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The SKY token has fallen 6.68% in the past 24 hours, dropping to $0.06365. Although this correction looks fierce, the story behind it is far more complex than just price fluctuations.
From a fundamental perspective, the Sky protocol (formerly MakerDAO) has a solid ability to generate value. Driven by both cryptocurrency lending and real-world assets, the protocol consistently generates stable monthly income. More importantly, these profits are not idle — the Sky protocol uses them to continuously buy back its own tokens. Just last week, it repurchased 32.3 million SKY tokens, bringing the total since the buyback program started in February this year to over $94 million. This proactive support indicates the team’s confidence in the token’s value.
On the technical side, there are bearish signals. The EMA7 has already fallen below the EMA25, and the MACD histogram is turning negative, indicating short-term downward momentum. However, the RSI6 has dropped to 14.66, and the RSI12 is only 23.14, which means the token has entered a typical oversold zone. From a technical perspective, this usually signals either a rebound or a period of consolidation.
Interestingly, over 120,000 USDT of large funds flowed out during the decline, which could be retail stop-loss activity or institutional rebalancing. At the same time, we observed over 31.4 million SKY tokens transferring between whale wallets, suggesting that big players have not completely exited.
Community sentiment remains generally optimistic. Investors continue to emphasize the Sky protocol’s strong revenue model, the strategic layout of SubDAO, and the ongoing token buyback mechanism as factors supporting long-term value. Although there are short-term fluctuations, the long-term story still seems to be unfolding.
Overall, SKY is currently in a somewhat awkward position — technically oversold, community still optimistic, and fundamentals unchanged, yet the price is falling. This misalignment can sometimes create good opportunities, or it might just be the market digesting risk.
The mega whales are still accumulating, indicating they are not truly bearish. Instead, they might be laying in wait to trigger retail investors' stop-loss orders.
Buying back $94 million sounds great, but whether the price can really hold depends on future data. We can't rely on this story to sustain us for a lifetime.
Short-term oversold conditions don't necessarily mean a rebound. Sometimes it's just a trap, so don't blindly buy the dip.
Sky's fundamentals are indeed solid; it's just that the price movement is a bit disconnected from the story. Let's wait and see if it can return to rational pricing.
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The $94 million buyback sounds solid, but the price is still falling, which is a bit strange.
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Oversold to an RSI of 14 and still dropping? Retail investors are probably scared out.
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Whales are transferring coins, indicating that some people are still optimistic. This rhythm is a bit interesting.
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The price has fallen but the community remains optimistic. Either everyone has already sold out or there’s really something going on. I’ll wait and see.
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Dual-wheel driving sounds good, but right now, only stories are being told—nobody wants it.
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Wait for a rebound, or just wait a bit longer.
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Oversold but still being hammered, retail investors' stop-loss orders must be really harsh
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The fundamentals look solid, but the price just won't cooperate, a typical fake shakeout
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Whales are transferring chips, indicating big players still have plans, small investors are panicking faster
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RSI is already at 14 and it can still fall, truly incredible, is this an opportunity or a trap
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The 94 million USD buyback can't save it, we need to reflect on whether the fundamentals are really that strong
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Community optimism is nonsense, money running away is the most genuine signal
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Dislocated market conditions are the most dangerous, often developing in the most pitiful direction
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This wave of decline is a bit excessive, it feels like a rebound is just around the corner
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Big players are still accumulating, indicating they believe in the long-term story, I won't panic yet