Sky Protocol price rises as key metric tumbles to a 5-year low

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Sky Protocol Price Skyrockets, But Don’t Get Too Comfortable!

Sky Protocol price rises as key metric tumbles to a 5-year low

Well, well, well, if it isn’t the Sky Protocol token—picking itself up off the floor like a drunk sailor at sunrise. This past few months, it’s been bouncing back as if it’s on a trampoline, just like those other big, bad decentralized finance coins. You know the type. Aave (AAVE)? Check. Jito (JTO)? Double-check. Sky? Oh, it’s *jumping* too.

On Monday, June 16, the price hit a sky-high $0.09475, a 190% rise from the rock-bottom low it had earlier this year. And now, with a market cap of $1.95 billion, it’s looking like a small-time millionaire trying to walk around with a Rolls Royce, but without the backstory. Go ahead, brag a little, Sky!

And in case you didn’t notice, Sky’s sudden burst of energy matches the broader trend of other large DeFi coins. It’s the cryptocurrency version of a bandwagon, and everyone’s hopping on. Aave’s price took off like a rocket, gaining 147% since April, while Jito is doing some fancy footwork too, with a 50% gain. Who says cryptocurrency doesn’t know how to throw a party?

But let’s take a breather here. Sky’s network growth? Well, it’s not exactly soaring like its token price. In fact, it’s slowing down faster than a tortoise on roller skates. According to DeFi Llama data, the total value locked in its platform has dropped to a meager 1.87 million ETH, its lowest since June 2020. Compare that to the almost 7 million coins at its peak, and… yeah, it’s not a good look. Might want to brush that under the rug for now.

As if that’s not enough, Sky’s revenue took a nosedive too, from a pleasant $28.37 million last December to a less-than-glamorous $17 million by May. Oof, that stings. But, hey, there’s always a silver lining—right? Nansen data shows that smart money (whatever that means) and whale accumulation are up by quite a bit. Smart money’s holdings have jumped by 148%, while whales are hoarding a ridiculous 2,246% more. At least someone’s having fun!

This latest buying spree has pushed exchange balances down by 8%, with 208 million tokens now sitting pretty on exchanges. This could mean people are doing the one thing we all should have done years ago: moving their tokens to self-custody wallets. If you don’t trust exchanges, just don’t tell them you heard it here first.

And let’s not forget the nostalgia factor: Formerly known as Maker, Sky is a yield-generating platform for folks who like to watch their USDS stablecoin grow like grass after a good rainstorm. The Sky Savings Rate is currently a juicy 4.50%. Not too shabby, eh?

Sky Price Technical Analysis

So, what’s the chart showing us? Well, it’s like a climbing wall that’s been getting steeper. The price bottomed out at $0.03285 in February, and since then, it’s been following a nice little upward channel, pushing higher highs and higher lows. It’s like that one friend who insists on hiking the hardest trail, but somehow makes it look easy.

The token broke past the key resistance level at $0.07980, the high point from February 28, and now it’s above the 50-day moving average. Oh, and don’t forget the MACD and RSI—they’re both doing their thing, but the RSI is flirting with the overbought zone. You know what that means, right? Time to pump the brakes before it gets too excited!

Now, here’s where it gets interesting: The most likely thing to happen is a price drop, followed by a nice little retest of that $0.07980 support. But, if it breaks through the top side of that channel, it could hit that magical $0.10 mark, and the party will keep going. Keep your eyes peeled, folks!

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2025-06-16 16:07