GameFi tokens were nearly forgotten after the brutal year of 2025. The sector ended the year down about 75%, which took most of the investors' interest. However, the upcoming year 2026 looks different.
The development of usage data and prices has quietly turned upward on a few game-centric blockchains. It's still early, but for the first time in months, the numbers suggest that GameFi may be stabilizing – led by a few tokens.
GameFi shows signs of life again – what is it about
The first sign is visible in on-chain usage.
When examining the early 2026 Dune analytics charts for EVM chains, one metric stood out: average transactions per active wallet. This measures the depth of activity, not just the number of wallets. For four consecutive days, B3, a gaming layer built on Base, has led across all major chains in this metric, surpassing Optimism, Mantle, Flow, and others.
This is important, as genuine gaming behavior is reflected in repeated actions by the same users.
Base confirms this signal. In addition to B3's dominant per-wallet activity, Base also ranked nearly at the top for total daily transactions during the same period, indicating that gaming activities are also driving overall network usage.
A similar development is also seen in Sei, another gaming chain. In recent days, Sei has consistently stood out in the number of daily unique addresses.
Upon closer inspection, DappRadar shows several Sei-based games significantly boosting their numbers of active wallets within 24 hours.
This is significant because GameFi dropped nearly 75% in 2025.
As the year 2026 begins, these signs are strengthening – among other things, according to experts like Yat Siu, chairman of Animoca Brands.
This does not yet mean that GameFi is in full swing. However, there are signs that the worst rejection phase is being left behind.
When asked what really affects the GameFi rebound and which signals investors should pay attention to in addition to short-term price movements, Animoca Brands CEO Robby Yung told BeInCrypto the following:
“In the GameFi sector, there generally needs to be a quality, engaging product behind the token (as always),” he noted.
This draws attention to the price. A small group of established GameFi tokens is already reacting to the developments.
Axie Infinity (AXS): rising sentiment and structural congruence.
Axie Infinity rises among the strongest leaders of the GameFi rebound. AXS has risen about 117% over the last seven days and has clearly performed better than other major gaming tokens as January progresses.
One reason for Axie's rise is the growing sentiment related to the community's changing attitude towards the project. On January 17th, AXS's positive sentiment rose to a value of 8.31, the highest level in over six months. Positive sentiment measures how often the token is discussed in a positive tone on social media and blockchain. Such large spikes typically indicate renewed interest, not just late speculation.
The change in sentiment is also related to a key factor that Robby Yung highlighted when commenting on Axie's recent strength:
“This time the catalyst was a change in AXS's tokenomics model, which received very positive feedback from the community and increased buying as the community re-engaged. This is clearly a grassroots movement,” he stated.
Sentiment reading has slightly stabilized but remains high compared to previous weeks, keeping the focus on AXS.
From a price perspective, AXS started a price rally at the beginning of January and is now consolidating after a sharp rise. This pause resembles a bull-flag structure, where the price digests the rise without breaking the trend. As long as higher lows are maintained, the pattern is more structural than exhausted.
Trend support is tightening. The 20-day exponential moving average (EMA) is rising towards the 100-day EMA, which often acts as a medium-term trend filter. If a confirmed bullish crossover occurs, it would reinforce the continuation of the upward trend. A clear daily close above $2.20 would indicate a breakout from consolidation and open up a rise towards $3.11 and potentially higher.
Invalidation levels are clearly defined. A prolonged drop below $1.98 would weaken the bullish structure. A deeper drop below $1.63 and ultimately below the 100-day moving average would invalidate the setup.
The Sandbox (SAND): Axie's directional influence extends to larger GameFi tokens.
Sandbox has begun to follow in the footsteps of Axie Infinity, reinforcing the notion that the GameFi rebound is spreading beyond a single token. SAND has risen about 27% over the last seven days and nearly 9% in the last 24 hours – especially one of the largest gaming tokens by market capitalization.
That order is significant. Axie moved first, and Sandbox reacted later, even though SAND is the largest by market capitalization. Robby Yung also described the dynamics of the sector, noting that Axie often sets the direction for broader GameFi movements.
“AXS is a clear leader in this category, so when movement is seen there, it is likely good news for the entire sector,” he said.
On-chain data supports a positive outlook. From January 16th, SAND's exchange flows have clearly reversed. At the beginning of the month, net investments into exchanges were around 4.36 million SAND, indicating active selling. Now the situation has reversed, with net flows showing about 2.33 million SAND withdrawals, meaning tokens are being moved off exchanges rather than being sold.
Rising buying pressure alongside price strength is a positive signal, especially for a large market cap token.
From a price structure perspective, SAND is forming a cup-and-handle pattern, i.e., a second breakout formation. A rounded bottom developed in December, followed by a strong rebound in January. Now the price is consolidating in the 'handle' area. A clear daily close above $0.168 would break the neck line and open up a rise towards $0.190, and possibly continuation all the way to $0.227.
Invalidation is clear. If $0.145 is lost, the structure weakens. A drop below $0.106 would completely invalidate the upward setup.
Decentraland (MANA): whale accumulation indicates early positioning.
Decentraland is the weakest performer in the short term among leading GameFi tokens, but this may be why it attracts large investors. MANA has risen about 7% in the last 24 hours and about 15% in the last week, lagging behind Axie Infinity and Sandbox in percentage terms.
Notably, large investors are positioning themselves during this relatively weak development.
From January 17th, wallets holding large MANA reserves have increased their community holdings from about 1.00 billion tokens to 1.02 billion, an increase of about 20 million MANA, nearly 3.2 million dollars in just a few days. At one point, large balances rose to as high as 1.03 billion before a slight easing. This dip was shallow and was followed by a new accumulation phase, indicating positioning rather than distribution.
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From a price structure perspective, MANA appears to be breaking out of an inverse head-and-shoulders pattern on a daily basis. This pattern often signifies a transition from a downtrend to a recovery, as long as it holds. The breakout area is near $0.159, and strength increases as daily levels are reached at higher levels.
To confirm, MANA needs a daily close above $0.161. If this happens, upward targets open up around $0.177, $0.20, and possibly $0.221, and a broader GameFi trend could raise resistance levels even near $0.24.
A drop back below $0.152 would weaken the breakout, while a decline below $0.137 would invalidate the entire structure.
MANA may be the last to move among the group, but whale behavior suggests that the situation could change rapidly if the GameFi narrative gains momentum again.