Key Insights :
- AXS climbed 23% while daily trading volume surged 630%, pushing market capitalization above $201 million.
- Exchange reserves dropped 29.27% to 8.473 million tokens, pointing to continued investor accumulation.
- Traders remain focused on the $0.75-$0.45 support zone while watching long-term targets at $2, $5, and $10.
AXS bounces to over a 23% jump on soaring trades. Axie Infinity (AXS) made a strong rebound Friday after a frenzy of transactions pushed interest back into the market. The token rose as much as 23%, while trading volume soared nearly 630% in the session.
AXS Rally Gains Strength Amid Rising Trading Activity
AXS broke the intraday high above $1.16, bringing market cap above $201 million. The Daily Trading Volume recorded above $127.54 million as investors turned up with the position leverage.
Meanwhile, market observers are still keeping an eye on the larger structure of the token. Crypto analyst Crypto Patel said on their Twitter handle: “ AXS already delivered a 70+ percent rally from earlier buy zone “ He further mentioned the token was bouncing from a two-week bullish order block $0.75- $ 0.45; then it cooled off towards $0.86 after a 50% monthly correction.
Source: Crypto Patel
Technical Levels Remain in Focus
Patel said his long-term outlook remains unchanged and added that he intends to accumulate within the same demand area rather than chase upward price moves.
The analyst listed several technical observations supporting his view.
- Multi-year descending channel remains intact since 2021
- Two-week bullish order block continues acting as support
- Previous sell-side liquidity sweep was reclaimed
- Retest of macro demand zone is underway
- Liquidity clusters remain above $2, $5 and $10
Patel identified the accumulation zone between $0.75 and $0.45. He also stated that a two-week candle close below $0.45 would invalidate the setup.
Exchange Supply Drops While Ecosystem Expands
Data on-chain indicates that the reserves were down 29.27% as exchange holdings have fallen to 8.473 million AXS tokens.
High exchange reserves generally mean that investors are not putting their tokens into private wallets but rather are getting them in preparation for a sell-off.
This reduction of available supply coincided with the recent surge in AXS trading volume, as it becomes evident what will remain true as prices potentially go up.
The table below summarizes the latest AXS market metrics.
| Metric | Latest Data |
| AXS Price High | $1.16 |
| Market Capitalization | Over $201 million |
| Daily Trading Volume | $127.54 million |
| Volume Increase | 630% |
| Exchange Reserves | 8.473 million AXS |
| Exchange Reserve Decline | 29.27% |
New Features Arrive for Axie Infinity Users
Outside of market activity, the Axie Infinity ecosystem provided the ecosystem with a few new updates this week.
The official rollout of bAXS rewards also happened on June 19th, which adds some new layers of functionality to token earning. Terrariums V1 also released on the 17th, bringing new, dedicated homes to Axies and substituting the existing Homeland gameplay style.
Developers Continue Work on Atia’s Legacy
Additionally, ongoing efforts to develop a new open-world MMO, Atia’s Legacy, aim to contribute more value to the Axie Infinity ecosystem.
The project continues to be in development, as efforts continue to further deepen gameplay opportunities for current and future participants.
In the interim, many traders will likely remain interested in AXS’s ability to retain the momentum established following the newest rebound, with Crypto Patel charting $2, $5, and $10 targets in the long run based on technical analysis, and warning these points should not be construed as financial advice.
With fresh interest returning to AXS, buyers may continue to keep an eye on the price’s previous $0.75-$0.45 zone.
FAQs
1. Why did AXS rise by 23%?
AXS gained 23% as trading activity increased sharply, with daily volume surging 630% to $127.54 million. The rally also coincided with reduced exchange reserves and renewed interest in the Axie Infinity ecosystem.
2. What is the key support zone for AXS?
According to Crypto Patel’s analysis, the main accumulation and support zone for AXS lies between $0.75 and $0.45. A two-week close below $0.45 would invalidate the current bullish setup.
3. What developments are taking place in the Axie Infinity ecosystem?
Recent updates include the launch of bAXS rewards on June 19, the release of Terrariums V1 on June 17, and ongoing development of the open-world MMO, Atia’s Legacy.
