Axelar’s native cryptocurrency, AXL, has experienced a significant price surge of over 14% within a 24-hour period, now trading at $1.21. This bullish activity has elevated its market capitalization to approximately $781 million, showcasing a robust uptick in investor interest and market dynamics.
Transactional Growth and Resistance Levels
AXL’s daily transaction volume has seen a stunning 76% rise, currently valued at $38.5 million. This surge in transactions positions the altcoin near a critical resistance point at $1.26, which, if breached decisively, may pave the way for new record highs. Technical analyses indicate a potentially sustained uptrend should AXL clear this resistance.
Staking Surge and Technical Indicators
From a technical standpoint, Axelar’s chart hints at an impending continued rise following a breakout from a bear flag pattern. The number of AXL stakers has sharply increased, doubling since January 2024, which correlates with a previous price peak at $2.36 in February driven by high staking activity. Currently, over 32,100 users actively stake AXL tokens.
Practical Insights for Users
- Investors should monitor the $1.26 resistance level closely for potential buying opportunities.
- Staking AXL tokens may offer additional returns, especially during periods of increased token price.
- Continued growth in transaction volumes can be a positive signal for the asset’s liquidity and investor interest.
Moreover, the recent increase in staking participants contributes to the asset’s robust ecosystem growth. Over the last 10 days, 26 million additional AXL tokens have been staked, making up 66% of its total supply. This indicates strong community trust and a bullish outlook among holders.
In the backdrop of growing institutional interest in blockchain technologies and asset tokenization, Axelar Network aims to enhance interoperability across various blockchain platforms. Its mission is to facilitate seamless connectivity and transaction efficacy across both public and private blockchains, promising a scalable and secure infrastructure.
