Akash Network price continued rebounding, making it one of the best-performing cryptocurrencies recently. The AKT token soared to $5.6 on Friday, over 88% from its lowest level in April. In the same period, popular tokens like Bitcoin, Solana, and Injective have been under intense pressure.
Akash Network revenue is soaring
Akash Network is one of the biggest players in the Decentralized Public Infrastructure (DePIN) industry. It offers an open network that lets users buy and sell computing resources securely at a lower price.
Using its platform, users can lease popular GPUs and handle complex computing process. The most popular GPU in the network is the NVIDIA H100 Tensor Core GPU, which can be used to accelerate exascale workloads.
Users can rent the GPU for as little as $1.49 per hour, which is significantly cheaper since one GPU costs over $43,000.
Demand for Akash Network’s platform has risen in the past few months as developers turn their focus to artificial intelligence (AI), the fastest-growing technology in the world. This trend will likely continue in the coming years since most experts believe that the technology is in its infancy.
However, a closer look at the on-chain data shows that number of active leases has dropped in the past few days After peaking at 5.2k in April, they have dropped to 1.8k.
The performance also explains why many AI stocks like Nvidia, Soundhound, and Super Micro Computer are some of the best-performing companies in Wall Street this year.
Akash Network’s revenue has continued growing, which explains why the AKT token is in a strong bull run. Data shows that the network’s revenue rose to over $140k in the first quarter from $100k in Q4 and less than $20k in Q3’23. This growth will likely accelerate in the coming months.
AKT price is also rising because the developers recently launched Mainnet 11, which includes additional features like the improvement of AuthZ. AuthZ is an important tool that tracks AKT. It also simplified the grant-making process of the network.
Akash’s performance is also in line with the recent trends in AI tokens like AIOZ Network, Render Token, The Graph, and SingularityNET.
Akash Network price forecast
The Akash Network token price bottomed at $3 earlier this month as cryptocurrencies dived. It has now rebounded to about $5.67, its highest swing since April 12th. The token has risen above the 50-day moving average and is over 2,400% above its lowest level in 2023.
A closer look shows that the AKT price has moved above the Ichimoku cloud indicator. At the same time, the Bull Bear Power indicator has moved above the neutral point. Therefore, the outlook for the Akash Network is bullish, with the next point to watch being at $6.50, its highest swing on May 11th.
That price is about 14% above the current level. Moving above that level will point to more upside in the near term.
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