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Axelar (AXL) price has surged in the past few weeks as demand for cryptocurrencies jump. The token jumped to a high of $1.2797, a record high. It has risen by more than 280% from its lowest point this year. This rally has brought its total market cap to over $611 million.
Why is AXL token rising
Axelar is a leading player in the crypto industry. Unlike other networks, Axelar works behind the scenes to power the biggest platforms in the industry. It describes itself as Stripe for the blockchain industry. Stripe is a fintech company that processes payments for companies like Amazon, Shopify, Salesforce, and Google.
Axelar powers some of the best-known platforms in the industry. Some of the top dApps in the ecosystem are dYdX, PancakeSwap, KyberSwap, Pangolin, and Lido. Others in the ecosystem are Seedify, Kado, and Decentraland.
Therefore, Axelar price is rising as more networks continue to rise. The most recent integration was Vertex Protocol, which is one of the biggest DEX in the world. It also partnered with Centrifuge, a platform for Real World Assets (RWA). It was also listed by Upbit.
With the integration of @vertex_protocol, DEXs building with Axelar network are handling more than half the total 24h market volume on any given day 🦾https://t.co/Tm1HR2HOPr
— Axelar Network (@axelarnetwork) December 12, 2023
What this means for the cross-chain narrative 🧵 👇
Axelar price has also jumped because of the growing DeFi ecosystem. Data by DeFi Llama shows that Axelar has grown its Total Value Locked (TVL) surge to more than $613 million, which is a record high. The number of weekly commits in the ecosystem has risen to 207.
Most importantly, Axelar token price has risen because of the ongoing crypto bonanza, which has seen most tokens rise. Bitcoin has moved to over $43,000 while the total market cap in the ecosystem jumped to over $1.7 trillion.
Cryptocurrencies are going through major tailwinds, including falling inflation, upcoming Bitcoin ETF, and the upcoming Bitcoin halving. All this has led to the Fear of Missing Out (FOMO).
Axelar price forecast
AXL chart by TradingView
The daily chart shows that the AXL token price has been in a strong uptrend in the past few weeks. Most recently, the token flipped the important resistance point at $1.036 into support. This was a crucial level since it was its highest point in February this year.
Axelar remains above the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has moved above the key resistance point at 70. Therefore, the outlook for the coin is bullish, with the next point to watch being at $1.50. The stop-loss of this price is at $1.0367.
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