After four consecutive days of losses, SKYAI appeared to find a local bottom. The altcoin rebounded from $0.15, reclaimed $0.20, and reached a local high of $0.22.
At press time, SKYAI traded at $0.21 after gaining 26% over the past 24 hours. Trading Volume also rose 56% to $88 million, signaling renewed market activity.
The surge in activity encouraged traders to open new positions. Open Interest climbed 54.8% to $110.4 million, while Derivatives Volume rose 46% to $97 million.
The increase suggested fresh capital entered the market, supporting the latest price recovery.
Are traders still betting against SKYAI?
Despite the rebound, market participants remained cautious. Activity across both Spot and Futures markets suggested many traders used the rally to reduce exposure.
In the Futures market, sellers remained active. On Binance, Perpetual Sell Volume reached 80 million, compared to 74 million in buy volume.
As a result, Perpetual Netflow fell to negative $6.14 million, while Net Buying remained at negative $111 million.
These readings suggested sellers continued to dominate trading activity.
On top of that, profit-taking accelerated in the Spot market. Spot Inflow rose to $10.7 million, while Spot Outflow stood at $7.7 million.
That pushed Netflow up 69% to $3.06 million. A positive Netflow typically indicates more tokens moved onto exchanges, increasing potential selling pressure.
With sellers active across both Spot and Futures markets, traders appeared unconvinced that the recovery would last.
Can SKYAI extend its rebound?
SKYAI’s price recovered sharply, and derivatives activity strengthened. Even so, technical indicators continued to support the bullish case. The Aroon indicator showed Aroon Up at 71, above Aroon Down at 42.
This setup suggested buyers retained control of the short-term trend. The altcoin also moved above its Short-Term Moving Average, reinforcing bullish momentum.
Taken together, these indicators suggested the current recovery could continue.
If buying pressure remains strong, SKYAI could target $0.30 next.
However, renewed selling pressure could trigger another pullback. In that scenario, the altcoin may lose $0.20 support and revisit $0.16.
Final Summary
- SKYAI’s rebound attracted fresh traders, but conviction remained surprisingly weak.
- Profit-taking increased even as price momentum accelerated higher.