invezz.com
Akash Network (AKT) price has surged to its highest point since September 2021. It soared to a high of $5.50 on Thursday, 3,590% above its lowest point in 2023. This surge makes it one of the best-performing cryptocurrencies.
Mixed on-chain metrics
Akash Network is a leading blockchain network with a market cap of over $1.1 billion. It has become one of the most popular players in the artificial intelligence (AI) sub-sectors.
According to its website, Akash provides decentralised compute solutions, which can be used by all types of developers. This makes it one of the top infrastructure providers in the industry.
It enables deployments across regions while its Kubernetes make it easy to host applications. Like Filecoin, Akash Network has decentralised storage features and a dedicated IP leading platform.
64 units of new NVIDIA H100s and A6000s are now available for the next 12 months on the Supercloud at the lowest price on the market.
— Akash Network (@akashnet_) March 5, 2024
This is the first batch of GPUs delivered as part of the ongoing provider incentives pilot program, with new batches arriving every few weeks.… pic.twitter.com/BeySgvs9Gj
Akash Network token has surged because of its correlation with other cryptocurrencies. Bitcoin has moved above $66,000 while the total market cap of all coins has soared to over $2.4 trillion.
Its surge has coincided with that of other AI tokens like SingularityNET, Fetch AI, and Corgi AI. This trend happened as the AI sector continued seeing robust demand from developers and users.
However, a closer look at its on-chain metrics paints a mixed picture. On the positive side, the number of deployments has surged to over 161k, as shown below. The active leases, on the other hand, has retreated from 2.29k on March 1st to 2.13k.
Akash Network deployments
Further, the number of active providers has grown in the past few months. They have moved from a low of 32 in 2023 to today’s 76. The number has dropped slightly from this month’s high of 86.
The average daily amount of USD spent in the network is not growing. It stood at $1.83k, down from this month’s high of $1.93k. It peaked at $2.74k in December last year. The new leases have dropped to 173 from last month’s high of 395.
Akash Network price forecast
AKT chart by TradingView
Turning to the weekly chart, we see that the AKT price has risen in the past five straight weeks and is now hovering at its highest point since September 2022. The token has constantly remained above the 25-week moving average.
At the same time, the Relative Strength Index (RSI) has remained above the extreme overbought point of 85. This is a sign that the token has a bullish momentum.
Therefore, there is a likelihood that the Akash Network token price will continue soaring as buyers target the all-time high of $6.13. It reached this ATH on September 13th 2021.
The post Akash Network (AKT) price soars despite mixed on-chain metrics appeared first on Invezz