Akash Network (AKT) gained over 14% in the past 24 hours as altcoins attempted to recover from the week’s selling pressure.
The move came as Bitcoin (BTC) rose over 2.5%, lifting several higher beta assets including Ethereum (ETH), Ripple (XRP), Solana (SOL), and AKT.
Even so, despite increased volume, development activity, and a technical breakthrough, several on-chain indicators remained mixed.
Can Akash Network capitalize on this rebound?
Akash Network (AKT) rebounded from a former resistance zone that had served as a support zone after the May breakout.
AKT traded between $0.436 and $0.526 for over a month before breaking through and rebounding towards $0.960. The $0.526 level then turned support and became a key buying zone.
Cumulative volume delta (CVD) improved from minus 1.74 million to a daily peak of 337,000 AKT. This change suggests that buyers have regained control after a period of sustained selling pressure.
Additionally, momentum indicators showed first signs of improvement.
The MACD turned positive for the first time in June on the 4-hour chart. Its signal line also crossed higher, indicating strengthening momentum.
However, AKT still needed to reclaim the $0.70 to $0.75 zone to strengthen its bullish case.
Until then, the broader short-term structure has remained weak, leaving the latest move vulnerable to a pullback.
Is network activity improving again?
On-chain activity painted a mixed picture, although several key indicators showed a resumption of growth.
Token trading volume doubled over the past two days, from $8.38 million to $16.25 million. Monthly trading volume also jumped 54% to $414 million.
Development activities have also improved.
Code commits increased 20% over the past month, to around 269. This shift aligns with stronger network usage.
According to DeFiLlama, fee revenue continued to increase through mid-May. Peak fees reached $7,858, while daily revenues climbed to $5,186.
Higher fees generally reflect greater network activity, suggesting that usage has remained healthy during the rebound. Together, these metrics indicate improved engagement across the network. Still, sustained growth may be needed before a broader uptrend can take shape.
Final Summary
- AKT recovered 14% after rebounding from a former resistance zone which has now turned into support.
- The $0.70 to $0.75 area remains the key area that AKT must recover before a broader trend resumption can be considered.
