On January 22, Sky’s SKY token pink approximately +8% in 24 hours, evolving against a backdrop of a weaker crypto market.
SKY, Sky Protocol’s governance token, trades between $0.066 and $0.067 on major exchanges including Binance, Coinbase, and Kraken.
The trading volume during the day ranged from approximately $20 million to $40 million, while the project’s market value was close to $1.5 billion.
Sky Protocol is a rebranding of MakerDAO and supports the USDS stablecoin.
This decision comes as general conditions remain weak. The total crypto market cap fell around 2% over the same period, with Bitcoin and Ethereum both trading slightly lower.
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What does the $0.0778 neckline mean for SKY’s next move?
Technical analysts say the daily chart is starting to improve. SKY appears to be forming a downtrend after rebounding from a key demand zone near $0.0419.
Volume picked up during the rebound. A possible neckline is around $0.0778. A clear break above this level could signal a broader trend change.
Traders are also focusing on the impact of Sky Protocol’s token economic actions. In recent months, the project has spent around $75 million to buy back SKY using its USDS stablecoin. Around 73 million tokens have been removed from circulation.
Since the start of the program, the price of SKY has increased by approximately +8%, reinforcing the recent movement.
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What does the Nansen data reveal about recent SKY accumulation?
On-chain data from Nansen shows renewed accumulation in SKY as market attention builds around rumors of a possible Robinhood listing.
Blockchain activity indicates a group of new wallets that began purchasing SKY several weeks ago. These wallets have now become active again and added to their holdings.
What happens in chain with $SKY via @nansen_ai
Amid Growing Robinhood Listing Rumors, On-Chain Data Shows New Accumulation Wave for $SKY.
A group of new wallets originally accumulated $SKY A few weeks to about a month ago, it’s now reactivated and added size… pic.twitter.com/LitADLWTd6
– Evening Traders Group (@Eveningtraders) January 23, 2026
The combined accumulation within the group amounts to approximately 1.04 billion SKY, worth approximately $68.5 million at current prices.
Institutional interest also appears to be intensifying. Framework Ventures recently purchased 53.46 million SKY from FalconX and transferred the entire amount to staking.
With this addition, Framework’s total staked position now exceeds 202 million tokens, suggesting it remains confident at current price levels.
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Key takeaways
- On January 22, Sky’s SKY token pink approximately +8% in 24 hours, evolving against a backdrop of a weaker crypto market.
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In recent months, the project has spent around $75 million to buy back SKY using its USDS stablecoin. Around 73 million tokens have been removed from circulation.
The message Why is SKY increasing by +8% while the rest of crypto is bleeding red? appeared first on 99Bitcoins.
