Axie Infinity (AXS) holders have fiercely defended the $4 support level after a major retracement in early September raised concerns that it could edge closer to zero. An in-depth on-chain analysis examines how investors could react to the recent 12% price rebound toward $4.50.
Axie Infinity (AXS) price scored 12% gains over the past week. However, vital on-chain indicators suggest that the leading metaverse is unlikely to reclaim its spot in the top 50 crypto market rankings any time soon.
Axie Infinity Whales Capitalized on the Recent Price Bounce to Sell Their Holdings
On-chain analysis reveals that crypto whales and spot market trades appear unconvinced that AXS could enter a prolonged price rally.
AXS price bounced 12% from $4.08 to $4.50 between September 11 and September 20. But rather than ape in, on-chain data shows that the Axie Infinity whales capitalized on the rally to sell their holdings.
According to data compiled by Santiment, crypto whales holding 100,000 to 10 million AXS tokens held a cumulative balance of 83.28 million when AXS price hit a 2023 bottom of $4.08 on September 11.
As the AXS price increased, the whales have sold 760,000 AXS tokens, bringing their balance to 82.52 as of September 20.
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Author: Ibrahim Ajibade
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