Akash Network: What’s Driving the Rise in AKT Price Today?

Akash Network - Why is AKT's price up today?

The price of Akash Network's native token, AKT, saw a significant increase recently, correlating with the overall recovery in the cryptocurrency market. As Bitcoin (BTC) climbed back to $115,000 over the weekend, AKT surged by 31% on October 26. However, despite this spike, AKT faced resistance in surpassing the $1 mark, retracing some gains as it approaches a potentially positive macroeconomic week.

Key Takeaways

Akash Network's AKT token rose by 31% following Bitcoin's recovery to $115,000 on October 26.
AKT faced resistance around the $1 mark, with retracements expected ahead of an optimistic macro week.
Increased whale activity and profit-taking could influence the price movement of AKT.
The Akash Network capitalized on recent cloud outages from AWS, positioning itself as a reliable alternative.

Why is AKT price up today

Source: AKT/USDT, TradingView

Market Dynamics: Whale Activity and Profit-Taking

The recent price increase coincided with notable whale activity in the market. Data from CryptoQuant indicated that October's price pullback for AKT had been characterized by large orders from whales on the spot market.

Why is AKT price up today

Source: CryptoQuant

While the metrics do not provide clarity on the direction of these whale activities, their volume may be part of what fueled the AKT rally on Sunday. Additionally, this price boost appears to be a response to last week's cloud service outage of Amazon Web Services (AWS), which disrupted several Web3 applications reliant on AWS for cloud infrastructure.

As a decentralized cloud provider, Akash Network managed to remain operational during this outage. The protocol seized this opportunity to promote itself as a robust solution against such service interruptions, emphasizing the importance of diversifying away from single points of failure.

“Let’s turn this failure into a wake-up call.”

Why is AKT price up today

Source: X

It is also worth noting that there is currently no overwhelming market exuberance that would suggest an imminent liquidation risk or price reversal. The Futures Volume Bubble Map highlights that the market is entering a "Cooling" phase, and the absence of signals indicating “Overheated” bubbles eliminates concerns of local price tops.

Why is AKT up today

Source: CryptoQuant

Despite standing firm near the $0.85 mark after a 31% increase, AKT is poised to challenge this resistance level. However, it may take some time for bulls to regroup and attempt another push towards reclaiming the $1 territory. Recent observations indicate that more tokens have entered exchanges than exited them in the last few hours, implying a trend of profit-taking following the weekend's surge.

ATK price

Source: CoinGlass

Until the tide of profit-taking subsides, AKT may struggle to push past the $1 mark before advancing towards higher targets.