The number of Active Addresses on the Axie Infinity [AXS] network has nearly doubled over the last 24 hours.
Could the surge in trading activity, combined with the concentration of supply among large holders, ensure that AXS maintains its bullish momentum?
Active addresses surge sharply
Axie Infinity’s network activity has expanded rapidly in a short time. According to the recent Santiment trading activity data, the number of active addresses on the network has almost doubled compared to the previous day.
That’s not a gradual surge by a sudden spike. In most cases, such moves tend to signal renewed participation. Either AXS traders are rotating back in, or large players are repositioning for a bigger move.
Source: Santiment
Large players take control
Despite the rise in active addresses, supply distribution plays a crucial role. In the case of AXS, most of the recent activity comes from large holders, with wallets containing between 10,000 and 100,000 AXS dominating the trading volume.
That said, a bigger explosive bullish continuation is more than likely to follow. Usually, when large players drive address growth, it signals accumulation rather than speculation. These participants tend to move with intent, and they rarely chase short-term noise.
The large players’ dominance suggests increased confidence among the AXS in current price levels.
Can the rally extend?
At press time, AXS prices gained more than 15%, yet near-term pullbacks remain possible.
However, the combination of surging active addresses, large-holder dominance, and strong trading activity points to a bullish run continuation.
If large players continue to lead network activity, momentum could carry forward. A brief consolidation would not necessarily weaken the trend. Moreso, given that the token’s Stochastic RSI has just bounced off from an oversold region
For now, Axie Infinity appears supported by more than just price action. The on-chain signals suggest intent. And intent often comes before extension.
Final Thoughts
- AXS active addresses nearly doubled within 24 hours.
- Large holders dominated the market activity as AXS prices posted a 15% daily gain.
