Key Takeaways:
Akash Network’s AKT token fell more than 12% in the past 24 hours, caught in a market-wide deleveraging event that wiped out over $580 million in leveraged long positions across major exchanges.
Data from Coinglass shows that roughly 95 percent of the $580 million in liquidations over the past 24 hours were from long positions, indicating a sharp reversal in trader sentiment. The cascade was triggered as bitcoin fell about 3 percent to near $78,000, erasing its gains from the past week.
The broad market sell-off dragged major cryptocurrencies lower, with Solana (SOL) and XRP each down more than 5 percent, according to CoinGecko data as of May 16, 2026, 21:00 UTC. For Akash Network (AKT), a token operating on the Cosmos chain, the move triggered intensified outflows below critical resistance, pushing the price below the psychologically important $0.600 mark to a low of $0.595 before a slight recovery.
The sharp downturn puts the focus on whether the $0.595 support level can hold for AKT bulls. A failure to defend this level could trigger a broader loss of confidence and signal potential weakness for the Decentralized Physical Infrastructure (DePIN) sector, where Akash is a prominent player. The event underscores the vulnerability of smaller-cap tokens to liquidations in the broader market, even when their specific project has no negative news.
This article is for informational purposes only and does not constitute investment advice.
