Axie Infinity (AXS) is facing mixed sentiment today, with a potentially bearish outlook in the short term due to significant token unlocks. This October, over $71 million worth of AXS tokens (about 11.5% of its circulating supply) are being unlocked. This move could increase selling pressure, affecting price performance as the market absorbs the new supply. However, AXS has shown recent ecosystem growth, including staking increases and deflationary measures like burning 43 million SLP tokens.
Technically, AXS indicators suggest a neutral or slightly bullish trend. Key technical signals, such as the Relative Strength Index (RSI), suggest buying pressure, but many indicators remain neutral.
For now, the market remains cautious, with potential for both short-term dips and long-term recovery. Keep an eye on market reactions to the token unlocks.
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