Axie Infinity extends gains as bullish momentum targets $3
- Axie Infinity extends gains on Thursday after rallying more than 37% so far this week.
- On-chain data back a bullish picture, with whale accumulation accelerating alongside rising trading volume.
- The technical outlook suggests bulls are in control of momentum, targeting $3 for AXS.
Axie Infinity (AXS) extends its gains by 8%, trading above $2.56 at the time of writing on Thursday, after rallying over 37% this week. The bullish price action is further strengthened by rising whale accumulation volume. On the technical side, bulls are in control of momentum, targeting levels above $3.
Rising whale accumulation, surging volume underpin AXS
Santiment’s Supply Distribution data back a bullish outlook for Axie Infinity as whale accumulation accelerates.
The metric indicates that whales holding between 100,000 and 1 million AXS tokens (red line), 1 million and 10 million AXS tokens (yellow line), and 10 million and 100 million AXS tokens (blue line) have accumulated a total of 100.56 million tokens from January 12 to Thursday.
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Santiment data indicate that the AXS ecosystem’s trading volume (the aggregate trading volume generated by all exchange applications on the chain) reached $1 billion on January 17, the highest level since November 2024 and has been steady at around $713.59 million on Thursday. This volume rise indicates a surge in traders’ interest and liquidity in Axie Infinity, boosting its bullish outlook.
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Axie Infinity Price Forecast: AXS bulls are in control
Axie Infinity price broke above the descending trendline (drawn by connecting multiple highs since mid-May) on Saturday and declined 17% over the next two days, then retested this broken trendline. On Tuesday, AXS found support and rose by over 43% through the next day. As of writing on Thursday, it continues to trade higher by 8% around $2.56.
If AXS continues its upward trend, it could extend the rally toward the weekly resistance at $3.02.
The Relative Strength Index (RSI) on the daily chart reads 79, above the overbought levels, indicating strong bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) also showed a bullish crossover, with the histogram bars rising, further supporting the bullish view.
However, if AXS faces a correction, it could extend the decline toward the weekly support at $2.26.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
