Non-Fungible Token (NFT) and gaming-related cryptocurrencies have done well since Bored Ape Yacht Club launched ApeCoin. Its developers also managed to raise $450 million. As a result, the Smooth Love Potion price has recovered and moved to its highest point since February. The same has been the case for Axie Infinity and other coins like Enjin and ApeCoin.
Why is SLP price rising?
Smooth Love Potion, commonly known as SLP, is the native token for the Axie Infinity ecosystem. The coin that gamers in the ecosystem are paid with when they win. As a result, in most cases, the Smooth Love Potion price tends to do well when there is strong activity in Axie’s ecosystem. And recent data shows that this activity is rising. For example, the number of Google searches for both AXS and AXS has been in an upward trend.
The main reason for this performance is the upcoming launch of new cards known as Axie Infinity Origin in the coming days. This sale is expected to be significant and will likely lead to demand for both AXS, RON, and SLP. Additionally, the number of people staking both AXS and SLP has been sharply increasing. Indeed, AXS has a total staked value of over $1.5 billion or 32% of its ecosystem.
Further, the Smooth Love Potion price is rising as investors wait for the upcoming launch of Axie Infinity land. It is still unclear when this launch will happen, but analysts expect it will lead to more demand in the ecosystem. Another reason for the performance is the upcoming Ethereum merge that will increase speeds and lower costs.
Smooth Love Potion price prediction
The SLP price jumped sharply and reached a high of $0.0237, the highest level since February. As it rose, the coin moved above the key resistance level shown in yellow. It also moved slightly above the 50-day volume-weighted moving average (VWMA). However, on Friday, the coin appeared to be losing its steam.
Therefore, the likely scenario is where it drops and retests the trendline at $0.018 and then resumes the bullish trend. If this happens, it will be a 16% decline from the current level. A move above this week’s low will invalidate this view.