AKT Price Plunges Amid Selloff: Will Buyers Step In to Prop Up Key $0.595 Floor?

The cryptocurrency market witnessed a significant downturn for Akash Network's token, $AKT, which plummeted by over 12% within a 24-hour timeframe, accompanied by a substantial decline of 32% in trading volume. As a result, the market capitalization of $AKT shrunk by 13.11%, settling at approximately $204.34 million, indicative of waning investor confidence. The daily trading volume also experienced a notable decline of 32.82%, reaching around $9.93 million.

This downturn marked a reversal from the token's preceding explosive ascent towards the $0.90 mark, which had been driven by intensive buying pressure. However, as the rally gained momentum, sellers rapidly regained control, leading to a sharp correction. Notably, exchange outflows intensified during this decline, with net flows plummeting to nearly -$293.64K, signifying that investors continued to withdraw liquidity from exchanges.

Historical data revealed that several previous sessions had also exhibited persistent negative net flows, suggesting that investors were consistently moving tokens away from immediate sell-side activity. Despite this continuous outflow pressure, the market failed to stabilize, and price weakness persisted as broader sector sentiment deteriorated. Earlier in January and March, inflow spikes had briefly supported $AKT's rally phase, but the recent decline had erased a significant portion of the breakout structure.

A critical question now arises: can $AKT defend its key support levels? The token's price had been rejected sharply below the major $0.906 resistance zone, with sellers aggressively defending this level after the recent vertical rally. The price then retreated towards the critical $0.595 support region, which had previously served as a breakout level in early May. Buyers attempted to defend this structure, albeit with growing downside pressure.

The daily chart revealed that $AKT continued to print strong bearish candles after the rejection near local highs, with the correction erasing a large portion of the breakout structure within several trading sessions. The Relative Strength Index (RSI) conditions had also weakened sharply, dropping from overheated territory above 74 to near 52, reflecting fading bullish strength after the aggressive rally phase.

Liquidation data revealed that bullish traders had absorbed most of the recent downside volatility, with total long liquidations surging above $56K, while short liquidations remained relatively low at $1.85K. Binance and Gate accounted for significant portions of these long liquidations, with over $37K and $13K, respectively, during the latest decline. This imbalance reflected aggressive bullish exposure before the correction accelerated, likely triggered by the preceding rally conditions.

Ultimately, $AKT's recent decline reflected weakening speculative demand after the rally overheated near $0.90. While persistent outflows suggested investors avoided panic selling despite the correction, sellers maintained strong control below resistance. If $AKT fails to defend the $0.595 support region, the broader structure could weaken further before buyers regain confidence. The token's rally had weakened rapidly after rejection below the critical $0.906 resistance zone, with long liquidations increasing sharply as traders reduced bullish exposure during the correction phase.