for me, both are important because even their is enough supply but no demands the result is fluctuation although it could help some investors to invest more but what about those are waiting for the high price?when their is big demand,their is a need of big supply too meaning,both will go together
Both are always going to be important in any market which is what makes it a market anyway. Usually, there will always be some elastic limit which could happen in both sides and then we get to see the market being overbought or oversold and then the possibility of a reversal.
This is where demand and supply comes in. However, it is understandable that when demand is far more than supply, in this instance, the price tend to increase and vice versa, which in a way makes both a price determinant.