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Axie Infinity Top Holder Selling Could Signal Bearish Future for AXS

November 22 saw Axie Infinity (AXS) trading down 15% from its peak last week, dropping to $5.73. Experts are watching on-chain activity from top holders and what it could spell for price action moving forward.

Axie Infinity Top Holders

In September, the largest investors in the ecosystem were working to prevent a dip in the industry. But, on-chain data shows that the top 100 investors have been quietly selling off 1.05 million tokens since the start of November, bringing their combined balance to 551.26 million at press time on November 22. This decrease suggests a potential bearish future for AXS.

Real-Time Changes

On a broader scale, a decrease in top holders’ balances during a climb in price is a negative sign, indicating a lack of confidence in the project’s fundamentals. Additionally, retail traders are now following suit with sell orders.

Order Book Bearish Sentiment

There is a notable 2 million AXS sell-off confirmed by data which far outweighs the buy-orders at 1.83 million AXS. This trend indicates the bears are taking control.

AXS Price Prediction

Predictions show that further downside is expected, with current price distribution and buy/sell order shortfalls. GIOM data also suggests that the bulls could offer support around the $5.30 area. However, if top holders keep up their selling trend, a retest of $4 is anticipated.

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Hot Take: AXS Price Movement Overview

The future of Axie Infinity (AXS) is hanging in the balance as top investors and retail traders seem to be moving forward with plans to sell off significant amounts of tokens. If the current trend of decreasing holdings by the top 100 investors continues, it could signal a notable bearish turn for AXS prices, putting it at risk of a test of $4. However, if the bulls prove to be stronger at the $5.30 area, it could mean a more optimistic future for AXS prices.

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