Akash Network's AKT token shed more than 12% in 24 hours on Friday, erasing a stretch of gains that had pushed the decentralized cloud project near $0.90.
AKT Pullback Erases Recent Highs
The selloff coincided with a sharp drop in trading activity, with daily volume falling roughly 32.8% to about $9.93 million. Market capitalization slipped 13.11% to near $204.34 million.
The retracement followed an aggressive rally that had carried the token from roughly $0.40 to a peak near $0.90 in just a few weeks. Earlier in May, Akash had been trading near $0.846 with a market cap above $246 million, fueled by renewed demand for decentralized GPU compute.
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Liquidations And Outflows Tell The Story
Long traders absorbed the brunt of the move. Total long liquidations climbed above $56,000, while short liquidations stayed near just $1.85K, CoinGlass data showed.
Binance alone accounted for more than $37,000 in liquidated long positions during the flush, while Gate added another $13,000 in long wipeouts. The imbalance pointed to overleveraged bullish exposure near the local top.
Spot flow data added another layer. Netflows dropped to nearly -$293.64K, suggesting investors pulled tokens off exchanges even as the price weakened. That pattern usually signals accumulation rather than panic selling.
Daily RSI cooled to roughly 52 after printing above 74 during the breakout phase, a sign that momentum had drained without flipping fully bearish.
What Comes Next For Akash
The $0.595 zone now sits as the line buyers need to defend. That level acted as the breakout floor in early May, and a second test could decide whether the broader uptrend stays intact.
If sellers force a clean break, AKT could revisit its pre-rally consolidation range.
A successful hold opens room for another attempt at the $0.906 ceiling, where the latest rejection occurred. The pullback follows a strong year-to-date run for Akash, one of the leading AI-themed altcoins, up roughly 72% on the year before this week's decline.
The Burn-Mint Equilibrium upgrade, activated in March, has tied AKT supply directly to network compute spending, a mechanism the team has framed as a long-term tailwind even through short-term volatility.
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