Akash Network's native token, AKT, jumped 12.59% in the last 24 hours, driven by a spike in both spot and derivatives trading. The move comes as traders pile into the decentralized cloud computing platform's token, but the surge has left leveraged positions exposed to a potential reversal.
Spot and derivatives volumes climb
Data from multiple exchanges shows a sharp increase in AKT spot trading volume alongside a rise in open interest on derivatives markets. The combination suggests that both spot buyers and leveraged speculators are betting on further upside. However, the elevated open interest also means that if the price turns, forced liquidations could accelerate any downturn.
Leveraged bulls face heightened risk
With the price jump, the ratio of long to short positions has tilted heavily toward bulls. Funding rates on perpetual futures have turned positive, indicating that longs are paying to keep their positions open. That dynamic can become dangerous if the market suddenly shifts — overleveraged longs may be forced to unwind, amplifying a sell-off.
The 12.59% gain is notable for a mid-cap altcoin, but it also raises the question of how much of the move is sustainable. Without a specific catalyst mentioned in the available data, the rally appears driven by momentum and speculative appetite rather than a fundamental announcement from the Akash Network team.
For now, the market is watching whether AKT can hold its gains. If the price continues to climb, the leveraged longs could see further profits. But if the rally stalls, the same positions that fueled the move could become a source of selling pressure. No official statements from Akash Network have been released regarding the price action.
