Recently, the performance of AXS has indeed been worth paying attention to. From the market perspective, AXS has recorded double-digit gains in the past few trading days. The most interesting aspect is the trading volume performance—continuously expanding and significantly higher than the 20-day moving average level. Volume leading the price, with the price following—this "active offensive upward" pattern indicates that funds are genuinely entering the market.

Looking at the trading structure, liquidity on a major exchange for AXS trading pairs has significantly improved, the bid-ask spread has narrowed, and the impact cost of large orders is decreasing. This is very friendly for institutional funds, making it easier to enter and exit.

But there is an even more critical signal—on-chain data is also expanding in volume. It’s not just a single whale pushing the market up, but active addresses and transfer frequency are continuously increasing, showing a "diffusive" growth in fund participation. This means the rise is not driven by a single whale but by genuine user and fund participation.

From a fundamental perspective, the Axie Infinity ecosystem is regaining market attention. Game mechanism optimizations and potential updates are strengthening the practical demand for AXS. This is not some superficial story restart, but real demand is flowing back.

The technical structure also provides confirmation signals. The price has completed a structural breakthrough of a key resistance zone, with volume expanding in sync, indicating that the trend has the conditions for continuation.