The price of Axie Infinity (AXS) fell by 5% in April following a token unlock event. On-chain data indicates that the GameFi platform may struggle to reverse the downward trend. Selling pressure has risen on recognized exchanges after traders piled sell orders following the token unlock. There is an excess market supply of 52,000 AXS, and the inability to attract new demand means that prices are likely to continue to drop unless new buyers emerge. Network Growth, measured by the number of new wallet addresses created daily, has declined steeply, indicating a dearth of potential investors. The Global In/Out of the Money (GIOM) price data suggests that the AXS support level of $7.21 is critical, and if the market stays bearish, prices could slump to a 4-month low of $6.50. The bulls could invalidate the bearish narrative if they manage to scale the sell wall at $7.70. This article is for informational purposes only and should not be considered financial or investment advice.