Akash Network’s native token AKT surged after Binance announced perpetual contracts, with analysts noting strong technical signals and fundamental growth.
Binance as a Catalyst for AKT's Surge
Binance Futures announced the launch of AKT perpetual contracts set for November 18, 2024. This announcement sparked increased trading activity and market interest, contributing to the significant price appreciation of the token.
AKT Experiences a 25% Surge in 24 Hours
The token displayed impressive performance across various timeframes. It saw a 25% increase in 24 hours, a weekly gain of 38.3%, a monthly appreciation of 68.3%, and a yearly return of 187.6%. AKT is trading between $3.59 and $4.66, remaining below its all-time high of $8.07 reached in April 2021. Technical analysts like Costa highlight the 20-day EMA crossing above the 40-day EMA, indicating bullish expectations.
Strong Fundamental Growth of Akash Network
The Akash Network demonstrates impressive fundamental growth, with 639 high-end GPUs onboard and a usage rate exceeding 70%. This indicates strong demand for the network’s decentralized computing resources. The successful break above the $3.25 resistance level, coupled with sustained trading volume, suggests potential continued upward momentum. The Binance listing provides access for institutional traders, contributing to market stability and price increase. Analysts project growth up to $28, though they caution about potential consolidation before this point.
The combination of Binance's futures listing, strong network metrics, and technical breakouts positions AKT for potential continued growth. Investors should be aware of possible selling pressure at the $1 billion market cap level before further upward movement.
