SLP Price Surges Amid Axie Infinity Crypto Game Craze

SLP price has surged amid FOMO regarding blockchain game Axie Infinity.
SLP is an ERC-20 token that is native in the game.
Axie Infinity has earned $33.7 million in the last 30 days.

The price of Smooth Love Potion (SLP) token has recently surged after continued FOMO regarding Axie Infinity, a blockchain-based game that offers utility to the token.

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SLP/USDT 4-hour chart (source: TradingView)

As seen on the chart above, SLP price has recently climb from a consolidation period between the $0.11 to $0.15 range. Currently, it is trading in the $0.24 zone, potentially looking to breach the $0.25 psychological resistance. At the time of writing, SLP price is at $0.2420, according to CoinGecko.

SLP Price Analysis

Given the said figures, SLP price may continue to rise as people are joining the game out of FOMO. We may see additional surges in the next coming weeks and possibly months. Also, the Relative Strength Index (RSI) is at 65, which means that SLP is not yet overbought, although it is teetering on the edge.

Nevertheless, given the circumstances, SLP may look to challenge $0.25 soon and $0.27 as well.

If stars don’t align, SLP may fail to break the initial resistance. This may cause a consolidation at best, or a market correction at worst. SLP may retreat to $0.20 if this happens.

What is SLP?

This Smooth Love Potion (SLP) price surge is attributed to the increasing interest in Axie Infinity. The game sells non-fungible tokens (NFTs) in the form of digital pets called Axies. Meanwhile, these pets can earn SLPs by winning at adventure modes or by completing the daily quest. Also, if the player wins against other players while using up energy, he or she can also earn SLP, depending on the rank.

Meanwhile, SLPs are important ingredients to breed pets within the game.

SLP is tradable on prominent platforms like centralized exchange Binance and decentralized exchange Uniswap.

Recently, Axie Infinity also dethroned PancakeSwap as the highest-grossing decentralized application (DApp). According to TokenTerminal, the game earned $33.7 million in the last 30 days, while PancakeSwap only netted $13 million.