The Akash Network (AKT) token has experienced an impressive price rally in the last 24 hours, surging by an impressive 20% and breaking past the crucial resistance of $5.0. As of press time, the Akash Network (AKT) price is trading at $5.66, with a market cap of $1.336 trillion and a daily trading volume that has skyrocketed by 350% to $232 million.

The team behind the project has attributed this price surge to significant growth within the $AKT ecosystem, generating over $140k in revenue during Q1 2024. This growth is attributed to increasing interest in DePIN and rising demand from developers, leading to higher usage of the AKT token.

Additionally, on May 8, the Akash Network team provided details about Praetor, a user-friendly platform for setting up a provider on Akash. Praetor App simplifies the process of becoming an Akash Network cloud provider by offering a streamlined UI and eliminating the need for Command-line Interface usage. The team noted that since merging with Overclock Labs in April, efforts to open-source Praetor are well underway.

According to the team's post on GitHub, the Overclock and Praetor teams have collaborated closely to synchronize their product strategy and roadmap, further contributing to the positive sentiment surrounding the project.

In the last 24 hours, Akash Network (AKT) has surged by 15.63%, reaching a current trading price of $5.64. The token has surpassed a diagonal trendline on the 4-hour timeframe and is striving to maintain the previous week's high of $5.095 as a support level. According to TraderAAG, if AKT falls below this support, there might be a chance for a retest of the trendline, offering a potential opportunity to increase positions.

Trader Andrew Griffiths has recognized a cup and handle formation for AKT, forecasting an upward target ranging from $7.9 to $12.1. This positive outlook, combined with the project's strong fundamentals and growing ecosystem, suggests that the AKT price rally may continue in the near future.