Key Takeaways:
- AXS surged 21% overnight, breaking above a months-long descending trendline
- Terrariums V1 launch and bAXS rewards distribution drove the rally
- Futures volume jumped 900%+ as open interest rose nearly 95%
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AXS rallies 21% as Terrariums V1 launch reignites GameFi interest
AXS, the native token of the Axie Infinity ecosystem on the Ethereum sidechain Ronin, rose 21% in the 24 hours to 06:30 UTC on June 20, breaking above a descending trendline that had capped recovery attempts for weeks. The token was trading near $1.50 resistance, according to CoinGecko data.
"The launch of Terrariums V1 introduces a passive land management system where users deploy Axies to generate Atia's Flame, creating a structured reward economy," Jason Wu, on-chain analyst at Edgen, said. "Combined with the first bAXS distribution going live, the ecosystem now offers two new incentive layers beyond simple token trading."
Futures volume surged more than 900% over the past 24 hours while open interest jumped nearly 95%, Coinglass data shows. The simultaneous rise in price and open interest suggests fresh capital entering the market rather than short covering alone. The previous descending trendline had repeatedly rejected recovery attempts, making the breakout on strong volume a structurally significant shift in momentum.
The rally marks a potential turning point for GameFi, a sector that has struggled to compete with AI, meme coins, and real-world asset narratives over the past two years. AXS now faces its next resistance zone near $1.50, a level that previously acted as both support and resistance. A sustained push above that region could expose the $1.90 to $2.00 area. The Terrariums update and bAXS rewards program will need to demonstrate sustained user engagement for the breakout to hold, with on-chain metrics such as active addresses and transaction volume serving as key indicators in the coming weeks.
This article is for informational purposes only and does not constitute investment advice.
