Crypto analytics agency Santiment says that the native token of a common Ethereum-based gaming challenge 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) sport, might quickly be bottoming out after falling by over 97% from its all-time excessive.
“$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 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 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 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.
“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.”
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