AKT Token Surges Over 14% to Become the Top Gainer of the Day

Despite the fact that the entire cryptocurrency market was only up 1% to $2.29 trillion, Akash Network's double-digit growth seemed to defy this.

The price of AKT enjoyed a 14% increase on Friday, making it the day's biggest gainer, while the broader crypto market remained largely subdued.

This development comes as Crypto.com announced that $AKT is now available for on-chain Staking in the Crypto․com App.

At press time, AKT trades at $3.65, up 14.71% in the past 24 hours, according to data from CoinMarketCap.

AKT Surges Despite Weakness In Crypto Market

In a week where the total crypto market went up only 1% to reach $2.29 trillion, Akash Network’s double-digit growth stood out.

Besides the news that Crypto.com will now pay out up to 19% in rewards for AKT staking, another network-related event that may have contributed to the positive sentiment around Akash Network.

On June 25, the Akash team announced a partnership with Flock, a decentralized AI model training platform.

Will AKT Keep Surging Future?

As an AI token, AKT has enjoyed periods of positive trading days as the technology advances.

The token’s gains on Friday may have also been influenced by the broader market optimism, which was driven by VanEck's application for a spot Solana ETF in the U.S.

This comes amid discussions around Solana’s security and broader trends in the ETF industry.

Meanwhile, the U.S. Bureau of Economic Analysis revised its estimate for first-quarter GDP growth to 1.4%, and new jobless claims fell by 6,000 to 233,000 for the week ending June 22.

While Akash Network’s token-specific news may have provided a strong basis for investor confidence in the token, the broader macroeconomic backdrop also contributed to the risk appetite among many crypto investors.

At present, the price of Akash Network is expected to increase by 226.75% and reach $ 11.89 by July 28, 2024, based on the current price estimate.

With the Fear & Greed Index at 47 (Neutral), technical indicators suggest the current sentiment for the token is Neutral.

Akash Network has had 19.46% price volatility over the previous 30 days and recorded 9/30 (30%) green days.

Data also shows that 18 technical analysis indicators are giving bullish signs and 10 are indicating bearish signals.

Overall, the Akash Network price forecast sentiment is neutral with investors attempting to pick up bullish cues as and when they occur.