- Origin launch rushed to completion before March 31 tentative deadline.
- AXS breaks out above $70, SLP above $0.02 after short-term rally.
- Binance reopens AXS savings deposit facility.
Axie Infinity Shards (AXS), the staking and voting asset of Axie Infinity, is showing strong signs of reawakening. Within a day, AXS broke out of its $50 range held for weeks, and rallied to $71.28, gaining more than 43% week-on-week and over 20% in a single day.
The AXS rally is something of compensation for the otherwise weaker price of Axie NFTs and Smooth Love Potion (SLP). In terms of price prediction, the most bullish expectations are for AXS to return to $200.
AXS Price Prediction: What Caused the Recent Price Rally
AXS rose on expectations of the upcoming Origin update. The Axie team has tried to finish the game release by March 31. Origin will offer both game rebalancing and cosmetic items with a new deck of cards and skills.
Some support for AXS also came from Binance, which renewed its savings facility with high yields for selected tokens.
The closing of season 20 also distributed AXS to top players from previous leaderboards. The incentive is to hold onto the AXS as a form of stake in the Axie metaverse. AXS may gain value in the long term as the game adds land features and other forms of staking.
SLP Price Prediction: Can Earnings Recover
The bigger problem for Axie Infinity is the mix of lowered energy and daily rewards for teams, as well as the price weakness for SLP.
SLP had a breakout just at the end of Season 20, rallying above $0.021. The reward token spent the past weeks below that range, with an unfavorable mint/burn ratio.
On the one hand, mints exceed coin burns with a ratio of 27:1 and as high as 40:1. But SLP is also widely traded and can react to short-term market pressures. SLP can rise suddenly in case of a short squeeze, if too many traders bet on a constantly falling price. Thus, SLP may have days of significant and unpredictable gains.
SLP is now under smaller pressure as off-season players have fallen off a cliff, giving some relief to the token price.