Axie Infinity's token AXS has seen a significant rebound in recent trading days, with a single-day increase of 23.13% and trading volume surging by 630.63% to $127.54 million. At the time of writing, AXS was trading at $1.16, with a market capitalization of $201.94 million, ending several weeks of relatively sluggish performance.

Futures open interest rose in tandem

As prices rose, activity in the derivatives market also increased significantly. Data shows that AXS open interest increased by 91.02% to $38.64 million, indicating that more funds are entering the futures market.

The price increase accompanied by an increase in open interest usually indicates that new positions are accumulating in the market, rather than just existing traders closing out their positions. This also suggests that short-term trading funds are paying more attention to AXS.

Exchange reserves continue to decline

On-chain data shows that the amount of AXS held by exchanges continues to decrease. The latest data shows that exchange reserves have decreased by 29.27%, falling to 8.473 million AXS.

A decrease in exchange reserves usually means that some holders are transferring their tokens out of the trading platform, thus reducing the number of tokens available for immediate sale. This change often corresponds to a short-term pullback in selling pressure.

$1.203 becomes short-term resistance.

In terms of price movement, AXS has broken through the descending channel that had been suppressing the market since June. Previously, buying pressure held support around $0.882, subsequently pushing the price back to the current range.

Currently, $1.203 is the first key resistance level facing AXS. In terms of technical indicators, the MACD has formed a bullish crossover, with the histogram turning positive; the Parabolic SAR has also moved below the price, indicating that the previous downward trend has weakened.