Akash Network's AKT Jumps 14% as Trading Volume Doubles to $16.25M

Akash Network's AKT gained more than 14% in the past 24 hours as altcoins attempted to recover from the week's selling pressure. The move came as Bitcoin [BTC] rose over 2.5%, lifting several higher-beta assets including Ethereum [ETH], Ripple [XRP], Solana [SOL], and AKT.

AKT rebounded from a former resistance zone that had acted as a support area after May's breakout. The token traded between $0.436 and $0.526 for more than a month before breaking higher and rallying toward $0.960. The $0.526 level later flipped into support and emerged as a key buying area. The Cumulative Volume Delta (CVD) improved from negative 1.74 million to a daily peak of 337,000 AKT, indicating buyers regained control after a period of sustained selling pressure. Momentum indicators also showed early signs of improvement, with the MACD turning positive for the first time in June on the 4-hour chart and its signal line crossing higher. AKT still needed to reclaim the $0.70-$0.75 zone to strengthen the bullish case, leaving the broader short-term structure vulnerable to a pullback in the meantime.

On-chain activity painted a mixed picture, though several key metrics showed renewed growth. Token trading volume doubled over the past two days, rising from $8.38 million to $16.25 million. Monthly trading volume also climbed 54% to $414 million. Development activity improved as code commits increased 20% over the past month, reaching roughly 269, aligning with stronger network usage. According to DeFiLlama, fee revenue continued rising through mid-May, with peak fees reaching $7,858 and daily revenue climbing to $5,186. Taken together, these metrics pointed to improving engagement across the network, even as sustained growth may be needed before a broader bullish trend can take shape.