Akash Network (AKT) price soars despite mixed on-chain metrics

Akash Network (AKT) has experienced a significant surge in price, reaching its highest point since September 2021. Despite mixed on-chain metrics, the cryptocurrency has soared to $5.50, an increase of 3,590% from its lowest point in 2023. This impressive performance has positioned AKT as one of the top-performing cryptocurrencies in the market.

Akash Network, with a market cap exceeding $1.1 billion, has gained popularity as a prominent player in the artificial intelligence (AI) sector. The platform provides decentralized compute solutions, attracting developers from various backgrounds. Its infrastructure offerings have contributed to its reputation as a leading provider in the industry.

In addition, Akash Network shares similarities with Filecoin, offering decentralized storage features and a dedicated IP leading platform. The recent surge in AKT’s price can be attributed in part to its correlation with other cryptocurrencies. Bitcoin’s price surpassing $66,000 and the total market cap of all coins rising above $2.4 trillion have positively influenced AKT.

The surge in AKT’s price aligns with a similar trend observed in other AI-related tokens such as SingularityNET, Fetch AI, and Corgi AI. The robust demand from developers and users in the AI sector has contributed to the overall growth of these tokens.

While AKT’s price surge is noteworthy, a closer look at its on-chain metrics reveals a mixed picture. The number of deployments has increased to over 161k, reflecting positive growth. However, the active leases have slightly declined from 2.29k to 2.13k since March 1st. The number of active providers has shown overall growth, reaching its highest point at 86 this month but currently standing at 76.

Despite these mixed on-chain metrics, the AKT price forecast remains optimistic. Analyzing the weekly chart, the price has consistently risen for the past five weeks, currently hovering at its highest point since September 2022. The token has consistently remained above the 25-week moving average, and the Relative Strength Index (RSI) indicates a bullish momentum.

Therefore, many anticipate that the Akash Network token price will continue to rise as buyers target the all-time high of $6.13, achieved on September 13th, 2021. This recent surge in price demonstrates the resilience and potential of AKT in the cryptocurrency market.