The native token of the on-chain decentralized protocol Sky (SKY) rallied over the past day, adding roughly $178 million to its market capitalization. The surge was primarily driven by momentum in the perpetual futures market, where buying volume and open interest increased. While spot traders have begun selling to lock in profits, the current outflows have not yet threatened the asset’s broader bullish market structure.
The native token of the on-chain decentralized protocol Sky (SKY) posted a double-digit gain as investor sentiment strengthened. The major push came from its perpetual market, where investors anticipate further upside.
Over the past day, SKY’s market capitalization surged roughly 10%, adding about $178 million and pushing the asset’s valuation to around $1.78 billion. Support from the perpetual market followed a rise in trading capital, which climbed to $27 million, marking a 12% increase.
The Taker Buy/Sell Ratio has remained above 1, confirming that buying volume exceeds selling volume. According to the latest readings, the new capital and trading activity have also translated into more long contracts in the market.
The market structure continues to print a clearly bullish candle pattern on the weekly timeframe. Since a correction ended in mid-November, SKY has spent roughly 103 days forming a sequence of higher highs and higher lows.
Based on the chart structure, SKY could attempt another rebound toward $0.10. The Money Flow Index also confirms continued capital inflows, holding above 50 to suggest bullish momentum.
Spot traders, however, appear to have shifted to the bearish side as they begin selling to lock in profits. The sell-off began around the 24th of February, with total spot outflows reaching roughly $5.8 million.
For now, the scale of this outflow remains relatively small compared with the capital added to SKY’s market cap. Unless the spot sell-off grows significantly, it is unlikely to pose an immediate threat to SKY’s broader upward trajectory.
