Akash Network's AKT: Navigating Recovery with Upgrade Vote

Akash Network's Proposal #308 aims to boost network performance. Despite this, AKT price remains bearish. What's next for AKT recovery?

Akash Network is at a pivotal moment, balancing technical upgrades with market realities. Proposal #308, the 'v1.0.0 — Mainnet 14 Software Upgrade,' promises significant improvements. But can these upgrades translate to AKT price recovery?

Key Upgrade Features

Proposal #308 introduces several enhancements:

• IAVL Storage Upgrades: Aiming for faster queries and execution.
• Expedited Governance Proposals: Streamlining urgent decisions.
• AEP-75: Multi-Depositor Escrow Account: Allowing shared grant funding.
• AEP-39: Lease Termination Reason: Improving transparency.

These updates are designed to boost Akash's decentralized compute marketplace, enhancing performance and transparency.

AKT Price Action: A Bearish Reality Check

Despite the upgrade's potential, AKT's price hasn't reflected the optimism. Trading around $0.70, AKT faces resistance and a persistent downtrend. The broader crypto market's macroeconomic pressures add to the challenge.

Technical analysis indicates:

• AKT trading below major exponential moving averages (EMAs).
• A descending trendline capping upward momentum.
• Immediate support near $0.66, with potential downside toward $0.60 if broken.
• Resistance between $0.80 and $0.90.

The Long View: Migration and Burn Mint Equilibrium

Akash Network is also exploring migrating to a new network and implementing a burn mint equilibrium model to boost AKT demand and reduce circulating supply. These strategic moves aim for long-term sustainability.

Analyzing the Downtrend

AKT's weekly chart reveals a long-term downtrend, with the price declining significantly since failing to set new highs in late 2024. Key support levels have turned into resistance, signaling persistent bearish momentum.

To signal a potential halt to the downtrend, a move back above $1 is needed. Even then, a quick recovery is unlikely.

Final Thoughts: A Rocky Road to Recovery

Akash Network's upgrade vote is a step in the right direction, but AKT's recovery faces headwinds. The upgrade needs to deliver tangible benefits to shift market sentiment. Keep an eye on those resistance levels, folks. It's gonna be a bumpy ride!