On January 22, Sky’s SKY token rose about +8% in 24 hours, shifting towards a softer crypto market.
SKY, the governance token of Sky Protocol, traded between $0.066 and $0.067 throughout main exchanges, together with Binance, Coinbase, and Kraken.
Buying and selling quantity over the day ranged from roughly $20M to $40M, whereas the venture’s market worth stood near $1.5Bn.
Sky Protocol emerged from the rebrand of MakerDAO and helps the USDS stablecoin.
The transfer got here as broader circumstances stayed weak. Complete crypto market capitalization fell about 2% over the identical interval, with Bitcoin and Ethereum each buying and selling barely decrease.
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What Does the $0.0778 Neckline Imply for SKY’s Subsequent Transfer?
Technical analysts say the every day chart is beginning to enhance. SKY seems to be forming a rounding-bottom sample after rebounding from a key demand zone close to $0.0419.
Quantity has picked up throughout the rebound. A doable neckline sits round $0.0778. A clear break above that degree may sign a broader pattern shift.
Merchants are additionally centered on the influence of Sky Protocol’s token-economic actions. In current months, the venture has spent about $75M shopping for again SKY utilizing its USDS stablecoin. Round 73M tokens have been faraway from circulation.
Because the program started, SKY’s worth has been up roughly +8%, including assist to the current transfer.
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What Does Nansen Knowledge Reveal About Current SKY Accumulation?
On-chain knowledge from Nansen reveals renewed accumulation in SKY as market focus grows round rumors of a doable Robinhood itemizing.
Blockchain exercise factors to a cluster of latest wallets that first started shopping for SKY a number of weeks in the past. These wallets have now develop into energetic once more and added to their holdings.
What’s occurring on-chain with $SKY through @nansen_ai
Amid rising Robinhood itemizing rumors, on-chain knowledge is displaying a brand new wave of accumulation for $SKY.
A cluster of recent wallets that initially gathered $SKY weeks to a few month in the past has now re-activated and added measurement… pic.twitter.com/LitADLWTd6
— Night Dealer Group (@Eveningtraders) January 23, 2026
Mixed accumulation throughout the group stands at about 1.04Bn SKY, price roughly $68.5M at present costs.
Institutional curiosity additionally seems to be selecting up. Framework Ventures not too long ago purchased 53.46M SKY from FalconX and moved the complete quantity into staking.
With this addition, Framework’s whole staked place now tops 202M tokens, suggesting it stays assured at present worth ranges.
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Key Takeaways
On January 22, Sky’s SKY token rose about +8% in 24 hours, shifting towards a softer crypto market.
In current months, the venture has spent about $75M shopping for again SKY utilizing its USDS stablecoin. Round 73M tokens have been faraway from circulation.
The submit Why SKY Is Surging +8% Whereas The Remainder of Crypto Bleeds Crimson? appeared first on 99Bitcoins.
