AKT token surged over 14% on Friday to become the top gainer for the day while the overall crypto market saw a cooled-down sentiment. AKT's move also comes at a time when Crypto.com announced that $AKT is now available for on-chain Staking in the Crypto․com App.
At the press time, AKT is trading at $3.65, up 14.71% as compared to the same time last day, per data from CoinMarketCap.
AKT Surges Despite Weakness In Crypto Market
The entire cryptocurrency market only increased by 1% to reach $2.29 trillion, but Akash Network's strong double-digit growth seemed to defy this trend. In addition to the news that Crypto.com will now offer rewards of up to 19% for AKT staking, another important event related to the network may have contributed to the positive sentiment surrounding Akash Network.
The Akash team also announced a partnership with Flock, a decentralized AI model training platform, on June 25th.
Will AKT Keep Surging Future?
The AKT token, as an AI token, has experienced positive trading days thanks to technological advances. Its recent gains could be attributed to the general market optimism following VanEck's application for a Solana ETF approval in the US. This comes amidst discussions about Solana's security and broader trends in the ETF industry.
Additionally, the US Bureau of Economic Analysis has revised its estimate of first-quarter GDP growth to 1.4%, while the number of new jobless claims has decreased by 6,000 to 233,000 for the week ending June 22.
The token-specific news for AKT has likely boosted investor confidence, but the overall macroeconomic backdrop has also increased risk appetite for many crypto investors. Currently, the price of Akash Network is expected to rise by 226.75% and reach $11.89 by July 28, 2024, based on the current price estimate.
With the Fear & Greed Index at 47 (Neutral), technical indicators suggest that the current sentiment for the token is neutral.
In the past 30 days, Akash Network has had a price volatility of 19.46% and has recorded 9 out of 30 (30%) green days. Data also indicates that 18 technical analysis indicators show bullish signs and 10 indicate bearish signals. Overall, the Akash Network price forecast sentiment is neutral, with investors looking for bullish cues as they arise.
