The Axelar (AXL) token nearly doubled in price within a day. The main growth occurred following its listing on the Upbit exchange and the launch of a cross-chain bridge with the Sui network.
Amid the news, the token’s daily trading volume surged nearly 51 times, exceeding $583 million. Market capitalization reached $480.37 million.
Sharp Rise After a Period of Stagnation
Before the surge, the token’s price hovered around $0.33. Then, within a short time, it climbed to $0.61, a nearly 90% increase in 24 hours. At the same time, AXL trading volume jumped by 3,793%, rising to $339.7 million. According to CoinMarketCap, 86% of market participants are bullish on the token.
At the time of writing, AXL’s price had slightly corrected to $0.48.
Integration With Sui
One of the drivers was the launch of the bridge between Axelar and Sui networks, which went live on May 8. This expanded cross-chain transfer capabilities and strengthened Axelar’s position as an infrastructure solution. According to DefiLlama, after the bridge launch, Sui’s TVL increased by 21%, reaching $2.18 billion.
Listing on Upbit
Another key factor was the token’s listing on Upbit, South Korea’s largest crypto exchange. As of June 10, AXL/KRW trading became available. Reports say that trading volume exceeded $220 million in the first few hours, and the AXL pair ranked third by volume on the platform, surpassing BTC/KRW and XRP/KRW.
Listing on a local exchange gave retail investors in South Korea access to the token, increasing domestic demand. At the same time, the asset became one of the most discussed topics on regional crypto platforms and social media.
Institutional Interest and Deutsche Bank
Another factor was Axelar’s mention in a Deutsche Bank report on asset tokenization. The project was cited as a “reliable cross-chain solution for the full deployment of infrastructure.”
Previously, the project was developed by the Interop Labs team, with investors including Dragonfly, Polychain, Binance Labs, and Coinbase Ventures.
Technical Breakout and Rising Market Greed
Despite the price surge, AXL’s technical indicators remained in the neutral zone. RSI did not signal that the asset was overheated. This reinforced traders’ confidence, prompting them to enter the token in hopes of continued momentum. The Fear and Greed Index reached 65, which corresponds to the "greed" zone, a time when interest in altcoins traditionally increases.
Volatility Risks and Whale Movements
Amid the wave of interest in AXL, signs of activity among large holders have appeared. Investors continue monitoring wallet movements and responses to the listing. Volatility remains high: on the one hand, there’s a surge in demand, while on the other, there are concerns about overbought conditions and profit-taking.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
