The price of Axelar (AXL), a programmable blockchain interoperability platform, has been in a downtrend since December 16, falling by 40% and experiencing monthly losses of 27.8%. On-chain metrics suggest that the asset could face more downward pressure, as its DeFi ecosystem has lost a significant amount of value over the past month and AXL traders have been moving their holdings to exchanges. Social sentiment surrounding the altcoin has turned bearish, and demand among derivative traders has decreased. The recent decline in AXL's price is also influenced by the overall risk-off sentiment in the market due to the Federal Reserve's hawkish stance on interest rate cuts and rising bond yields. Despite these factors, whales have shown increased interest in AXL, and if Bitcoin stages a strong rebound, AXL could also recover.



Other News from Today