The decentralized cloud platform Akash Network saw its AKT token surge over 14% in 24 hours, accompanied by a 238% spike in trading volume. The rally coincides with heightened social sentiment and a community vote on a tokenomics proposal aiming to reduce the circulating supply. Technical analysis indicates the token has broken a multi-month consolidation pattern, with key supply data showing a tightening trend.
The AKT token from Akash Network rallied by double digits, recording more than 14% as daily trading volume jumped by 238%. This indicated intense buying pressure resulting in higher prices. The rally follows a spike in social sentiment surrounding a recent Burn and Mint Equilibrium proposal.
Akash Network was among the top altcoins rebounding strongly after Bitcoin reclaimed $71,000. It ranked third behind Flow Network and Bitcoin SV, which recorded 38% and 16% gains respectively. The altcoin’s trend has followed the BME proposal while showing technical strength.
The daily chart showed AKT broke above a multi-month wedge consolidation pattern formed in May 2025. The Bull Bear Power indicator turned positive, exceeding levels from early 2026. Social sentiment readings reached 82%, with community sentiment on CoinMarketCap showing 91% bullish votes from participants.
If the breakout is sustained, AKT price may trend toward the top of the wedge at the $2 level. The most likely near-term target sits at $1, but only if the $0.60 resistance zone is overcome. The BME proposal voting concludes on March 14th, with the data from Mintscan showing token supply declining from 3.696 million to 3.562 million AKT in a week.
This indicates supply is tightening, which could be bullish if current demand continues. Additionally, the crowd was jazzed about the full network upgrade scheduled for March 23rd. The upgrade is putting Akash Network among trending tokens by social buzz on platforms like LunarCrush.
