Access Protocol (ACS) price has been an utter disappointment for the holders. It seems that the only people who made money were those who sold their airdrop tokens during the early days. ACS token has been in a tailspin since its launch, now trading 91.3% below its all-time high.
On Friday, altcoins are trading sideways as the BTC price remains stuck within a very narrow range. The biggest cryptocurrency has been consolidating around the $29,200 level for the past few days. Traders are waiting for the volatility to kick in before jumping into any altcoin positions. Access Protocol showed a negative price action today and was down 0.90% till press time.
There is no single reason behind the disappointing price action of ACS. However, the collapse can be attributed to a number of different factors. Firstly, the Solana ecosystem is one of the hardest-hit sectors in the crypto bear market. Solana’s ties with FTX and Sam Bankman Fried have caused a lot of damage to its reputation.
Secondly, there has been very little development since the launch of the Access Protocol. This, together with a decrease in on-chain activity on Solana, has adversely affected the Access Protocol (ACS) price. The native asset of the protocol is now trading at its lowest level since its launch in February 2023.
The following ACS token chart depicts an intense downtrend due to a strong sell-off. It seems like every holder has lost faith in the project and has sold their airdrop token, which they received for almost free. The holders are just hoping for the bullish divergence developing on the MFI indicator to play out.
At this point, it is needless to say that the Access Protocol price prediction is looking extremely bearish. As shown on the following chart, a reclaim of the $0.002875 level could signal some strength, but that seems to be a far cry right now. Another factor affecting the price is the BTC price action.
In the meantime, I’ll keep sharing updated ACS analysis and my personal trades on Twitter, where you are welcome to follow me.
This post was last modified on Jul 28, 2023, 09:14 BST 09:14