The Akash Network's AKT token has encountered a remarkable surge in its price, soaring by a notable 20% over the past day, surpassing the significant resistance level of $5.0. Presently, the price of Akash Network's AKT sits at $5.66, boasting a market cap of $1.336 trillion. The daily trading volume has witnessed a staggering spike of 350%, reaching $232 million, contributing to the token's upward momentum.

The team responsible for the project attributes this price increase to substantial advancements within the AKT ecosystem, resulting in revenue exceeding $140k during the first quarter of 2024. This growth can be accredited to a surge in interest in DePIN and a heightened demand from developers, consequently leading to an escalated usage of the AKT token.

Adding to this progress, on May 8, the Akash Network team divulged details regarding Praetor, which is a user-friendly platform designed to assist individuals in setting up as a provider on Akash. The Praetor App streamlines the process of becoming an Akash Network cloud provider by introducing a user-friendly interface and doing away with the requirement for Command-line Interface usage. The team pointed out that since merging with Overclock Labs in April, strides have been taken towards the process of open-sourcing Praetor.

As per the team's GitHub post, the Overclock and Praetor teams have closely collaborated to synchronize their product strategy and roadmap, thereby augmenting the favorable sentiment surrounding the project. Within the last 24 hours, Akash Network's AKT has escalated by 15.63%, now trading at $5.64. The token has surpassed a diagonal trendline on the 4-hour timeframe and is aiming to uphold the prior week's peak of $5.095 as a support level.

According to TraderAAG, a fall beneath this support level could imply a potential retesting of the trendline, offering a prospective opportunity to enhance positions. Trader Andrew Griffiths has identified a cup and handle pattern for AKT, projecting an upward target range between $7.9 to $12.1. This optimistic projection, coupled with the project's robust fundamentals and expanding ecosystem, suggests that the ongoing surge in AKT's price might continue into the foreseeable future.