Akash Network’s native token AKT has surged following Binance’s announcement of perpetual contracts, with multiple analysts highlighting strong technical signals and fundamental growth.
The token has demonstrated impressive performance across all timeframes, with gains of 25% in 24 hours and 187.6% yearly.
Binance Acts as a Catalyst for AKT’s Surge
Binance Futures announced the launch of AKT perpetual contracts scheduled for November 18, 2024, at 11:30 UTC.
This development has sparked increased trading activity and market interest, contributing to the token’s significant price appreciation.
According to analyst Winkle, the Binance listing represents “a major win for the Akash Network community,” suggesting increased accessibility will drive further price appreciation.
AKT Surges 25% in 24 Hours
The token’s performance shows remarkable strength across multiple timeframes:
- 24-hour gain: 25%
- Weekly increase: 38.3%
- Monthly appreciation: 68.3%
- Yearly return: 187.6%
AKT is currently trading between $3.59 and $4.66 while establishing a weekly range of $2.89 to $4.57. Despite the recent surge, the token remains 46.8% below its all-time high of $8.07 set in April 2021.
Analyst Costa’s technical analysis highlights several bullish indicators, including the 20-day EMA crossing above the 40-day EMA.
The critical resistance level of $3.25 has been decisively broken, with strong volume supporting the breakout.
TraderSteve predicts further upside, suggesting a target of $28 despite potential near-term selling pressure at the $1 billion market cap level.
Akash Network Shows Strong Fundamental Growth
The Akash Network has demonstrated strong fundamental growth, with the platform reporting 639 high-end GPUs onboard and an impressive utilization rate exceeding 70%.
This high utilization rate suggests robust demand for the network’s decentralized computing resources.
The recent price action has been accompanied by significant volume increases, indicating genuine market interest rather than speculative activity.
The successful break above the $3.25 resistance level, coupled with sustained trading volume, suggests the potential for continued upward momentum.
The Binance futures listing represents a key milestone for institutional access to AKT trading. This development could attract more sophisticated traders and institutional capital to the ecosystem, potentially driving further price appreciation and market stability.
While analysts maintain bullish projections, with targets as high as $28, the market structure suggests potential consolidation phases during the upward movement.
The combination of strong fundamentals, increasing institutional access, and technical breakouts provides multiple catalysts for continued price appreciation.
The confluence of Binance’s futures listing, strong network metrics, and technical breakouts positions AKT for potential continued growth.
However, investors should note TraderSteve’s caution about possible selling pressure near the $1 billion market cap level before the projected move toward $28.
