The Solana Mobile Seeker [SKR] token, launched for its second-generation Web3 smartphone, surged over 70% in 24 hours. This rally pushed its market cap past $100 million and was primarily driven by a 429% increase in daily trading volume following its listing on the Upbit exchange. Despite the breakout from a declining trend, trader profit-taking has emerged as a potential risk to the rally’s sustainability.
The Solana Mobile Seeker [SKR] token surpassed a $100 million market cap, entering the top 200 cryptocurrencies. Its 70% daily gain led the category and reversed weekly losses to a 48% gain.
This surge was attributed to a more than 429% spike in daily trading volume sparked by a listing on the Korean exchange Upbit. The exchange will support three SKR trading pairs with Bitcoin [BTC], USDT, and KRW.
Chart analysis showed the altcoin broke above a falling trend channel that had confined its price for about 12 days. The price rallied aggressively from $0.19 to above $0.26 shortly after the Upbit listing.
Key metrics like the Cumulative Volume Delta (CVD) and Chaikin Money Flow (CMF) indicated strong buying pressure and capital inflow. However, the potential for a retraction remains as “most exchange listings end up retracing.”
The rally’s continuation faces headwinds from widespread profit-taking by traders. Data from CoinGlass showed the Long/Short Ratio dropped from 1.43 to 0.84 as selling intensified globally.
On the Binance Futures market, the Long/Short Ratio dipped to 0.58, indicating significant profit-taking outside the Asian market that drove the initial rally. Despite the surge, SKR remained down approximately 17% for the month.
