How to spot a safe moment to purchase SLP
AXS may be dropping, but SLP is going up for one simple reason: at the moment, users are blocked from claiming their ingame SLP. That means no new SLP is coming into the market until this awkward restriction is removed. There's a legitimate reason behind it: developers are constantly turning the game offline for maintenance and bug fixing to keep up with the increasing playerbase. If you are reading this post shortly after it was published, now's a good time to trade for SLP in your favorite exchange. Binance has it.
Monsters themselves, Axies, don't see any price increase for now, but if this maintenance goes on for long enough, it should go up too, to compensate for the increased breeding cost. Creating new axies consumes from 300 SP to over 2000 SP, and big players must constantly breed new Axies. This is because they look for the best monsters possible to compete in both eSports and the ranked ladder, since an Axie's stats are somewhat randomly generated based on their parents.
Whenever SLP distribution is disrupted, its price immediately goes up in price. It's a very low risk trade, as long as you buy it to sell it off shortly after, instead of holding indefinitely. You have to sell it before the distribution problem is solved. Take a look at the chart for the last 24 hours:
source: slp char, my ronin account's marketplace dashboard