AXS rallies 15% as active addresses double; large holders drive activity
Axie Infinity (AXS) saw a sharp uptick in on-chain activity as active addresses nearly doubled within 24 hours, according to Santiment data. The surge accompanied a more than 15% price gain. Most of the increased trading volume was concentrated in large wallets holding 10,000–100,000 AXS, suggesting accumulation rather than short-term speculation. Analysts note that large-holder dominance, rising active-address counts, and a Stochastic RSI bounce from oversold levels point to a probable continuation of the bullish run, though short-term pullbacks or consolidation remain possible. Traders should watch whether large holders keep leading network activity, which would likely sustain upward momentum.
Bullish
The report highlights two bullish on-chain signals: active addresses nearly doubled and trading was dominated by large holders (10,000–100,000 AXS). Historically, spikes in active addresses driven by accumulation from large wallets often precede sustained price rallies because large holders tend to buy with intent and reduce circulating supply available to retail sellers. The Stochastic RSI bouncing from oversold adds a technical confirmation that momentum may continue. Short-term risks remain — sharp intraday gains often trigger profit-taking and consolidation — but if large holders continue to lead activity and accumulate, the medium-term bias is positive. For traders: expect potential continuation of the rally with intermittent pullbacks; monitor whale wallet flows, active-address trends, and on-chain volume for confirmation. Similar patterns were seen in past altcoin rallies where whale accumulation and rising active addresses preceded extended uptrends.