What's next for Axelar?
Key Takeaways
- Axelar announced a new partnership with Ripple.
- Its native token, AXL, reached an all-time high on the partnership news.
- One Axelar price prediction says it may reach $1.62 in 2025.
Ripple and Axelar have announced a strategic partnership earlier this year to ensure seamless interoperability on the XRP Ledger (XRPL) across different blockchain networks.
The goal of the collaboration is to create a more interconnected blockchain ecosystem, allowing developers to explore new possibilities for application integration and development.
This effort also aims to expand the use and influence of the XRP Ledger across the broader financial services landscape. Let’s see all the details below.
Will this new partnership boost AXL? On July 12 2024, Axelar was worth about $0.616.
Axelar did not respond to a request for comment.
Let’s take a look at our Axelar price predictions, made on July 12, 2024. We will also examine the Axelar price history and talk a little about what Axelar is and what it does.
Axelar Price Prediction
Let’s examine some of the Axelar price predictions made by CCN on July 12, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum AXL Price Prediction | Average AXL Price Prediction | Maximum AXL Price Prediction | |
|---|---|---|---|
| 2024 | $0.56 | $1.07 | $1.36 |
| 2025 | $1.33 | $1.54 | $1.62 |
| 2030 | $4.20 | $4.49 | $4.67 |
Axelar Price Prediction for 2024
If the positive momentum continues and AXL breaks above its moving averages, it could reach targets between $0.56 and $1.36 by the end of 2024, with the average price set at $1.07.
Axelar Price Prediction for 2025
Technical analysis suggests a potential increase for Axelar in 2025. The minimum AXL price expected for 2025 is $1.33 while the maximum one is $1.62. On the other hand, the average forecast suggests it may reach $1.54.
Axelar Price Prediction for 2030
Based on technical analysis, the AXL token may reach a maximum level of $4.20 at the beginning of the next decade, while, in the worst scenario, it may go to $4.67. Meanwhile, the average expected price is $4.49.
Axelar Price Analysis
AXL’s uptrend is gaining momentum. The crucial support level at $0.45 held firm, demonstrating buying pressure.
If Bitcoin ($BTC) continues its bullish run, AXL is well-positioned to break through our next target of $0.97. This could be a significant breakout opportunity. The previous rally saw an impressive 680% increase.
Our technical analysis suggests a possible increase in Axelar’s price over the coming month. The 200-Day SMA, focused on long-term trends, is forecasted to reach $1.219968 by August 11, 2024. The 50-Day SMA, a shorter-term indicator, points to a potential price of $0.988204 by the same date.
Short Term Axelar Price Prediction
The Axelar price prediction for the next 24 hours offers a glimpse of potential growth, with estimates suggesting a surge of of 7% for the next day and a jump of 223% for the next month, expecting it to reach $1.994232 by August 11, 2024.
However, some red flags are present. Technical indicators hint at a bearish market sentiment, and the Fear & Greed Index reflects “Extreme Fear” among investors.
While Axelar has seen positive movement in nearly half of the past month, price volatility suggests some market instability. Given these mixed signals, a cautious approach is advisable before investing in Axelar.
Axelar Relative Strength Index (RSI): Is AXL Oversold or Undersold?
Axelar Price Performance Comparisons
| Current Price | One Year Ago | Price Change | |
|---|---|---|---|
| Axelar | $0.616 | $0.3656 | -+67% |
| Akash Network | $3.26 | $0.5545 | +491% |
| Celestia | $6.54 | $2.2043 | +212% |
| Immutable | $1.23 | $0.7662 | +74% |
Best Days and Months to Buy Axelar
We took a look at the Axelar price history and found the times when the price was at its lowest across certain days, months, quarters and even weeks in the year, indicating the best times to buy AXL.
| Day of the Week | Saturday |
| Week | 51 |
| Month | February |
| Quarter | Fourth |
Axelar Price History
Following that, let’s now take a look at some of the key dates in the Axelar price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Axelar price prediction.
| Time period | Axelar price |
|---|---|
| Last week (July 5, 2024) | $0.4792 |
| Last month (June 12, 2024) | $0.7564 |
| Three months ago (April 12, 2024) | $1.3245 |
| One year ago (July 12, 2024) | $0.3656 |
| Launch price (September 28, 2022) | $0.8516 |
| All-time high (March 4, 2024) | $2.3706 |
| All-time low (October 27, 2023) | $0.3142 |
Axelar Market Cap
The market capitalization, or market cap, is the sum of the total number of AXL in circulation multiplied by its price. On July 12, 2024, Axelar’s market cap was $442.5 million, making it the 122nd-largest crypto by that metric.
