On January 22nd, Sky launched the SKY token rose about +8% in 24 hours, against a weaker crypto market.
SKY, the governance token of Sky Protocol, was trading between $0.066 and $0.067 on major exchanges including Binance, Coinbase and Kraken.
(Source: Coingecko)
Trading volume during the day was between around $20 and $40 million, while the project's market value 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 crypto market's total capitalization fell about 2% over the same period, with Bitcoin and Ethereum both trading slightly lower.
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What does the $0.0778 cutout mean for SKY’s next move?
Technical analysts say the daily chart is gradually improving. SKY appears to be forming a rounded bottom pattern after recovering from a key demand zone near $0.0419.
Volume has increased during the recovery. A possible cutout is around $0.0778. A clear break above this level could signal a broader trend reversal.
Traders are also focusing on the impact of Sky Protocol’s token economic measures. In the last few months, the project has spent around $75 million to buy back SKY with its USDS stablecoin. Around 73 million tokens were withdrawn from circulation.
Since the program began, SKY's price has increased by approximately +8%, further supporting the latest move.
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What does Nansen data reveal about recent SKY accumulation?
On-chain data from Nansen shows renewed accumulation in SKY as market focus increases on rumors of a possible Robinhood listing.
Blockchain activity points to a number of new wallets that first began purchasing SKY a few weeks ago. These wallets have now become active again and have expanded their inventory.
What's happening on-chain with $SKY via @nansen_ai
As Robinhood listing rumors grow, on-chain data shows a new wave of accumulation for $SKY.
A group of new wallets that had originally accumulated SKY dollars weeks to about a month ago have now been reactivated and have increased in size… pic.twitter.com/LitADLWTd6
— Evening Trader Group (@Eveningtraders) January 23, 2026
The group's total is approximately 1.04 billion SKY, which is worth around $68.5 million at current prices.
Institutional interest also appears to be increasing. Framework Ventures recently purchased 53.46 million SKY from FalconX and transferred the entire amount to staking.
With this addition, Framework's total position now stands at over 202 million tokens, indicating that the company remains confident at current price levels.
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Key insights
- On January 22nd, Sky launched the SKY token rose about +8% in 24 hours, against a weaker crypto market.
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In the last few months, the project has spent around $75 million to buy back SKY with its USDS stablecoin. Around 73 million tokens were withdrawn from circulation.
The post Why is the sky rising +8% while the rest of cryptocurrency bleeds red? appeared first on 99Bitcoins.
