairly painful for SLP holders. And if it truly is, it may most likely be a pleasant fashioned backside someplace close to.”
SLP is buying and selling at $0.01 on the time of writing, barely over 10% above its new all-time low of roughly $0.009.
The analytics agency says that SLP is flashing an on-chain bullish sign regardless of the coin’s sustained correction.
“We see a powerful enhance in SLP on-chain exercise final weeks. You may additionally discover that it’s diverging with worth. An increasing number of addresses are interacting with SLP day by day whereas the value retains falling down. Fairly a bullish divergence itself.”
Santiment additionally says that SLP whales, or entities proudly owning greater than $100,000 value of Axie Infinity’s native token, are accumulating, a course of that began towards the top of 2021.
“Just one single wealthiest group chosen right here, holders from $100,000 in SLP. And what they appear to be doing? Accumulating nearly all the best way since November. Regardless of the value is diving deeper and deeper. Whales maintain rising their holdings.”
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