The Axie Infinity token AXS has shown a significant rebound over the past few trading days, with a single-day gain of 23.13% and a 630.63% increase in trading volume to $127.54 million. At the time of writing, AXS is trading at $1.16, with its market cap rising to $201.94 million, ending a period of relative stagnation over the previous weeks.
Futures open interest is rising in tandem
As prices rose, activity in the derivatives market also increased significantly. Data shows that AXS open interest rose 91.02% to $38.64 million, indicating greater capital inflow into the futures market.
A price increase accompanied by rising open interest typically indicates that new positions are being accumulated, rather than just existing traders closing out their positions. This also suggests that short-term trading capital is regaining interest in AXS.
Exchange reserves continue to decline
On-chain data shows that the amount of AXS held by exchanges continues to decline. Latest data reveals a 29.27% drop in exchange reserves, falling to 8.473 million AXS.
A decrease in exchange reserves typically indicates that some holders are transferring tokens off the platform, reducing the number of tokens available for immediate sale. This change often corresponds to a decline in short-term selling pressure.
$1.203 becomes a short-term resistance level
In terms of price movement, AXS has broken out of the descending channel that had been suppressing the market since June. Buying pressure previously held support near $0.882, subsequently driving the price rebound into the current range.
Currently, $1.203 is the first key resistance level facing AXS. Technically, the MACD has generated a bullish crossover, with the histogram turning positive; the Parabolic SAR has also moved below the price, indicating that the previous downtrend has weakened.