Akash Network [AKT] has turned green with mindshare jumping by over 315% amid discussions around migration to another chain.
The altcoin commands a significant market cap of over $200 million, with daily sentiment at 2.85 bullish.
Akash Network votes to migrate to Solana, but…
Akash Network set up a new proposal to migrate the protocol from its sovereign chain, Cosmos [ATOM], to the Solana [SOL] network. An approval would authorize a 1:1 migration to SPL, not moving workloads.
The voting is still open until the 2nd of November, with Yes leading at 98.41%. They say Solana is where DePIN already thrives due to lower fees, users, and liquidity.
Other DePIN projects on Solana include Helium [HNT] and Render Network [RENDER].
Adding more details, the supply and decimals remain unchanged, with the proposal suggesting a one-way migration window of two years. The migration will start in two weeks, as per the protocol’s founder.
However, the existing workloads continue for 90 days after the transition before the old chain shuts down. Still, this plan needs governance and two independent audits.
Furthermore, the marketplace cutover and the end of staking rewards need another vote, with the official announcement set for mid-November.
While this proposal raises questions about whether the decision is a smart move, it is a sign that running your chain is getting too expensive.
Can AKT’s price escape the sideways range?
On the charts, the spike in mindshare did not reflect as the altcoin remained trapped in a sideways range. AKT is bouncing between $0.63 and $0.78, but the MACD has shifted to green after four days of bearish dominance.
The RSI divergence is bullish too. With the altcoin tapping into rich Solana liquidity, an escape from this range may materialize. But the move remains uncertain until token migration starts in the marketplace.
Still, AKT remains bullish, which would be amplified if $0.78 is cleared, especially if the governance vote is approved. Otherwise, the trend could start changing if bulls lose the $0.63 zone as support.
As of now, traders are buying the token with the Long/Short Ratio above 1.49 for all accounts and top traders, as per CoinGlass.
Final Summary
- Akash Network’s proposal to move from Cosmos to Solana is at 98% approval, though voting is open until November 2.
- AKT price was still trapped between $0.63 and $0.78, but momentum indicators are shifting bullish.
