Akash Network (AKT) Price Jumps 20% With Strong Trading Volumes, What’s Next?

In the last 24 hours, the Akash Network (AKT) token has registered an impressive price rally recording a 20% surge and breaking past the crucial resistance of $5.0. As of press time, the Akash Network (AKT) price is trading at $5.66 with a market cap of $1.336 trillion with its daily trading volume skyrocketing 350% all the way to $232 million.

What’s Behind the Akash Network (AKT) Price Surge?

The team behind the project shared quarterly revenue growth for Akash Network on their X account. They reported significant growth within the $AKT ecosystem, generating over $140k in revenue during Q1 2024. This growth is attributed to increasing interest in DePIN and rising demand from developers, leading to higher usage of the AKT token.

Quarterly Revenue Growth of @akashnet_: a QoQ analysis

🔹The $AKT ecosystem has been growing significantly QoQ, with a revenue of over 140,000 USD in Q1 2024
🔸Increasing interest in DePin, coupled with growing developer demand, results in higher usage of $AKT pic.twitter.com/NP4KnFK22n

— House of Chimera (@HouseofChimera) May 9, 2024

Additionally, on May 8, the Akash Network team provided details about Praetor, a user-friendly platform for setting up a provider on Akash. Praetor App simplifies the process of becoming an Akash Network cloud provider by offering a streamlined UI. It also eliminates the need for Command-line Interface usage. The team noted that since merging with Overclock Labs in April, efforts to open-source Praetor are well underway.

The team shared comprehensive insights into the product strategy of the Praetor App (Akash Provider Console) on GitHub. According to the post, the Overclock and Praetor teams have collaborated closely to synchronize their product strategy and roadmap.

AKT Price Rally to Continue?

In the last 24 hours, Akash Network (AKT) has surged by 15.63%, reaching a current trading price of $5.64. The token has surpassed a diagonal trendline on the 4-hour timeframe and is striving to maintain the previous week’s high of $5.095 as a support level. According to TraderAAG, if AKT falls below this support, there might be a chance for a retest of the trendline, offering a potential opportunity to increase positions.

Trader Andrew Griffiths has recognized a cup and handle formation for AKT, forecasting an upward target ranging from $7.9 to $12.1.

#AKT AKT is prepping for a huge move as I look back on my old cup and handle setup from a while back. The upside projection remains between 7.9$-12.1$.#AKTUSD
Find More Tools On https://t.co/Gg38wPHMeL, DM me to JOIN pic.twitter.com/jYImyoJniv

— Andrew Griffiths (@AndrewGriUK) May 7, 2024

Decilizer, an analyst, observes AKT’s resilience amid Bitcoin’s decline, noting a firm support level at $4.5. The analyst predicts a clear trajectory towards the $6.2 target if Bitcoin’s bullish trend persists. Historical data indicates that AKT has previously yielded a 21x profit in similar scenarios.