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Akash Network

Highlights:

  • AKT has remained strongly bullish since the bullish reversal on June 25
  • Rally boosted by series of good news including in Artificial Intelligence
  • $5 is a critical short-term target if the AKT rally continues 

Akash Network (AKT) has emerged as one of the standout performers in the cryptocurrency market this week. AKT has maintained robust momentum over the past seven days. As of 11:28 UTC today, AKT was trading at $3.67, marking a 16% increase within the day. 

AKT Sustains Bullish Momentum After Bullish Reversal on June 25 

Analyzing the charts, it appears that Akash Network is on a bullish trajectory and could climb even higher soon. The recent bullish engulfing pattern formed on June 25 has signaled a strong upward momentum for AKT. This indicates the bottom might be in, and the cryptocurrency could be headed for significant gains. 

AKT Sustains Bullish Momentum

Source: TradingView

AKT is trending higher on the daily chart, with the next critical resistance level at $3.91. AKT could rally to the next critical resistance level at $5.09 within 24 to 48 hours if this resistance is broken. 

However, if buying volumes diminish due to broader market movements, two possible scenarios could unfold: AKT could consolidate around the psychological support level of $3. On the other hand, if bears take control, AKT could retest the June 24 low of $2.58.

Positive Developments Likely to Sustain Rally To $5 

The likelihood of continued bullish momentum for Akash Network is boosted by several positive announcements from the ecosystem this week. Yesterday, Crypto.com revealed that investors could now stake AKT on-chain through their platform. This announcement, shared via a tweet, highlighted that AKT is now available for on-chain staking, offering up to 19% rewards. This staking option allows investors to unstake their assets securely and conveniently, thereby increasing the attractiveness of holding AKT.

Earlier in the week, Coinbase announced that AKT is now available to trade in New York. This development opens up one of the most important financial markets in the US to Akash Network, potentially increasing demand and trading volumes for AKT.

Integration with Floki.io and AI Advancements

Moreover, Akash Network received a boost in the AI sector through its integration with Floki.io. In a blog post, Akash Network discussed the critical challenge of developing truly open and decentralized AI.

The integration with Floki.io aims to simplify the user experience, enabling broader access to AI development tools and resources. This partnership allows users to train AI models on decentralized compute resources, thus democratizing AI development.

Decentralizing AI

Floki.io is a federated machine learning platform that facilitates collaborative and privacy-preserving AI model training. By decentralizing the data and allowing models to be trained across multiple nodes, Floki.io addresses data privacy concerns while leveraging collective insights from diverse data sources. Integrating Akash Network and Floki.io enables AI developers to access high-performance computing resources to train sophisticated AI models.

Access to High-Performance computing resources

Akash Network’s role as an open-source Supercloud allows users to access state-of-the-art GPUs, such as NVIDIA H100s, A100s, and others, at affordable prices. The Akash Console provides a user-friendly interface that simplifies compute resource management, making it easier for developers to focus on their core tasks. This ease of access and management is a significant advantage for AI developers leveraging decentralized computing power.

Strategic Positioning for Future Growth

The combination of these strategic developments, alongside rising bullish sentiment in the broader crypto market, positions Akash Network well for further gains. The network’s ability to provide permissionless access to cloud resources and its alignment with decentralized, community-driven AI development platforms like Floki.io underscores its potential for sustained growth.

As the first open-source Supercloud, Akash Network’s commitment to openness, permissionless, and composability resonates strongly with the ethos of decentralized finance and AI. This alignment is further strengthened by the network’s partnership with Floki.io, which aims to break down the barriers to entry in decentralized AI model training.

A Recap On AKT Potential In The Short-Term

With ongoing exchange listings, staking opportunities, and AI integrations, Akash Network is set to continue its upward trajectory. The rising trading volumes and bullish signals from the technical charts indicate a favorable outlook for AKT. As the cryptocurrency market remains optimistic, Akash Network is well-positioned to capitalize on this momentum and achieve new highs in the coming days.

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