Will Akash Network (AKT) Surpass its April High with 26% Surge?

• Akash Network (AKT) records a weekly surge of 47%, hitting $6.39.
• The platform’s quarterly revenue surges 40% due to the growing DePIN hype.

AKT, the native token of a decentralized cloud computing platform Akash Network, has observed a 26% rally in the last 24 hours. This surge is triggered by the disclosure of a 40% surge in its quarterly revenue.

AKT’s bullish streak is also evident on its weekly price chart. Over the past 7 days, this altcoin recorded a 47% surge from $4.3022 to $6. At the time of analysis, AKT traded at $6.23. It held a market cap of $1.43 billion, ranking the sixty-third on the global crypto dashboard. Over the last 24 hours, the token’s trading volume increased 295% to $261 million.

Notably, Akash Network also registered a remarkable increase of 40% in its quarterly revenue. In Q1 2024, the ecosystem’s revenue was $140,000, while Q4 2023 recorded over $100,000. These figures were comparatively lower than those of the previous quarters in 2023.

Decoding the Rally of Akash Network (AKT)

Multiple bullish metrics have appeared on the 4-hour price chart of AKT. First, the altcoin’s RSI has witnessed a rise to 77, indicating an overbought state. Second, the CMF (Chaikin Money Flow) has also noted an uptick, emphasizing the increased capital flow into the asset.

Built on the Cosmos ecosystem, Akash Network continues to be a key player in the decentralized physical infrastructure network (DePIN) paradigm. According to the analysis, if AKT takes the bullish route, it may potentially reach $6.5302. Overpowering bulls might drive it even higher, surpassing $7.28 and marking a new high. However, if it slips into the bearish route, it may breach support levels such as $4.621 and further down to $3.478.

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