On January 22, Sky’s SKY token pink around +8% in 24 hours, moving against a weaker crypto market.
SKY, Sky Protocol’s governance token, was trading between $0.066 and $0.067 on major exchanges including Binance, Coinbase, and Kraken.
The trading volume during the day ranged between approximately $20 million and $40 million, while the market value of the project was close to $1.5 billion.
Sky Protocol emerged from the rebranding of MakerDAO and supports the USDS stablecoin.
The move came as overall conditions remained weak. The total cryptocurrency market capitalization fell by approximately 2% during the same period, with Bitcoin and Ethereum trading slightly lower.
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What does the $0.0778 neckline mean for SKY’s next move?
Technical analysts say that the daily chart is starting to improve. SKY appears to be forming a rounded bottom pattern after recovering from a key demand zone near $0.0419.
Volume has increased during the rebound. A possible neckline is around $0.0778. A clear break above that level could indicate 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 buying back SKY using its USDS stablecoin. Around 73 million tokens have been withdrawn from circulation.
Since the program began, SKY price has risen by approximately 8%, supporting the recent move.
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What does Nansen’s data reveal about SKY’s recent accumulation?
Nansen on-chain data shows renewed accumulation in SKY as market focus grows around rumors of a potential Robinhood listing.
The blockchain activity points to a group of new wallets that began purchasing SKY several weeks ago. These wallets have now become active again and have been added to your holdings.
What is happening in the chain with $HEAVEN through @nansen_ai
Amid Growing Robinhood Listing Rumors, On-Chain Data Shows New Wave of Accumulation $HEAVEN.
A group of new wallets that were originally accumulated $HEAVEN Weeks to about a month ago it has now been reactivated and added size… pic.twitter.com/LitADLWTd6
— Evening Traders Group (@Eveningtraders) January 23, 2026
The combined accumulation across the group amounts to approximately 1.04 billion SKY, worth approximately $68.5 million at current prices.
Institutional interest also appears to be picking up. 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 around +8% in 24 hours, moving against a weaker crypto market.
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In recent months, the project has spent around $75 million buying back SKY using its USDS stablecoin. Around 73 million tokens have been withdrawn from circulation.
The post Why is SKY rising +8% while the rest of the cryptocurrencies bleed red? first appeared on 99Bitcoins.
