Foreign media reports that Akash Network's token AKT has recently fallen by about 14%, but the position in the derivatives market has not clearly turned bearish. On the contrary, trading activity increased during the decline, indicating that market participants have not left the market, and short-term divergence has actually increased.
Trading volume increased but prices weakened.
The report cited data showing that AKT's daily trading volume rose to $18.85 million, an increase of 70.31% from the previous day. A price drop coupled with increased trading volume usually indicates more intense turnover during a market correction, with selling pressure becoming more pronounced in the short term.
However, this trend does not necessarily mean that market expectations have completely weakened. The article mentions that some traders are still increasing their long positions during the pullback, betting on a subsequent rebound.
Binance long positions still make up the majority.
CoinGlass data shows that approximately 63.85% of accounts on the Binance platform still hold long positions, while short accounts account for approximately 36.15%, corresponding to a long-short ratio of 1.77. This means that despite the continuous decline in AKT, the position structure on the platform remains biased towards the bullish side.
The article states that this ratio has risen further from earlier in June, indicating that some traders did not reduce their long positions during the price weakening period, but instead continued to increase their bullish positions.
Support at $0.676 and liquidity above $0.90 are attracting attention.
From a price structure perspective, the article considers $0.676 as the current key support level, noting that this area previously triggered a significant price rebound. If this level is breached, the next major support level is roughly around $0.568.
Meanwhile, the liquidation heatmap shows significant liquidity accumulation above the $0.90 to $0.92 range, with the highest concentration around $0.906. Markets tend to exhibit price attraction effects near areas of high leveraged positioning.
Besides this main range, there is also a relatively close liquidity band between $0.79 and $0.85, which may be the first area tested during a price rebound. In contrast, the liquidity distribution below the current price is relatively light, which is one of the reasons why this article continues to maintain a bullish outlook.
