AKT emerges as top gainer amid declining social activity

Akash Network’s native token, AKT, has registered impressive gains after touching a local bottom of $2.3 on Jan. 22.

AKT is up by 13% in the past 24 hours and is trading at $2.7 at the time of writing. The asset’s market cap surpassed the $600 million mark again after witnessing a sharp decline over the weekend — AKT is currently sitting at the 94th spot among the leading cryptocurrencies. 

On-chain data shows that the cloud computing platform currently has only 100 active validators — the total number of Akash Network’s validators is 253. 

According to data provided by Santiment, AKT’s price rally comes while the asset’s social volume dropped by 37% over the past 24 hours. 

Moreover, the so-called “Supercloud” platform hasn’t seen any major development activity since mid-October 2023, per Santiment data. 

Data from the market intelligence platform shows that AKT is seeing a slightly increased selling pressure as the asset emerges as the top gainer among the top 100 digital assets. 

According to Santiment, AKT’s Relative Strength Index (RSI) surged from 31 to 41 over the past 24 hours. For AKT to stay in the bullish zone, its RSI would need to stay below the 50 mark. 

AKT’s price surge comes while the global crypto market cap declined by 1.8% in the past 24 hours — currently hovering around the $1.62 trillion mark. Bitcoin (BTC) fell below the $40,000 mark again as the Grayscale Bitcoin Trust (GBTC) selloff surfaced after the BTC ETF approval.