This week, Axie Infinity (AXS) price dipped below the critical $7 support level. While current demand is weak, on-chain data shows multiple green signals suggesting an imminent rebound. Can AXS reclaim the $7 milestone in the coming days?
After a price pump triggered by its Apple AppStore listing on May 17, Axie Infinity (AXS) bears now appear to have seized market control. AXS price is down 18% from the recent high of $7.7 recorded on May 17.
Despite the price drop, new users have continued to troop into the Axie Infinity GameFi ecosystem. With losses now approaching alarming levels, will AXS holders trigger a price rebound if they stop selling?
Axie Infinity is Still Attracting New Users
According to the underlying on-chain data, the recent price decline has not caused a major deterioration in Axie Infinity network activity.
The Active Addresses (7d) chart below shows that AXS has continued to attract new users…
