The markets are bleeding badly right now. It's been brutal and I'm sure everyone is very nervous. I know I am.
From a macro perspective, I don't see any catalysts in the near future that would push crypto or the broader markets back up. That same sentiment is carrying down into tokens like SPS.
So where can we see the price bottom out? There is only 1 number that makes sense to me.
$0.018
That is the amount that private investors paid to get SPS and about 20 million tokens get unlocked to them every month. This will only last for a couple more months, but if we go full on bear market then I can't imagine they would not sell if the price is still above their buying price. This downward pressure will stay with us for awhile.
And to be fair, I don't blame them, it's still a clean 5-6x on a project and everyone has to do what is right for them. But this downward pressure, combined with the general markets as well as airdrops & Chaos Legion launch will continue to serve as downward momentum.
Looking ahead, I've talked about SPS Governance and Riftwatchers being upward price catalysts, but so much is unknown about launch and I personally don't think they can move the market more in the other direction. Maybe just slow the bleeding.
So it's time to strap in and get ready for a bumpy ride. The good news is that we all have an amazing game we can play and I remain bullish on the team, the roadmap, and the ecosystem which includes the tokens. Best of luck hodling!
Not Financial Advice.
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