SKYAI has fallen more than 19% in 24 hours, while volume has surged to over $39 million.
This development indicates that selling pressure remains dominant, despite a surge in trading activity during the price decline. Simultaneously, the Token 's market Capital also fell by over 18% to nearly $215 million.
- SKYAI dropped sharply by more than 19% in 24 hours, but liquidation remained high.
- Open Interest decreased by 13.37% as leveraged traders reduced their positions.
- The price remains within a downtrend channel and has not yet regained the resistance level of $0.335.
Selling pressure increased while liquidation remained high.
SKYAI's volume exceeded $39 million during the sharp price drop, indicating continued selling activity. Despite the increased trading volume, a rebound failed to materialize as short-term selling pressure continued to dominate.
The Token 's market Capital also dropped by more than 18%, to nearly $215 million. This reflects the weakening state of SKYAI not only in price but also in market size.
Leveraged traders reduce their positions.
SKYAI's Open Interest fell 13.37% to $76.78 million, indicating that leveraged traders are shrinking their positions during periods of high volatility. This is often a sign that speculative confidence has weakened after a chain of consecutive declines.
This trend is also consistent with the overall picture in the Derivative market, where many are choosing to close positions rather than holding bets in a clear direction. The available data does not yet show a strong enough return of leveraged capital to support prices.
The descending channel is still keeping SKYAI below the resistance zone.
SKYAI continues to trade within a descending channel and has yet to regain the $0.335 resistance level. After a strong rejection from near $0.74, the price continued to create progressively lower highs throughout May.
The Token is currently trading around $0.214 and approaching another support zone at $0.159. This structure suggests that the buyers are not yet strong enough to break the short-term downtrend.
The RSI also fell to near 38 and remains below the neutral threshold of 50, indicating that the downward trend is still dominant. As the RSI continues to fall below its Medium , selling pressure is further reinforced.
Binance is still leaning towards selling.
Position data on Binance shows that the top traders are still leaning towards selling, with 53.76% of accounts in a Short position and a Longing/ Short ratio around 0.86. Longing positions only account for 46.24%, so the balance of positions remains pessimistic.
Even with some short pullbacks, many traders are still not convinced that the downtrend is over. The divergence between Longing and Short positions also aligns with weak signals from price, RSI, and Open Interest.
Summary
SKYAI is under clear downward pressure, with price, open interest, and trading positions all leaning towards selling. The $0.335 level remains a crucial area to reclaim if the Token is to improve its short-term structure.
