Akash Network’s Native Token, AKT, Sees Impressive Gains
Akash Network’s native token, AKT, has experienced significant gains after hitting a low of $2.3 on January 22nd. Currently, AKT is up by 13% in the past 24 hours and is trading at $2.7. Its market cap has once again exceeded $600 million after a sharp decline over the weekend. As of now, AKT holds the 94th position among the top cryptocurrencies.
AKT’s Price Rally Amid Decreasing Social Volume
On-chain data reveals that the cloud computing platform currently has only 100 active validators out of a total of 253 for Akash Network. Despite this, AKT’s price surge coincided with a 37% drop in social volume over the past 24 hours. Furthermore, there has been little development activity on the “Supercloud” platform since mid-October 2023.
Increased Selling Pressure and RSI Surge
Data from Santiment indicates that AKT is facing slightly increased selling pressure as it emerges as the top gainer among the top 100 digital assets. The Relative Strength Index (RSI) for AKT rose from 31 to 41 within the past day. To maintain its bullish momentum, AKT’s RSI should stay below the 50 mark.
AKT’s Price Surge amidst Declining Crypto Market Cap
While AKT experiences a price surge, the global crypto market cap has decreased by 1.8% in the last 24 hours, hovering around $1.62 trillion. Bitcoin (BTC) has fallen below $40,000 once again due to the Grayscale Bitcoin Trust (GBTC) selloff following the BTC ETF approval.
Hot Take: AKT Continues to Shine with Impressive Gains
Akash Network’s native token, AKT, has been on a remarkable upward trend, showcasing impressive gains. Despite a decrease in social volume and limited development activity, AKT’s price rally remains strong. With a surge in Relative Strength Index (RSI), AKT continues to outperform other digital assets. As the global crypto market cap declines, AKT’s resilience stands out. This positive momentum positions AKT as a token to watch closely in the coming days.
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