Key Takeaways:
- AKT rose 12.59% as spot volume climbed 240% to $11.11 million
- Open Interest jumped 20.24% to $9.56 million as leveraged longs built
- Breakout above descending channel now faces the $0.55 resistance
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Akash Network's AKT jumps 13% as breakout faces $0.55 test
Akash Network's AKT rose 12.59% to reclaim the $0.52 region as spot volume climbed 240% to $11.11 million and derivatives activity accelerated.
Coinglass data shows open interest rose 20.24% to $9.56 million, while derivatives volume jumped 313.68% to $16.28 million over the same window as of 18:00 UTC on Aug. 4.
Market capitalization expanded 12.6% to $153.97 million, reflecting broader participation rather than isolated buying. The synchronized rise across price, volume, and open interest points to fresh capital entering leveraged positions instead of traders closing existing contracts.
Buyers now face the $0.55 resistance, the immediate barrier before any broader recovery. A decisive move above that level could extend gains toward the $0.6755 resistance, while a failure risks a retest of the $0.4244 support.
Open Interest climbs 20% as leveraged longs build
The rise in open interest revealed that traders opened new leveraged positions rather than merely closing existing contracts. Such alignment generally points toward stronger speculative conviction because additional capital remained committed after the rally developed. However, the growing derivatives exposure also increased the market's sensitivity to sudden price swings. Any decisive movement beyond nearby technical levels could trigger larger reactions across leveraged positions.
Breakout clears descending channel, $0.55 in view
AKT invalidated its prolonged descending channel after buyers forced price above the upper trendline and reclaimed the $0.52 region. The breakout shifted market structure away from the persistent lower-high pattern that had controlled price action for weeks. The MACD completed a bullish crossover as the MACD line moved above the signal line and the histogram turned positive, reflecting strengthening buying pressure after an extended bearish phase. Price still traded beneath the major $0.6755 resistance, leaving additional overhead supply intact.
Long liquidations expose bullish vulnerability
Derivatives liquidations revealed an unusual imbalance even as AKT advanced. Long positions absorbed approximately $25.19K in liquidations, while short liquidations totaled only about $10.78K across major exchanges. The data indicated that bullish traders remained vulnerable despite the broader recovery, as many leveraged longs still faced forced exits during sharp intraday fluctuations. Rather than reflecting outright weakness, the imbalance showed how volatile price swings repeatedly caught aggressive buyers before the broader advance stabilized. Continued leverage expansion could produce similar liquidation events if volatility remains elevated around key resistance.
The recovery in AKT, a token powering a decentralized compute marketplace on the Cosmos network, comes as demand for AI-related infrastructure grows across crypto networks. Sustained gains above $0.55 would confirm the breakout and could draw further trader interest into the decentralized compute sector, where peers such as Render Network and Filecoin also trade, while a rejection would leave leveraged bulls exposed to a sharp pullback toward $0.4244.
This article is for informational purposes only and does not constitute investment advice.
