Key Notes
- AXS is up over 200% in 30 days, driven by renewed retail demand after the bAXS rollout.
- Axie’s new token model reduced selling pressure by locking supply and halting SLP emissions.
- AXS futures open interest surged to $189M, the highest level since May 2022.
Axie Infinity’s AXS token jumped nearly 9% in the past 24 hours and is up more than 200% over the last 30 days. Price is trading near $2.53 at the time of writing as AXS remains down roughly 98% from its all-time high near $165.
Also, CoinGlass data shows AXS futures open interest rising to $189.52 million over the weekend, up from less than $14 million on January 1. At the time of writing, open interest remains elevated near $174.23 million, levels last seen in May 2022.
The rally marks one of the strongest GameFi moves of the year so far. After months of low volume and persistent sell pressure, AXS is now once again back making headlines.
bAXS Announcement
The rally follows an earlier announcement from Axie Infinity founder Jeffrey Zirlin, who revealed bAXS, an app-based version of the AXS token that will replace AXS across gameplay rewards and ecosystem activity.
https://twitter.com/Jihoz_Axie/status/2011338453385113939
The new bAXS token introduces a variable sell fee paid to the Axie treasury. The fee scales down for users with higher Axie scores, directly incentivizing long-term engagement while discouraging short-term selling.
At the same time, Axie halted SLP reward emissions which removed a major source of constant token inflation. Together, these changes reduced short-term supply pressure and locked a portion of circulating tokens.
AXS Breaks Out from Long-Term Base
On the daily chart, analysts point out that AXS has completed a clear cup-and-handle structure after sweeping downside liquidity below the $2 region. Price has reclaimed the 200-day EMA near $1.80 and is holding above the $2.25 resistance, now acting as support.
Additionally, the Relative Strength Index (RSI) has pushed above 60 after spending months in bearish territory. Volume expanded sharply during the breakout, confirming increased demand for the token.
The next upside resistance sits near $3.50, the measured move target from the cup-and-handle pattern. This level is also a prior distribution zone from mid-2022. A clean break above $3 would keep bullish control intact.
On the other hand, failure to hold the $2.25-$2.30 zone would open the door to consolidation. Below that, the 200-day EMA near $1.80 remains the key level bulls need to defend to avoid a deeper reset.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/axie-comeback-axs-token-up-200-this-month-whats-next/
