Can Axie Infinity continue its 15% surge amid increasing network activity?

The number of active addresses on the Axie Infinity (AXS) network has nearly doubled in just the past 24 hours. Can the sudden surge in trading activity, along with the concentration of supply among large investors, sustain AXS's strong upward momentum?

The explosion of active addresses

Activity on the Axie Infinity network has experienced rapid growth in a short period. According to the latest data from Santiment, the number of active addresses on the network has nearly doubled compared to the previous day.

Source: Santiment Notably, this is not just a gradual increase but a sudden explosion. In most cases, such fluctuations often signal renewed investor participation. This could indicate that AXS investors are returning to the market or that large investors are preparing to rebalance their portfolios to anticipate a stronger upward trend.

Large investors dominate the market

Despite the significant increase in active addresses, the distribution of supply remains a key factor. For AXS, most recent transactions come from large investors, specifically wallets holding between 10,000 and 100,000 AXS – this group is controlling the majority of trading volume in the market.

This suggests a high likelihood of a strong price rally following. Typically, when large investors drive the increase in active addresses, it indicates accumulation rather than short-term speculation. Large investors tend to act with clear strategies and are rarely influenced by short-term volatility.

Source: Santiment The dominance of this large investor group reflects their growing confidence in the growth potential of AXS at current prices.

Will this rally continue?

Currently, AXS price has increased by over 15%. However, short-term corrections cannot be ruled out.

Nevertheless, the combination of a sharp rise in active addresses, dominance by large investors, and high trading volume suggests that the upward trend may persist. If large investors continue to lead network activity, the growth momentum could be maintained in the near future. Even if a short-term consolidation phase occurs, it does not diminish AXS's long-term prospects. Notably, the Stochastic RSI indicator for AXS has just bounced from the oversold region, further supporting the potential for continued growth.

Source: TradingView Currently, Axie Infinity is supported not only by price movements but also by positive on-chain data. These data indicate deliberate participation by investors, and such intentional activity often lays the groundwork for sustainable growth.