Axie Infinity $AXS rose more than 32% in the last 24 hours, driven by strong buying momentum and positive news, in summary.
1. Tokenomics: The review of the tokenomics for 2026 and the conversion to bAXS drive the recent 120% rally.
2. Market momentum: AXS rose by 32% with high volume, showing solid bullish technicals.
3. Profit-taking risk: The RSI is oversold and the increase in deposits on exchanges indicates a potential short-term profit withdrawal.
Positives
1. Tokenomics: The news of a planned restructuring of the tokenomics for 2026, which includes the conversion of rewards into a new utility token bAXS, has been a main catalyst, contributing to a rally exceeding 120% so far this year.
2. Market momentum: The price rose more than 32% in the last 24 hours, with a huge jump in volume, indicating robust buying interest and the continuation of the trend. The EMA and MACD technicals show solid bullish signals.
3. Whale activity: A whale was detected opening a significant long position, suggesting strong conviction. The increasing volume on DEX and activity within the Axie ecosystem are also fueling positive sentiment.
Risks
1. Oversold: The Relative Strength Index (RSI) across multiple timeframes is in the overbought zone (for example, RSI6 at 78.71), suggesting a potential pullback or consolidation in the short term.
2. Selling pressure: Increases in deposits on exchanges for AXS have been observed, indicating that some investors may be looking to take profits, which could generate selling pressure.
3. Distribution signals: Although the overall capital flow shows periods of net inflows, some recent short-term outflows were recorded, indicating a possible short-term distribution by those taking profits.
