The ripple effect from Grayscale’s landmark victory has not swayed the bearish Axie Infinity (AXS) long-term holders as the price remains rooted below $5. On-chain data analyses the chances for AXS bulls scaling the $5 sell wall in the coming days.
As the crypto market rebounded on Aug 29, Axie Infinity (AXS) price also scored a sizeable 4% bounce. However, the bears have made spirited efforts to resist a breakout, forcing a downswing below the critical $5 resistance level.
Can the bullish whale investors absorb the selling pressure from the Axie Infinity long-term holders in the coming weeks?
Whale Investors are Pushing for More Gains
On-chain data shows that Axie Infinity whales have made spirited efforts to scale the $5 resistance. In fact, they had started to stack up their bags weeks before the much-heralded Grayscale ruling flipped the market momentum.
The cluster of Axie Infinity whales holding 100,000 to 1,000,000 coins has been buying since August 16. As shown below, between August 16 and August 30, they added 1.63 million tokens to their cumulative AXS balances.
With AXS currently trading around $4.91, the newly-acquired 1.63 million tokens are worth nearly $8 million. Notably, the recent trading patterns of this whale cohort have been closely correlated to price action.
Hence, if they can keep up their positive disposition, AXS
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Author: Ibrahim Ajibade
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