Axie Infinity (AXS) Experiences Surge in Gamer Profits and User Activity

Axie Infinity (AXS), a leading name in the GameFi sector, has recently witnessed a remarkable upswing in both its token price and gamer profits, sparking discussions about a potential comeback in the GameFi world. This article delves into the on-chain data, gamer profits, and the future price predictions for AXS, providing a comprehensive analysis of the current state of affairs.

Axie Infinity’s Price and User Activity Surge: The AXS token hit a two-year low at $4.20 in early September, reflecting a period of waning interest in the GameFi sector. However, recent on-chain data indicates a resurgence, with AXS experiencing a 43% price increase over the last 10 days, moving from $4.1 to $5.85 between October 19 and October 30.

This price movement is supported by a significant increase in active gamers within the Axie Infinity ecosystem. The number of daily active addresses interacting on the gaming network has risen consistently since mid-October, reaching a 100-day peak of 484 addresses on October 29. This heightened activity suggests a genuine interest and engagement in the platform, rather than a mere reflection of the broader crypto market rally.

Gamer Profits Reach 20-Month High: The Axie Infinity ecosystem utilizes a separate token, the Smooth Love Potion (SLP), for in-game asset trading. The profits accrued by SLP token holders have outpaced AXS’s price gains, with a 53% increase in unrealized profits for those who acquired SLP in the last 30 days. This is the highest level since February 2022, indicating a strong comeback for the GameFi sector.

Interestingly, the current state of SLP profits suggests that gamers are opting to hold onto their assets, potentially for higher future gains or for in-game transactions, rather than cashing in on their current profits. This behavior is a positive sign for the Axie Infinity ecosystem, indicating a belief in the platform’s long-term value and potential for further growth.

AXS Price Prediction

Aiming for $10? The on-chain data and gamer behavior suggest that AXS is well-positioned for further price growth. The Global In/Out of the Money (GIOM) data indicates that the $7 price level poses the largest resistance to the ongoing rally, with a significant number of addresses having purchased AXS at this price point.

If these holders choose to sell as the price approaches $7, it could result in a pull-back. However, if they continue to hold, AXS has the potential to reach $10 for the first time since March 2023. On the downside, a price retracement below $4 could find support around $4.65, where a substantial number of current holders have their investments.

The recent surge in both AXS price and gamer profits within the Axie Infinity ecosystem is a promising sign for the GameFi sector, suggesting a potential comeback. The increase in active users and the holding behavior of SLP token holders indicate a genuine interest and belief in the platform’s value. As the crypto world closely watches, Axie Infinity stands as a testament to the potential resurgence of GameFi, with all eyes on whether it can sustain this momentum and break through key resistance levels in the near future.

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