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Cryptocurrency analytics firm Santiment says native tokens in Axie Infinity (AXS), a popular ethereum-based gaming project, could rise after a several-month downtrend.

Santiment says Smooth Love Potion (SLP) tokens won by participating in the Axie Infinity (AXS) game may have bottomed out, or be very close to life, after falling more than 97% from their all-time highs. .

"At $0.0088 we're down almost 44 times from the all-time high less than a year ago. Suffice it to say, that's pretty painful for SLP holders. If that's true, then there may be a well-formed bottom somewhere nearby."

At the time of writing, the SLP token is trading at $0.01, just over 10% below its all-time low of around $0.009.

The analyst firm noted that SLP is sending a bullish signal for on-chain data despite the continued correction in the token.

"Over the past few weeks, we have seen a significant increase in activity in the SLP chain. You may also notice that it's priced differently. As the price continues to fall, more addresses are interacting with SLPs every day. That in itself is a pretty bullish backwardation."

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Santiment also added that SLP whales or assets holding more than $100,000 in Axie Infinity native tokens are being added to the holdings, a process that will begin by the end of 2021.

"Only one of the wealthiest groups has been chosen here, those SLPs with more than $100,000 invested. So what are these whales doing? They have been adding to their holdings almost continuously since November. No matter what the price, it gets deeper and deeper. The whales continue to increase their presence."

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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Each investment decision is the responsibility of the individual. Finally, Koinfinans and the author of this content are not responsible for individual investment decisions.