AKT Token Rallies on Upbit Debut, Could $6.5 Be the Next Stop?

NAIROBI (Coinchapter.com) – Akash Network, the decentralized cloud computing platform, witnessed a meteoric rise in its token AKT, surging to nearly $7 on Tuesday. This price surge followed AKT’s listing on Upbit, South Korea’s largest cryptocurrency exchange by trading volume.

Over the past 24 hours, Akash Network (AKT) soared over 50%, a remarkable feat after trading steadily around $4 for the past week. Consequently, Akash Network’s native token, AKT, has captured significant attention with a current market capitalization of $1.45 billion (according to Messari data).

Upbit Listing and Summit Announcement Fuel Rally

The Upbit listing undoubtedly acted as a catalyst for AKT’s price rally. As a major South Korean exchange, Upbit’s addition of AKT increased the token’s exposure and accessibility to a broader investor base.
Compounding the bullish sentiment was Akash Network’s announcement of the ‘Akash Summit,’ slated for May. This event will focus on the burgeoning decentralized artificial intelligence (AI) space, aligning with the project’s vision for decentralized cloud computing.

Anand Iyer, founder of Canonical Crypto, an early-stage VC firm, emphasized the growing utility of decentralized hardware as AI computing needs surge.

“Companies and protocols like Akash Network and Ritual are leading the way here, and we expect to see more players leveraging decentralized networks for non-crypto use cases,”

AKT Token’s Market Performance and Fibonacci Targets

AKT’s price surge pushed its market cap to approximately $1.4 billion, positioning it as the 68th-largest cryptocurrency. Additionally, Akash Network’s 24-hour trading volume skyrocketed by 2,790%, reaching an impressive $116 million.

At the time of writing, AKT is trading at $6.03. Fibonacci retracement levels suggest the next resistance zone is at $6.5, the previous all-time high. Breaking through this level could lead to medium-term price targets of $12.14 and potentially even $8.65. This depends on continued bullish sentiment in the broader crypto market.

Conversely, if bears take control, the price could drop to the $3.42 support level. However, the recent Upbit listing and Akash Summit announcement have generated positive momentum. This positions Akash Network as a promising project in the decentralized computing and AI sectors.