Can AKT Price Reach New Highs Due To the Binance Listing?

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. During the same period, its trading volume surged by 2,590%, surpassing $380 million.

This growth follows AKT’s perpetual contracts debut on Binance Futures on Monday. Currently, the altcoin is trading at $4.21, with strong momentum suggesting its rally may continue.

Binance Lifts AKT

On Monday, Binance Futures announced the launch of USDⓈ-Margined perpetual contracts for AKT, the native token of the decentralized physical infrastructure network (DePIN) project. This contract, settled in USDT, features AKT/USDT as the key trading pair and offers traders up to 75x leverage.

AKT’s value surged 25% on the listing, reaching $4.69 — a five-month high. Its double-digit rally has been driven by a 2,590% surge in trading volume over the past 24 hours, hitting an all-time high of $385 million.

A combination of rising prices and trading volume indicates bullish momentum. It suggests that many traders are actively participating in the market. In AKT’s case, this scenario shows that its price movement is supported by significant participation rather than being the result of low-liquidity trading.

Furthermore, the spike in activity is noted in AKT’s derivatives market. Over the past 24 hours, its open interest has climbed by 50%. Per Santiment, it currently sits at $10 million.

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

It suggests that “new money” is flowing into the market to support the rally. This is a positive sign as it shows that fresh participants or existing traders are increasing their exposure to the asset, which drives up its value. 

AKT Price Prediction: Token Eyes New Highs

AKT’s price currently rests above its 20-day exponential moving average (EMA). The 20-day EMA calculates the average price of an asset over the past 20 days, with more emphasis on recent data points.

When an asset’s price sits above this moving average, it indicates a bullish trend and positive market sentiment over the short term. If this trend persists, AKT’s price will attempt to breach resistance at $4.55 and cross into the $5 price zone.

However, when the hype around the Binance Futures listing starts to wane, AKT’s price might witness a slight correction as buying momentum weakens. Its price will decline toward $3.83, invalidating the bullish outlook above. If support is not strong at this level, the token’s price may fall further to $3.05.