Akedo [AKE] experienced a 59% daily gain, trading around $0.035 after the token project unlocked $62 million worth of tokens equivalent to 9% of its circulating supply. Unlike previous token unlocks that triggered declines of 22% and 49% respectively, the market responded differently this time, with AKE bouncing back from an initial dip to $0.021 and climbing to $0.036.
The rally generated $16 million in daily trading volume, indicating increased market activity during the price surge.
Leverage-Driven Rally
On-chain analysis suggests the recent gains are primarily driven by leveraged trading. Futures volume outpaced spot volume by 93 times, according to available data.
Derivatives market metrics support this view. Akedo's Futures Inflow reached $215 million against outflows of $207 million, resulting in a Futures Netflow increase of 188% to $7.7 million. Open Interest surged 90.5% to $101 million, while derivatives volume rose 81% to $608 million.
The Long-Short Ratio across all exchanges stood at 1.03, suggesting a slight tilt toward long positions. However, ratios on major exchanges OKX and Binance remained below 1, indicating more short positions on those platforms and mixed sentiment across trading venues.
Spot Buying Activity
Beyond leveraged trading, spot market buyers also participated in the rally. Spot buy volume reached 12.27 million compared with 11.7 million in sell volume, pushing the Buy-Sell Delta to positive territory at 479k.
Spot Netflow fell to negative $220k, indicating more assets leaving exchanges than entering them. While this pattern may be consistent with accumulation, it does not definitively confirm aggressive spot buying on its own.
Technical Outlook
Akedo's Relative Strength Index (RSI) made a bullish crossover and reached 57, moving further into bullish territory and reflecting improving momentum. Rising RSI levels often accompany further price gains, which could potentially push AKE toward $0.04 if buying pressure persists.
However, the reliance on leverage introduces risk. A fade in speculative demand or increased liquidations could trigger another decline toward $0.021.
