January 22 Sky’s SKY token rose Around +8% in 24 hours, moving against softer cryptocurrency markets.
Sky Protocol’s governance token, SKY, traded between $0.066 and $0.067 on major exchanges including Binance, Coinbase, and Kraken.
Trading volume for the day was roughly $20 to $40 million, putting the project’s market value at close to $1.5 billion.
Sky Protocol emerged from MakerDAO’s rebranding and supports USDS stablecoin.
The move comes amid weak broader conditions. The overall cryptocurrency market capitalization decreased by about 2% over the same period, with both Bitcoin and Ethereum falling slightly.
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What does the $0.0778 neckline mean for SKY’s next move?
Technical analysts say the daily charts are starting to improve. SKY appears to be forming a rounding bottom pattern after rebounding from a key demand area near $0.0419.
Volume increased during the rebound. Possible necklines cost around $0.0778. A clear break above this level could indicate a broader trend change.
Traders are also focusing on the impact of Sky Protocol’s token economic activity. In recent months, the project has spent around $75 million buying back SKY using the USDS stablecoin. Approximately 73 million tokens were removed from circulation.
Since the launch of the program, SKY’s price has risen approximately +8%, adding support to recent moves.
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What does Nansen data reveal about recent SKY accumulations?
Nansen’s on-chain data shows fresh accumulation on SKY as market focus grows amid rumors of a possible Robinhood listing.
Blockchain activity indicates a new cluster of wallets that first started purchasing SKY a few weeks ago. This wallet has now been reactivated and added to your holdings.
What’s happening on-chain? $SKY through @nansen_ai
As rumors of a Robinhood listing grow, on-chain data shows a new wave of accumulation. $SKY.
Chunks of fresh wallets originally stacked $SKY It was reactivated a few weeks to a month ago and sizes were added… pic.twitter.com/LitADLWTd6
— Evening Traders Group (@Eveningtraders) January 23, 2026
The cumulative total for the group as a whole amounts to approximately SKY 1.04 billion, worth approximately $68.5 million at current prices.
Institutional interest also appears to be increasing. Framework Ventures recently purchased 53.46M SKY from FalconX and transferred the entire amount to staking.
With this addition, the framework’s total staking position now exceeds 202 million tokens, suggesting that the framework remains confident at current price levels.
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Key Takeaways
- January 22 Sky’s SKY token rose Around +8% in 24 hours, moving against softer cryptocurrency markets.
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In recent months, the project has spent around $75 million buying back SKY using the USDS stablecoin. Approximately 73 million tokens were removed from circulation.
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