Akash Network [AKT] has been trending higher every day for the past one month or so. In fact, in the last 24 hours, AKT gained by more than 10%, regaining almost all of its losses from the 12% pullback over the weekend.
These gain pushed the altcoin’s gains for the past month to 72% as DePIN networks gained pace. I
That may be why traders are now anticipating the altcoin to reclaim the $1-mark. Here is why it is possible –
AKT’s bullish reversal continuation
AKT’s daily chart revealed that Akash Network formed a bottom in the first and second quarters of the year. However, the real breakout occurred this May.
AKT appeared to have found a floor for trend continuation at the neckline of the bullish reversal pattern at $0.57. At the time of writing, its price was attempting to surpass $0.955 which would see AKT reclaim $1 and potentially higher levels.
Buyer momentum also appeared since the daily MACD bar turned green. This was confirmed by the purchase of more than 240K AKT tokens in the last 24 hours.
However, the resistance level at $0.955 may delay the rally. This would make $0.57 the last area of bullish bias if the price holds above it. Otherwise, it may signal an invalidation of the ongoing bullishness.
Assessing network’s development and trading activity
The trading activity of the Akash Network’s native token has also been exploding. Over the past month, it rose by more than 160% – Reaching $471.6 million. This hinted at massive capital inflows across the board.
Additionally, core developers of the decentralized AI network increased by 3.8%, reaching 27. Code commits over the same period surged by 7.2% to 239 too.
Together, these updates suggested that more developers may be embracing the AI infrastructure. In essence, this sector has been outrunning 99% of the crypto market this month.
Key integrations into the network
Finally, AKT’s social sentiment has grown too. This week, its founder Greg Osuri made a presentation at the Economist Impact AI Compute Summit in Amsterdam.
The event coincided with recent integrations into the network, which included Venice AI [VVV] and FLock.io [FLOCK]. They have been targeting decentralized AI inference in the same way that Near Protocol [NEAR] and others were rotating into it.
Put simply, the fundamentals and chain activity seemed to be in support of potential uptrend continuation. Still, traders should be wary of normal pullbacks or even sudden market shifts that may arise due to uncertainty.
Final Summary
- Akash Network rallied by more than 10%, extending its monthly gains to over 72% despite a pullback this weekend.
- Recent integrations have been key to the network’s performance over the past few weeks.
