AKT Skyrockets 30% as Binance Futures Unveils Perpetual Contracts

AKT, the native token powering Akash Network — a protocol enabling users to buy and sell computing resources — has skyrocketed by nearly 30% in the past 24 hours.

The native token of Akash Network, AKT, has seen a surge in value, rising by nearly 30% in the past 24 hours. During the same period, its trading volume has also seen a massive increase, surging by 2,590% to cross $380 million.

This growth comes after the debut of AKT perpetual contracts on Binance Futures on Monday. The protocol's native token is now available for trading against USDT, with the AKT/USDT pair serving as the primary trading instrument. Traders can utilize leverage of up to 75x on these contracts.

Following the listing, AKT's value surged by 25%, reaching $4.69 — the highest price seen in five months.

The altcoin's rally, which saw double-digit gains, was accompanied by a surge in trading volume. Over the past 24 hours, AKT's trading volume hit an all-time high of $385 million.

Generally, a rise in both price and trading volume is indicative of bullish momentum. It suggests that a large number of traders are actively participating in the market.

In the case of AKT, this scenario indicates that its price movement is being supported by significant participation, rather than being driven by low-liquidity trading.

Furthermore, the spike in activity is being observed in AKT's derivatives market. Over the past 24 hours, the token's open interest has increased by 50%, currently sitting at $10 million, according to data from Santiment.

Open interest tracks the total number of outstanding derivative contracts, such as futures or options, that have not been settled. When it rises in conjunction with a price increase, it signals growing participation and confidence in the market's upward trend.

This suggests that "new money" is entering the market to capitalize on the rally. As fresh participants or existing traders increase their exposure to the asset, it drives up its value — a positive sign for any market.

At the time of writing, AKT is trading at $4.21, still showing strong momentum that may lead to further price gains.

The token's price is positioned above the 20-day exponential moving average (EMA), which is calculated by placing more weight on recent data points. When an asset's price remains above this moving average, it usually indicates a bullish trend and positive market sentiment over the short term.

If this trend continues, AKT's price is likely to attempt to breach resistance at $4.55 and cross into the $5 price zone.

However, once the hype surrounding the Binance Futures listing begins to subside, AKT's price may experience a slight correction as buying momentum weakens. In this scenario, the token's price could decline toward $3.83, invalidating the bullish outlook described above. If support proves to be weak at this level, the token's price may fall further to $3.05.