- SLP was the top gainer on Binance with a 370% surge.
- Prominent crypto price analyst said that the rally was only a “test pump”.
- He also said earlier that SLP’s genuine rally will follow later.
Smooth Love Potion (SLP) has been the top gainer among all cryptocurrencies in the past week with a staggering gain of up to 370%. However, market FUD due to some factors such as Russia’s military advancements against Ukraine has caused prices to dip. All cryptocurrencies were affected, including Bitcoin and Ethereum.
Likewise, SLP’s whopping price surge has been cut tremendously. In fact, CoinGecko estimates the 7-day SLP gain to only 104%, down 270% from its highest gain so far.
However, many people believe that its pump is not yet over. According to Twitter user @P2E_Daily, the SLP surge was only a “test pump”.
P2E_Daily’s popularity soared alongside SLP’s price when he made prophetic calls regarding SLP’s price movement right before it climbed up. In fact, BlockTalks named him the top influencer in the past 7 days. Furthermore, BlockTalks named SLP as the top gainer on Binance since last week.
Meanwhile, he stated in his earlier posts that SLP’s genuine rally will happen later.
As we can see from the above chart, SLP price is trading below the 50-day Simple Moving Average (SMA). This indicates a sluggish performance after an eye-popping pump. We can also observe from the 1-hour chart the formation of a Descending Triangle pattern. More often than not, this suggests the price may go further down in the short-term scenario.
This is also supported by the weak trading volume. A further look at the Relative Strength Index (RSI) shows that SLP is close to being oversold. Judging by the movement of SLP, it may take a couple of days — maybe more than a week — before SLP finds its stride once again.
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