This week, Axie Infinity (AXS) price dipped below the critical $7 support level. While current demand is weak, on-chain data shows multiple green signals suggesting an imminent rebound. Can AXS reclaim the $7 milestone in the coming days?

After a price pump triggered by its Apple AppStore listing on May 17, Axie Infinity (AXS) bears now appear to have seized market control. AXS price is down 18% from the recent high of $7.7 recorded on May 17. 

Despite the price drop, new users have continued to troop into the Axie Infinity GameFi ecosystem. With losses now approaching alarming levels, will AXS holders trigger a price rebound if they stop selling?

Axie Infinity is Still Attracting New Users

According to the underlying on-chain data, the recent price decline has not caused a major deterioration in Axie Infinity network activity.

The Active Addresses (7d) chart below shows that AXS has continued to attract new users this week. Between May 16 and May 23, it soared 73% from 823 to 1425 active addresses.

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Author: Ibrahim Ajibade

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