Akash Network Price Outlook: Will Bulls Drive AKT to $1?

• Akash Network price rose about 12% over the past 24 hours.
• The AKT/USD pair climbed toward $0.70 and must flip that resistance into support to strengthen upward momentum.
• Interest in AI and cloud computing could further support the bullish outlook.

Akash Network, a decentralized marketplace for cloud computing, saw the price of its native token AKT increase by more than 12% in the last 24 hours.

Although the $0.70 resistance remains important for sellers, the strong bounce from buyers over the past day has put AKT into a positive trend. With many altcoins tracking Bitcoin’s moves, this recent surge could form the foundation for a renewed attempt to recover the $1.00 level.

Akash Network price outlook

AKT lost the critical $1.00 level in May 2022 amid selling pressure and tested yearly lows around $0.22 in May of this year. Since that low, buyers have pushed the price up and reached the $0.75 zone twice in the past two months. Each rejection at that level led to a retest of support near $0.50 in mid-July.

Despite those pullbacks, prices have stayed above an ascending trendline, indicating buyers remain intent on regaining control. A decisive break above $0.75 could open the way for a retest of the supply zone near $1.00.

Part of Akash Network’s recent bullishness is tied to the launch of its Akash GPU mainnet. After a successful testnet in May—where several AI models ran on NVIDIA A100 GPUs—Akash advanced closer to offering an open-source marketplace for high-density GPUs.

NVIDIA H100s remain in record-high demand, but distribution is still limited and inefficient.

The launch of the Akash GPU Mainnet is almost here, which will create the first open-source marketplace for high-density GPUs.

The world is ready for the #AISupercloud. https://t.co/y6OTupy9iZ

— Akash Network (@akashnet_) August 3, 2023

Anticipation around an AI-focused “Supercloud,” driven by large expectations for the artificial intelligence sector, is likely to spill over into the AKT market as demand for GPU compute grows.