- Axie Infinity’s number of users is making a quick recovery in the past few months.
- Unique Active Wallets (UAW) have jumped by 31% in the past 30 days.
- Players are likely taking advantage of the rising SLP and AXS token prices.
The Axie Infinity (AXS) token price continued recovering on Monday as its ecosystem came back to life. The AXS coin price surged to a high of $8.27, the highest point since April this year. At its highest point, AXS was up by over 112% from its lowest point this year.
Axie Infinity users are rising
Axie Infinity, one of the biggest players in the blockchain gaming industry, is showing signs of life. The most recent data, compiled by DappRadar, shows that the number of interactions with the network is recovering.
Unique Active Wallets (UAW) in the past seven days jumped by over 24% in the past 7 days to over 42.1k. In this period, the number of transactions in the network has soared by over 42% to over 370.9k. Total volume soared by 65% to $15.94k.
In the past 30 days, the number of UAW jumped by 31% to over 75k while total transactions have risen by 13% to 1.4 million and total volume spiked by 110% to more than $50 million.
These numbers mean that the ecosystem is coming back to life again as cryptocurrency prices rebound. In addition to AXS token, the Smooth Love Potion (SLP) has spiked to $0.0025, which was 187% from its lowest point this year.
Therefore, a likely reason why more people are using Axie Infinity is that rewards have gained value in this crypto rally.
Axie Infinity token has also risen because of the ongoing crypto bull run. Bitcoin price rose to $38,445 during the weekend, the highest level since April 2022. It has more than doubled from last year’s low.
A key challenge for AXS token holders is the ongoing unlocking event that has flooded the market with tokens. In October, over 15 million tokens worth over $109 million were unlocked.
Axie Infinity price forecast
The daily chart shows that the AXS token price bottomed at $3.96 this year and has now been in a recovery mode. Along the way, the token has risen above several important milestones. It recently flipped the important resistance point at $5.68 (November 2022 low) into a support.
On Monday, Axie Infinity price jumped above the resistance point at $6.90, the highest level on July 14th.
Further, the coin has moved above the 50-day and 25-day moving averages, which is a bullish sign. The Relative Strength Index (RSI) is nearing the overbought point. Therefore, the outlook for the AXS token is bullish, with the initial target being at $8.23.
Contributors
