Foreign media reports that SKYAI surged approximately 80% in the past 24 hours to $0.3070, with trading volume also rising to $43.03 million, more than double that of the previous day. The simultaneous increase in both spot and derivatives trading indicates a significant rebound in market participation after several weeks of stagnation.
Both spot and contract trading volumes increased simultaneously.
The article notes that this surge occurred after Skyi ended a months-long correction. As prices rebounded, open interest rose to $128.4 million, a single-day increase of approximately 80%.
During a price uptrend, a continued increase in open interest typically indicates new funds entering the market, rather than existing positions being closed out. The simultaneous rise in trading volume and open interest also suggests that this rebound is more than just a short-term fluctuation.
The key resistance level is at $0.3354.
From a technical perspective, SKYAI has broken out of a downward channel that had persisted for several months. Previously, bulls had repeatedly held support around $0.1713, subsequently pushing the price upwards above the upper channel line.
The article argues that $0.3354 is currently the most important resistance level. If the price can stabilize above the breakout area and further surpass this level, the next major resistance level is likely around $0.60. If it encounters resistance below $0.3354, the price action may first enter a consolidation phase.
Binance has large positions held by major investors.
Top traders on the Binance platform also have a long bias in their positions. Data shows that long positions account for 73.47% of their portfolios, while short positions account for 26.53%, resulting in a long-short ratio of 2.77.
Foreign media believe this indicates that larger funds are still inclined to bet on prices continuing to rise. However, when positions are overly biased towards one side, market volatility may also increase.
Overall, the article concludes that SKYAI's recent rebound is supported by trading volume, open interest, and trader positions, but the area around $0.3354 remains the most direct level to watch in the short term.
