Can Axelar (AXL) Sustain Its Rally, or Is It Just a Temporary Spike from the Upbit Listing?

• Axelar (AXL) price rallied over 100%, jumping from around $0.30 to $0.6217, its highest since January 2024.
• The major rally was triggered by Axelar’s listing on Upbit, South Korea’s largest crypto exchange.

The cryptocurrency market has seen renewed momentum this week, with Bitcoin’s return to the $110,000 range prompting a rally across several major altcoins. Among the notable gainers is Axelar (AXL), which has now marked its second consecutive day of gains following its listing on Upbit, South Korea’s largest digital asset exchange.

Over the past few days, Axelar has recorded strong gains, reaching a high of $0.6217, its highest level since January 26 and reflecting a 116% increase from this year’s low of $0.2875. Although the price has since cooled, swinging 30.31% between $0.4771 and $0.6217, before pulling back to its current price of $0.4926, about a 2% decline from the day’s peak.

Despite the short-term retracement, Axelar has posted impressive weekly gains of over 50%, and is up nearly 20% for the month. AXL market capitalization currently stands at approximately $433 million, while its daily trading volume has skyrocketed over 642% in the last 24 hours to $594 million.

The sharp rally in Axelar follows its recent listing on Upbit, South Korea’s largest cryptocurrency exchange. The June 10 listing sparked an immediate reaction in both price and market activity, with AXL rallying over 70% within hours and daily active addresses grew by over 900%, indicating renewed user engagement.

Will Axelar (AXL) Hold Support or Slide Toward Deeper Levels?

Axelar (AXL) experienced a dramatic breakout, rallying from approximately $0.30 to a peak of $0.6217, marking a massive gain of over 100% within a short period. Following this explosive move, the price has entered a consolidation phase on the 4-hour chart, forming a descending flag pattern, a classic bullish continuation setup. Currently AXL is trading around $0.4940 with strong support near $0.475 and major resistance at $0.525.

Zooming in, Axelar technical indicators remain supportive of a potential second leg higher. The RSI is holding around 63, showing there’s still room before entering overbought territory again. Meanwhile, the MACD remains in bullish territory, though momentum has cooled. The Chaikin Money Flow (CMF) reads +0.10, suggesting capital is still flowing into the asset.

If AXL breaks above the $0.5250 level with renewed volume, it could retest the recent high of $0.6217 and potentially push AXL toward the $0.70 psychological resistance. However, a breakdown below $0.475 could signal a deeper retracement toward the $0.40–$0.42 support zone.

Overall, Axelar remains in a bullish structure, with the current consolidation phase likely setting the stage for its next big move.