SKYAI fell 30.53% in the past 24 hours, dropping to around $0.14, becoming one of the tokens with the largest recent decline. While the price fell rapidly, market trading volume increased significantly, with daily trading volume rising to $163.3 million, a 253.8% increase from the previous day.
This pullback occurred after a sharp rise in the previous period. The token had previously rebounded to $0.3070, a gain of approximately 80%, but buying interest failed to sustain, and the price quickly gave back some of its gains. The market focus now shifts to whether the support level around $0.13 can hold.
Leveraged funds have clearly withdrawn.
Derivatives market data shows that traders significantly reduced their risk exposure during the decline. SKYAI open interest fell 34.93% to $72.33 million, indicating that many funds chose to close out their positions and exit the market.
When open interest declines in tandem with prices, it typically indicates that the market is primarily reducing positions rather than seeing a large influx of new short positions. This reflects weakening short-term sentiment and the exit of some leveraged funds.
- 24-hour decline: 30.53%
- Trading volume: US$163.3 million
- Open interest: $72.33 million
Price approaches $0.13 support
From a price structure perspective, SKYAI remains within a descending channel. Since its previous high near $0.80, the overall trend has remained weak. The latest decline has pushed the price towards the lower edge of the channel, with the $0.13 level becoming a key short-term resistance level.
The article mentions that the near-term resistance level is around $0.27. If $0.13 is breached, the current downtrend may continue; if support is found in this area, the price may stabilize in the short term.
Binance has a large number of top traders.
Technical indicators still show that bears are in control. The RSI has fallen to 35.86, approaching oversold territory; the MACD remains in a bearish alignment, indicating that downward pressure has not completely subsided. However, after the continuous decline, the release of selling pressure is also accelerating.
Despite the significant price pullback, top Binance traders still favor long positions. Data shows that long positions account for 70.07% of their portfolios, while short positions account for 29.93%, resulting in a long-short ratio of 2.34.
This suggests that some active traders view this decline as more of a short-term correction than a complete reversal of the trend. However, the concentrated bullish sentiment also implies that if prices continue to break below support levels, the market may experience another round of long position liquidation, further amplifying volatility.
