Decentralized and open source computing platform Akash Network has captured significant attention in the cryptocurrency market as its native token, AKT, has outperformed the top 100 cryptocurrencies with a 2,400% year-to-date price increase.
while Bitcoin (BTC) and other major cryptocurrencies are seeing price corrections, and Akash Network and its native token are rising at a remarkable pace. To understand the driving factors behind this bullish trend, it is necessary to dig deeper into what Akash Network and its underlying technology stands for.
What is Akash Network?
The Akash Network, founded in March 2018 by Overclock Labs, emerged as a distributed cloud computing marketplace with the goal of decentralizing cloud computing. Originally focused on building a traditional multi-cloud deployment platform, Overclock Labs decided to launch Akash.
According to For Masari, the network facilitates connectivity between server owners who need computing power to host applications and users who provide cloud computing resources through the Akash Marketplace, where computing resources are bought and sold.
At the heart of the Akash Network lies… Blockchain infrastructure Known as Akash, it was built using the Cosmos SDK and based on the Tendermint consensus mechanism.
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Since the launch of Akash Mainnet in September 2020, the network has undergone notable upgrades to increase its functionality. These upgrades include the introduction of Akash Marketplace, flexible bidding pricing, Inter-Blockchain Communication (IBC) compatibility, deployment tools to improve user experience, audited themes, and Tendermint's State Sync.
Subsequent upgrades introduced features such as persistent storage, authorized spending, inflation decay curve, partial uAKT to eliminate minimum deployment cost, IP leases, provider service splits, Cosmos IBC3 update, and Interchain Accounts (ICA).
Al-Masari points out that recent upgrades have made Akash a prominent player in the cloud computing space artificial intelligence (Artificial Intelligence) development space. Mainnet 6 introduced support for stable GPUs and payments, creating Akash as an open source marketplace for high-density GPUs and a distributed cloud for large language models (LLM).
In conjunction with this upgrade, Overclock Labs launched Akash ML, a cloud infrastructure that provides GPU spot instances to AI developers, with plans to provide on-demand access in the future.
Subsequent upgrades focused on enforcing minimum validator commissions, improving GPU visibility, and ensuring bid validation in multi-service deployments.
AKT symbol breaks the main trend line
In terms of price action, the Akash Network’s native token, AKT, has recently shown remarkable performance breakthrough. Over the past 24 hours, AKT saw a significant rise of 15.63%, bringing its trading value to $5.64.
One of the key indicators of this positive development is the token’s ability to cross the diagonal trend line on the 4-hour time frame. A break of this trend line indicates a potential reversal of the previous downward trajectory and opens up the possibility of more bullish market sentiment for AKT.
Going forward, AKT's focus is on maintaining last week's high of $5,095 as a crucial support level. By maintaining this level, the symbol aims to consolidate its recent gains and consolidate its position in the market.
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In summary, the increase in AKT prices can be attributed to several factors. The success of the Akash Network's underlying technology and its value proposition in the decentralized cloud computing space contributes to Positive feelings surrounding the symbol. As the network gains recognition and attracts users, demand for AKT may increase, putting upward pressure on the price.
Additionally, a successful breakout of the diagonal trend line represents a potential shift in market dynamics as investors may consider this a bullish signal, resulting in increased buying activity and further price appreciation.
Featured image from Shutterstock, chart from TradingView.com
