Skyai saw a significant rebound in the past 24 hours, with the price rising to around $0.205, a daily increase of approximately 15%. This rally began around $0.147, a level that had previously prevented further declines and attracted some buying back.
However, the price rebound was not accompanied by a corresponding increase in trading volume. Data shows that SKYAI's trading volume decreased by 33.95% to approximately $24.4 million, indicating that current market participation remains lower than in previous upward phases. Even so, short-term buyers have regained some initiative.
Net outflows from exchanges continue
In addition to the price rebound, on-chain fund flows also continued the recent trend. On June 5, SKYAI recorded a net outflow of approximately $1.84 million, meaning that more tokens flowed out of exchanges than flowed in.
These kinds of changes usually mean that some holders are transferring their assets to private wallets instead of leaving them on exchanges to sell. Net outflows alone are not enough to confirm a continued rise, but at the current stage, they do alleviate some of the expected selling pressure.
Prices are approaching the upper edge of the downward channel.
From the daily chart, SKYAI remains within the descending channel formed since the January high. The most recent rebound occurred near the lower edge of the channel, after which the price tested the upper boundary, indicating that the bearish pressure has weakened compared to the previous period.
The Relative Strength Index (RSI) has rebounded to 44.49, escaping its prolonged period of near-oversold territory; its moving average reading is 40.83. These changes indicate that market sentiment has improved somewhat from the previous period, but has not yet entered a clearly bullish phase.
If buying pressure pushes the price back above $0.33, the next target could be around $0.50. If it fails to break through the current channel resistance, SKYAI may remain within its overall pullback structure.
Funding rates remain positive.
In the derivatives market, SKYAI's weighted average funding rate for open interest remained in positive territory at 0.0168%. This typically indicates that long positions are still willing to pay a premium to maintain their holdings, and the market retains some expectation for a continued short-term rebound.
Overall, SKYAI is currently supported by both net outflows from exchanges and positive funding rates, but trading volume has not yet recovered. The breakout situation around $0.33 remains a key point to observe in determining whether this rebound can continue.
