Twenty-five days ago, someone posted on @marcuswahl’s article anticipating the continuation of the downtrend of Splintershards’ price (SPS) in the next two months. The reasons stated for such decline are SPS ongoing airdrop and the lack of its utility.
I responded that if such anticipation will take place, I would be more than happy to consider it as an opportunity to add more. My only limitation is the availability of the funds. My original goal was to add 300 USD worth of SPS before the 3rd quarter of the year. However, in my little way, I have been adding SPS every two days from the airdrops that I received. After a month, as a result, my holdings grew 24.44% from 900 to 1,120. Still very far from my 300 USD goal.
I believe that SPS has been in the buyer market for more or less three months now. I hope I am wrong, but I think that those who are still waiting for the floor price will miss this great opportunity.
Those who still use the lack of utility argument as their basis for SPS price decline are either not aware of the updated SPS 2022 Roadmap released 4 months ago or they dismissed such update as insignificant. Six use cases for the token have been clearly spelled out in that document. And one of them is about the validator node software.
This morning, I just read the official announcement from Discord about the mainnet planned launch this coming 4th quarter 2022. In this announcement, the Splinterlands’ team clarified how the node works and informed the public about the forthcoming sale of validator node licenses.
Not sure if the above announcement is the reason for today’s rally in SPS price. But as far as the chart below is concerned, you can see that a long downtrend has started from October 2021 to January 2022. It was then followed by more or less three months of consolidation. In the stock market, seeing such price movement is healthy from a technical point of view.
Yesterday’s trade had the biggest volume so far since December and also had the longest bullish candlestick since the start of 2022. Is this an indication that the bulls have finally won the tug of war?
As for me, I initially speculated that the price of both SPS and the VOUCHER will start to rally either the last week of June to early July in anticipation of the release of Riftwatchers. Of course, that is just speculation. Nothing is sure about the future direction of the market. However, as I mentioned in my previous post, bearish trends don’t stay forever, and the crowd is usually wrong for:
They buy when the price is soaring and will complain later that the token is a scam when they suffer loss. And when an opportunity for a bargain price arrives, they will wait for the floor price, but since no one knows when will it happen, certainly, they will miss it. When the price bounces, they will hesitate to buy, and later they will say that if they only have the chance when the price of the token was still low, they would buy huge volumes of it. That’s the basic psychology of the crowd.
If reading this article got you curious about Splinterlands and its tokens, why not give it a try? Here's my code.
Grace and peace!