Key Takeaways:
- SKYAI fell 36.2% to $0.1928, hitting its lowest level in a month
- Open interest dropped 36.65% to $69.66 million as leveraged positions unwound
- Buyers defended the $0.168 support zone, but technical indicators favor sellers
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SKYAI drops 36% to monthly low as rebound momentum fades
SKYAI's 36% plunge erased a brief June recovery, with open interest collapsing and exchange inflows signaling renewed selling pressure.
SKYAI fell 36.2% to $0.1928 in 24 hours, hitting its lowest level in a month after a failed rebound from $0.147 on June 6 lost momentum, CoinGecko data show.
"The simultaneous decline in price, trading volume, and open interest indicates that market sentiment has shifted back toward caution," according to a market analysis published by KuCoin.
Trading volume climbed 70.85% to $43.16 million during the sell-off, CoinGlass data show, as participants actively repositioned rather than adding fresh long exposure. Open interest dropped 36.65% to $69.66 million, reflecting widespread liquidation and voluntary position exits across the futures market. Exchange netflow turned positive at $340,750, indicating more tokens moved onto exchanges — a setup that typically precedes further selling pressure.
The token now trades above the $0.168 demand zone, where buyers have so far prevented a breakdown. A decisive break below that level would expose SKYAI to further downside, while a recovery toward the $0.335 resistance would require a sustained pickup in buying pressure that the current RSI reading of 44.63 does not yet support.
$0.35 resistance remains out of reach
From the daily chart structure, SKYAI failed to reclaim the key resistance level around $0.35, preventing a reversal of the larger downtrend. The Relative Strength Index dropped to 44.63, suggesting buying pressure is diminishing without entering oversold territory, leaving room for sellers to maintain control. The Parabolic SAR remained above the price near $0.436, confirming that sellers still dictate the prevailing trend.
Liquidity clusters point to next battleground
The liquidation heatmap shows the most prominent liquidity concentration between $0.21 and $0.23, indicating a high volume of leveraged positions in that range. Additional liquidity zones exist around $0.24 and $0.27. If buying pressure resumes, the price may move toward these levels first, though the heatmap does not signal a trend reversal — it highlights areas where short-term volatility may concentrate.
The broader technical picture remains fragile. MACD stayed below the zero line while its histogram continued printing negative bars, showing that bearish pressure persisted throughout the correction. However, the repeated defense of the $0.168 support suggested buyers had not completely surrendered. If this demand zone continues attracting fresh demand, SKYAI could attempt a recovery toward the $0.335 resistance. Otherwise, losing this support would likely expose the token to another leg lower.
This article is for informational purposes only and does not constitute investment advice.