Who Owns the Most Axelar (AXL)?
On July 12, 2024, one wallet held 20.74% of the supply of Axelar.
Richest AXL Wallet Addresses
As of July 12, 2024, the five wallets with the most Axelar were
- 0xd2ff2d432a0078672cf4f9e2e97858a33cbdeebc. This wallet held 18,809,111 AXL, or 20.74% of the supply.
- 0x54d1774631980b22c85f13bfaf2f45291b22cbf9. This wallet held 12,060,460 AXL, or 13.30% of the supply.
- 0xb322919a3b4cf3f14dd6d75392a1142cc8a48b3c. This wallet held 5,357,143 AXL, or 5.91% of the supply.
- 0x42875ae5766dfd4d70772a3a956842e4b708d59a. This wallet held 4,997,318 AXL, or 5.51% of the supply.
- 0x8fefa9b97943dff5e8afda19aa5405ef235f395f. This wallet also held 2,500,000 AXL, or 2.76% of the supply.
Axelar Supply and Distribution
| Supply and Distribution | Figures |
|---|---|
| Total supply | 1,157,665,348 |
| Circulating supply (as of July 12, 2024) | 717,482,458 (60% of total supply) |
| Holder distribution | Top 10 holders owned 55% of total supply, as of July 12, 2024. |
From the Whitepaper
In its technical documentation, or whitepaper , Axelar says its stack provides a decentralized network, protocols, tools, and APIs that allow simple cross-chain communication. Axelar protocol suite consists of cross-border routing and transfer protocols.
It said: “A decentralized open network of validators powers the network; anyone can join, use it, and participate. Byzantine consensus, cryptography, and incentive mechanisms are designed to achieve high safety and liveness requirements unique for cross-chain requests.”
Axelar (AXL) Explained
AXL is the native, proof-of-stake token of Axelar network, supporting the smart-contract functionality that makes Axelar a programmable interchain layer spanning Web3.
Recently, Axelar Foundation published a detailed blog post summarizing the features of $AXL – what it is used for on Axelar network, and how benefits accrue to the tokenholders and validators who use the token to provide services supporting the network.
Unlike cross-chain bridges , Axelar enables General Message Passing (GMP) . This means applications that connect to the interchain can compose liquidity and compute across blockchains, connecting functionalities and networks seamlessly and securely.
How AXL Works
AXL is the native utility token that powers a secure cross-chain communication platform. AXL tokenholders provide decentralized security and governance, and receive rewards and fees.
Axelar builds on battle-tested proof-of-stake with layers of security and programmability, powered by AXL token.
AXL also pays for transactions on the blockchain. It can be staked in return for rewards, and it can also be bought, sold, and traded on exchanges.
Is Axelar a Good Investment?
It is hard to say. The coin has experienced some ups and down over recent months. Its announcement of a partnership with Ripple to ensure seamless interoperability on the XRP Ledger (XRPL) across multiple blockchain networks may sustain the coin price.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in AXL.
Will AXL Network go up or down?
No one can really tell right now. While the Axelar crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Axelar?
Before you decide whether or not to invest in Axelar, you will have to do your own research, not only on AXL, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Will AXL reach $10?
It might, but not soon. According to price predictions based on technical analysis, AXL would reach double digits in the next decade.
What is Axelar used for?
Axelar gives developers the power to easily build their own connections, customizing security, latency and other cross-chain rules in an open framework. Axelar enables this on a performant blockchain: programmable, secure and scalable.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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