Axelar Network’s native cryptocurrency, AXL, has surged by 12.75% to $1.21, with a market size of $781 million.
Over the past 24 hours, the value of AXL, the native cryptocurrency of the multichain platform Axelar Network that unifies Web3, has increased by 14%.
Axelar (AXL) Price Aiming for New All-Time High
As of this publication, the price of Axelar (AXL) has surged by 12.75% to $1.21, boasting a market size of $781 million. In addition, the daily trading volume for AXL has increased by 76% over the past 24 hours and it is currently at $38.5 million.
With the current spike in AXL’s price over the past 24 hours, the alternative cryptocurrency is getting closer to its significant resistance level of $1.26.
If the price of AXL is able to achieve a convincing breakthrough over $1.26, it has the potential to lay the groundwork for a new rally that will take it to its all-time highs and beyond.
After a confirmed breakout from the bearish pennant pattern that was recorded in the 12-hour timeframe, the Axelar technical chart implies that traders should be ready for a bullish trend in AXL.
We observed and confirmed the pattern, which is why we are confident. During the month of February, the price of AXL rose all the way up to $2.36 as a result of the tremendous amount of staking activity that occurred with the AXL tokens.
Since January 2024, the number of people who bet AXL has increased by more than 20%, going from five thousand monthly stakers to more than ten thousand.
32,100 distinct people have staked their AXL tokens, bringing the total number of stakeholders to 32,100. Over the course of the last thirty days, there have been a total of 1,800 new users, with an average of 56 new stakeholder members joining per day.
Just the past ten days have seen an additional 26 million AXL tokens staked, bringing the total to 759 million. This represents 66% of the total supply of AXL tokens.
On the other hand, there is a significant demand for asset tokenization at the moment, and major organizations such as BlackRock are examining this opportunity.
Axelar Network has made public its intention to establish a framework for interoperability that will enable it to connect all tokenization protocols with any blockchain, regardless of whether it is public or private.
They claim that their infrastructure will be programmable, scalable, safe, and transparent from beginning to end, ensuring seamless connectivity across a variety of digital blockchain networks.
Axelar demonstrates its capabilities by introducing itself as a platform that provides “secure cross-chain communication for Web3.” Axelar’s primary goal is to equip developers of owith a decentralized network and toolkit, specifically designed to facilitate smooth communication between chains via a range of protocols, tools, and application programming interfaces (APIs).
Three key components make up Axelar’s fundamental architecture: a decentralized network, a software development kit with protocols and application programming interfaces (APIs), and a set of gateway smart contracts intended to enable cross-chain linkage.
Axelar, a decentralized network of validators, extends an open invitation to participate. This invitation gives people the opportunity to contribute, construct, or enjoy the services this platform provides.
Application developers have access to a user-friendly application programming interface (API) that sits atop a permissionless network. This API is responsible for orchestrating message routing and maintaining network integrity through a proof-of-stake (PoS) consensus mechanism.
The ticker symbol AXL represents the native token of the Axelar network. Additionally, the protocol allows for the cross-chain transfer of a variety of native tokens by means of their wrapped ERC-20 counterparts.
These native tokens include AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon).