AKT Crashes 12%: Bulls Test $0.595 Support After $0.906 Rejection
Akash Network’s token AKT fell more than 12% in 24 hours as sell pressure intensified and trading activity thinned. Daily trading volume dropped about 32.8% to ~$9.93M, while market capitalization slid ~13.1% to nearly $204.34M.
AKT’s decline followed a rejection just below the $0.906 resistance zone. After the rally overheated near $0.90, sellers regained control quickly, and the chart reportedly printed strong bearish candles. The key question now is whether AKT bulls can defend the $0.595 support level, previously a breakout area in early May.
On-chain/flow signals were also weak. Exchange outflows increased during the pullback, with netflows around -$293.64K, suggesting traders continued moving liquidity off exchanges rather than buying the dip. However, the market still failed to stabilize, implying demand hasn’t returned.
Derivatives data showed liquidation dynamics tilted to reducing longs: total long liquidations rose above $56K, while short liquidations stayed near $1.85K. Major venues contributed most of the long liquidations, with Binance alone accounting for over $37K and Gate recording more than $13K.
Momentum indicators weakened after the move. Daily RSI fell from overheated levels above 74 toward ~52, reflecting fading bullish strength during the retracement.
If AKT loses $0.595, the breakdown could deepen before buyers regain confidence. If it holds, it may pause the downtrend, but recovery would likely require renewed buying pressure above nearby resistance.
Bearish
The news is bearish for AKT traders because spot weakness, fading momentum, and derivatives positioning all point to sellers still controlling the tape.
1) Price structure: AKT rejected below the $0.906 resistance zone and is now testing $0.595 support. In similar past pullbacks, a failed defense of a former breakout level often leads to a deeper retracement as late buyers exit and stops cascade.
2) Liquidity/flows: Exchange netflows turned meaningfully negative (~-$293.64K), implying traders are not aggressively accumulating on dips. Outflows can reduce immediate sell pressure, but in this case the token still continued falling, suggesting demand is insufficient.
3) Liquidations: Long liquidations (> $56K) greatly outpaced short liquidations (~ $1.85K). This pattern typically reflects overextended long exposure getting unwound. After such events, rallies can be short-lived unless fresh spot buying appears.
Short-term impact: heightened volatility around $0.595. Traders may look for confirmation (hold/close above support) before betting on a rebound in AKT.
Long-term impact: if AKT repeatedly fails to reclaim resistance (near $0.906 and above), sentiment can deteriorate further and participation may stay muted, keeping the market range-bound or drifting lower until a new catalyst emerges.