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SPS Is Doing It's Thing
It's sucking away our hope and draining it in the pool of despair. What I mean by that is that SPS is coming dangerously close to making a lower low. We don't want that. We have seen it play out at least 4 or 5 times before and always resulted in the continuation of a falling wedge that seemingly knows no end. The last ATL was 1.55 cents and we are essentially already there by going down to 1.614 cents yesterday. It's just another 3-4% drop until we once again make a lower low. See the Xs here for the lower lows:
But as I pointed out in my previous posts SPS seems to be following this curve which is about to bottom out. This is only a rough indication of where things could be heading and suggests that a low could be at around new year putting price at around ~1.3 cents.
The curve itself is very conservative and hopefully will be off for the trend reversal since it would predict a price of around 2.7 cents for the end of 2024. If the price trend reverses I think we should expect some more ambitious targets. But why is SPS still performing so poorly?
Dev is "slow", expectations are high
The team is probably one of the most active ones in the crypto space, so calling the lazy whould be an insult for sure. I have put "slow" in quotes since they are actually putting out a tremendous amount of updates, but since the company slashed nearly half of its employers like a year ago they cannot put out as much as is currently needed. The expectations are incredibly high to deliver on what was promised and beyond. Calling dates like LAND 1.5 in August and then not delivering is definitely not helping. While I have patience and understand the delay (I am glad they don't want to release unfinished products) many do not seem to share this view. To me this would explain the poor performance in price over the last weeks quite well. We should have made much better progress in terms of price development, but without the release of LAND 1.5 and SOULKEEP etc. this price downtrend is to be expected
Conclusions
It's incredibly frustrating to see the value of SPL assets continually underperforming. One truly has to get behind the team's vision to not be discouraged. They are thinking in terms of years, not months or weeks and have a bigger picture that they want to deliver on. A small team will inevitably delay road marks and frustrate the community. But if you are in for the long run and believe in what the team is doing, things might start to look a lot better.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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