- The integration of the Akash network into NVIDIA Brev’s product boosted the former’s transaction volume by 573%.
- AKT has also increased by 20.18% over the past seven days.
On August 23, all cryptocurrencies experienced a sharp rise. Since then, markets have seen increased volatility as investors look for external forces to influence a further rise.
Amidst this market fluctuation, Akash Network also saw a strong upward movement.
The price movement has left everyone wondering what factors are influencing the AI-themed altcoin for a rally.
Akash Network Integrates with NVIDIA’s Brev
As reported by Nader Khalil, NVIDIA’s chief technology officer, the AI company has integrated Akash into the company’s new product, Brev.
Since AKT is now directly correlated with NVIDIA products, it is well positioned to benefit from the rise of AI.
Similarly, Akash Network sits at the intersection of AI and blockchain technology as it is a decentralized computing network powered by blockchain.
Prevailing market sentiment
Source: Prophet Market
Aside from NVIDIA’s integration, AKT is enjoying strong market favor, with investors displaying a very positive outlook. AMBCrypto’s analysis of Market Prophit showed that the altcoin is enjoying positive market sentiment.
AKT had a crowd sentiment of 0.059, a buzz score of 1.06, and a crowd Z-score of 0.04 at press time. This suggests that investors were confident about the altcoin’s direction.
What AKT’s price charts suggest
AKT has seen a moderate recovery on the price charts. At press time, the AI-themed altcoin was trading at $3.03, up 11.8% in the last 24 hours. Its trading volume increased by 573.17% to $55.5 million in 24 hours.
Prior to these spikes, the cryptocurrency has seen sustained price gains over the past seven days with a 20.18% increase. After hitting a low of $1.80 during the August 5 market crash, AKT has made 68.33% profits.
Despite the recent surge, the altcoin’s prices remained relatively low from last month’s high of $3.77 and down 63.7% from the ATH of $8.7.
It is therefore essential to determine whether the recent increases are sustainable in the long term or whether this is simply a market correction.
Source: TradingView
Looking at the altcoin’s Directional Movement Index (DMI), the positive index at 35.75 was above the negative index at 16.59. This suggested that ATK was experiencing a strong upward move, with recent highs breaking out of lows.
This trend was confirmed by the Aroon line. At the time of writing, Aroon Up, at 92.86%, was above Aroon Down, at 42.8%.
Source: Coinglass
Looking further ahead, AKT’s OI-weighted funding rate has been positive for the past two weeks.
This showed increased demand for long positions, with investors willing to pay a premium for their positions, which is a bullish market sentiment.
Source: Santiment
Demand for long positions was also supported by a positive aggregate funding rate across the exchange. This reflects investors’ confidence in AKT’s price rally and its overall future potential.
Read Akash Network (AKT) Price Prediction 2024-2025
So, after consolidating just above $2.70, the Akash Network coin price moved above $3. Over the past few weeks, the $2.70 level has proven to be a crucial support.
So, if the current market sentiment holds, ATK may break out from the $3.4 resistance level and attempt the $3.8 resistance level.
