Axelar Price Surge: Why Did AXL Jump Nearly 90% in a Day?

Axelar Token Surges 90% as Sui Bridge Launch and Upbit Listing Boost Momentum

In a dramatic turn of events for the interoperability-focused cryptocurrency sector, the Axelar token (AXL) surged nearly 90% within 24 hours, propelled by strategic developments in the network’s bridge integrations and exchange listings. On June 10, Axelar shot up to around $0.5950—a striking 84% increase compared to the previous day—and displayed an eye-catching 3,793% spike in trading volume, now exceeding $339.7 million. With its market valuation peaking at $584 million, sentiment across CoinMarketCap shows 86% of its community holding a bullish position .

Axelar, built on the Cosmos SDK and operating on a Delegated Proof‑of‑Stake (DPoS) consensus model, creates a decentralized network that enables seamless, secure communication between multiple blockchains. While its utility in cross-chain logistics has always been positioned as key, a recent surge in integrations and trading options has brought Axelar to the forefront of investor attention.

Source: CoinMarketCap

From $0.3343 to Nearly $0.60 — What Sparked the Surge?

Before this rally, AXL had been trading around $0.3343, with relatively modest volume. But several pivotal events converged in early June to propel the token higher:

1. Launch of the Sui Bridge: Strengthening Cross‑Chain Utility

On May 8, Axelar announced the successful deployment of a cross-chain bridge for Sui, a high-performance Layer‑1 blockchain known for its advanced Move-based architecture . The bridge integration was designed to foster unrestricted and secure transfer of Sui-native assets across multiple networks via Axelar’s infrastructure—boosting utility for both ecosystems.

Market data shows Sui’s Total Value Locked (TVL) rose by 21%, reaching $2.18 billion shortly after the bridge was launched. This integration not only deepened Axelar’s on-chain activity but elevated its relevance in the boom of cross-chain decentralized finance (DeFi).

2. Major Listing on Upbit Triggers Retail Surge

Soon after the bridge integration announcement, Axelar secured a listing on Upbit, South Korea’s largest cryptocurrency exchange. This introduction of AXL/KRW and AXL/USDT trading pairs opened Axelar to millions of new Korean retail investors.

Tokens that debut on high-profile exchanges often experience heightened demand and liquidity as new markets open up. The Upbit listing triggered a wave of fresh capital inflows, driving the token’s surge.

3. Technical Indicators Signal Bullish Momentum

From a technical perspective, Axelar’s chart displayed a classic breakout pattern on a surge in volume, with the Relative Strength Index (RSI) remaining in neutral territory—approximately at 60—which suggests that, despite the rapid price movement, the token hasn't yet entered overbought conditions .

Many traders interpret this as an ideal zone for continued upside, reinforcing short-term momentum.

Source: upbit

4. Overflowing Market Greed

Broad market sentiment also played a crucial role. The Crypto Fear & Greed Index rose to 64 (“Greed”) during the surge—an environment where investors enthusiastically deploy capital into rising assets. This sentiment cycle accelerated AXL’s rally, as more traders jumped in to catch the wave.

Evaluating Axelar’s Growth Drivers

Cross‑chain innovation and listing visibility have clearly set the stage for AXL’s sharp breakout, but a look under the hood reveals enduring fundamentals:

• Interoperability Infrastructure: Axelar's core offering—its cross-chain general message passing and token bridge—facilitates secure, scalable cooperation among over 35 blockchain networks.

• Sui Ecosystem Benefit: The Sui bridge magnifies this role, allowing asset issuers and applications on Sui to access liquidity and tools across the blockchain landscape.

• Revenue via Transaction Activity: Each cross-chain transaction generates gas fees in AXL, which are either burned or distributed to validator stakes—directly linking network usage to token value.

These forces point to a positive feedback loop: growing network activity boosts token demand, and strong infrastructure spurs further integration.

What Comes After the Rally?

Moving forward, Axelar participants—both traders and long-term supporters—should focus on:

1. Post-Listing Volatility
Listing on Upbit introduces both upside and risk. Enhanced liquidity may lead to speculative swings. Whales are reportedly rebalancing holdings, and social media buzz hints at possible short-term pullbacks.

2. Tracking Whale Activity
Large holders moving funds in and out of AXL could signal trend exhaustion or further buildup. On-chain monitoring tools can help observe these flows during the critical post-listing period.

3. Monitoring On‑Chain Metrics
Metrics like cross-chain transaction count and general message activity—available via Stratify or Axelarscan—are considered robust indicators of real usage, arguably even more reliable than TVL alone .

4. Broader Crypto Sentiment & Correlations
While sentiment is currently heated and may continue fueling rallies, rising rates or bearish macro news could derail momentum quickly. Vigilance across sentiment indices and correlated token classes is critical.

Can AXL Sustain the Gains?

Despite skyrocketing prices, certain conditions suggest durability:

• Healthy Volume on Exchanges: The explosive $339 million volume across major exchanges underscores vigorous participation .

• Neutral RSI: With RSI not yet overextended, there may be room for continuation before a deeper correction.

• Foundational Utility: Unlike speculative tokens, AXL’s utility as a bridge infrastructure offers long-term relevance.

At the same time, caution is warranted:

• Hype-Driven Temperature: Rapid price ascent can lead to quick reversals once momentum fades.

• Profit-Taking Waves: Whales may realize short-term profits post-listing and prompt sharp downward adjustments.

• Execution Risk: Sustained upward pressure depends on Axelar successfully leveraging its Sui integration and launching further bridges.

Broader Implications: A Turning Point for Interoperability

Axelar’s latest rally highlights a pivotal moment for the cross-chain narrative:

• High-impact network integrations, such as the Sui bridge, have tangible influence on token valuations.

• Exchange listings remain a powerful demand catalyst, especially in markets like South Korea.

• On-chain activity paired with tokenomics that reward usage may provide a more stable path to growth compared to speculative models.

Analysts now watch whether other blockchain ecosystems will replicate Sui’s pattern—leveraging bridges to elevate both utility and asset value. If so, Axelar might see more surges tied to fresh integrations.

Final Take

Axelar’s 90% price rebound results from a blend of strategic infrastructure deployment, exchange-access ramp-up, technical momentum, and bullish market sentiment. While short-term volatility is part of the narrative, deeper growth trends—including interoperability adoption—lend credence to its longer-term outlook.

As 24/7 trading across major venues unfolds, traders should monitor whale transactions, bridge activity, and sentiment metrics carefully. Ultimately, whether AXL stabilizes at higher levels or experiences a pullback, the broader significance is clear: in today’s market, tangible utility drives market appeal—and Axelar is on the leading edge of that movement.

Writer @Erlin

Erlin is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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