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Following Grayscale’s groundbreaking victory, the price of Axie Infinity (AXS) continues to stay below $5 while not affecting long-term holders. On-chain data shows whether AXS bulls will be able to surpass the $5 selling wall in the coming days.
Critical Price Data for AXS!
While the cryptocurrency market recovered on August 29, Axie Infinity (AXS) price also experienced a significant jump of 4%. However, bears made great efforts to resist a breakout and caused a drop below the critical $5 resistance level. Will the rise of whale investors be able to alleviate the selling pressure of long-term AXS holders in the upcoming weeks?
On-chain data indicates that Axie Infinity whales have made significant efforts to scale the $5 resistance. Moreover, they started accumulating their bags weeks before Grayscale’s decision reversed the market momentum. The cluster of Axie Infinity whales holding between 100,000 and 1,000,000 tokens has been buying since August 16. As shown below, they added 1.63 million tokens to their cumulative AXS balances between August 16 and August 30.
While AXS is currently trading around $4.91, the newly acquired 1.63 million tokens are worth approximately $8 million. Especially, the recent trading patterns of this whale group may be closely related to price movements. Therefore, if they can maintain their positive trend, AXS price can potentially gain further in the upcoming weeks.
Which Way for AXS Data?
The downward trading activity among long-term AXS holders this week shows the efforts of bullish whales. Additionally, Axie Infinity has recorded noticeable increases in the Age Consumed in the past few days. AXS Age Consumed surpassed 34 million on August 28. This is the highest level since August 14, when the 104.82 million, triggering a 20% price correction, was recorded.
Age Consumed is a critical on-chain metric that tracks changes in trading activity among long-term holders. Recently traded tokens are obtained by multiplying the number of days since they were last moved. Sudden increases in Age Consumed may indicate that most of the long-held tokens were bought and sold during this period.
The multiple increases in AXS Age Consumed this week may indicate that many long-term investors have taken advantage of the price jump for cash outflows. In summary, the withdrawal of long-term investors may pose a significant resistance against the efforts of bullish whales. If both groups do not change their current stance, the AXS price trend is likely to remain neutral in the upcoming weeks.
