SLPSLP has been in a consistent downtrend since April 2022, which coincides with a significant increase in the number of coins released since its inception. However, there has been a sporadic but constant burn of coins since last year, which may help mitigate some of the oversupply. BTC continues to dominate the cryptocurrency market, and although we have seen a run on altcoins in recent months, it hasn't been a serious threat. Besides SLP, Axie and Ronin are also experiencing an influx of capital, which is making it harder for SLP holders. I have no illusions that SLP will reach the previous high of 40 cents again. With a circulating supply of 42 billion coins, such a feat is only possible through a drastic change in circulating supply and a significant reduction in the number of coins in circulation. To be realistic, it is possible for SLP to reach the 0.03 area.
If you look at the formation, it is a textbook example of a descending channel, which usually has a bullish breakout which leads to a very quick rally.
Keep in mind that this formation has been in making for more than a year.
This coin could fly very quickly, it will be interesting to see what happens.
Good luck to you all, and always be smart with how you spend money.
