Axie Infinity (AXS) has been one of the top performers in the cryptocurrency market over the past few days despite the choppy market conditions.
Bitcoin’s price has dropped below the $90k level, while Ether is trading below $3k once again. However, AXS has added over 100% to its value in the last seven days, outperforming the leading cryptocurrencies.
The bullish price action is strengthened by increasing whale accumulation volume. If the bulls maintain this momentum, AXS could rally towards the $3 psychological level.
AXS hits $2.5 amid rising whale accumulation
AXS, the native coin of the Axie Infinity ecosystem, is up by more than 6% in the last 24 hours and is now trading above $2.5 per coin. The rally comes despite Bitcoin and other leading cryptocurrencies recording losses since the start of the week.
According to Santiment’s Supply Distribution data, AXS has a bullish outlook thanks to growing whale accumulation.
The data shows that whales holding between 100,000 and 1 million AXS tokens, 1 million and 10 million AXS tokens, and 10 million and 100 million AXS tokens have accumulated a total of 100.56 million tokens from January 12 to January 22.
Furthermore, the Axie Infinity ecosystem trading volume topped $1 billion on January 17, the highest level since November 2024, and has been steady at around $713.59 million on Thursday.
The growing trading volume suggests an increase in traders’ interest and growing liquidity within the Axie Infinity ecosystem, adding extra bullish confluence for AXS.
AXS eyes $3 as bulls remain in control
The AXS/USD 4-hour chart is extremely bullish as Axie Infinity added 111% to its value in the last seven days.
The bullish structure came after AXS’s price broke above the descending trendline during the week.
AXS found support earlier this week and rallied 43% on Wednesday. At press time, the coin is trading at $2.56, up 6.5% in the last 24 hours.
If the bullish trend continues, AXS could rally towards the weekly resistance at $3.02 for the first time since July 2025.
An extended rally would allow AXS to target the resistance above $3.8.
The Relative Strength Index (RSI) on the 4-hour chart reads 71, which is above the overbought levels, indicating strong bullish momentum.
Moreover, the Moving Average Convergence Divergence (MACD) also exhibited a bullish crossover, further reinforcing the bullish outlook.
On the flip side, AXS could face a correction following its recent rally. If that happens, it could extend its decline towards the weekly support at $2.26.
The bulls will likely defend this support level, as failure to do this could see AXS retest the weekly low of $1.617, effectively erasing its recent gains.
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