Crypto analytics firm Santiment says that the native token of a popular Ethereum-based gaming project is starting to look bullish after a multi-month downtrend.
Santiment says that Smooth Love Potion (SLP), which is earned by participating in the Axie Infinity (AXS) game, could soon be bottoming out after falling by over 97% from its all-time high.
“$0.0088! It’s almost 44x from all-time high less than a year ago. We could suggest that this is quite painful for SLP holders. And if it really is, it could probably be a nice formed bottom somewhere near.”
SLP is trading at $0.01 at the time of writing, slightly over 10% above its new all-time low of approximately $0.009.
The analytics firm says that SLP is flashing an on-chain bullish signal despite the coin’s sustained correction.
“We see a strong increase in SLP on-chain activity last weeks. You could also notice that it’s diverging with price. More and more addresses are interacting with SLP daily while the price keeps falling down. Quite a bullish divergence itself.”
Santiment also says that SLP whales, or entities owning more than $100,000 worth of Axie Infinity’s native token, are accumulating, a process that started toward the end of 2021.
“Only one single wealthiest group selected here, holders from $100,000 in SLP. And what they seem to be doing? Accumulating almost all the way since November. No matter the price is diving deeper and deeper. Whales keep increasing their holdings.”
You can read the full report here.
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