SKY experienced a 12% price drop driven by increased whale activity and heavy selling pressure, causing significant losses for long traders compared to shorts. The perpetual market shows signs of further decline with a negative Funding Rate and a 13% drop in Open Interest, indicating reduced capital flow. Despite this, SKY's on-chain fundamentals remain solid, with steady fee generation and token holder revenue, suggesting the price drop may reflect broader market weakness rather than protocol issues. Investors should remain cautious as bearish trends persist.
SKY trades at Rp1.367 on Pluang as of Oct 09, 2026 07:11 WIB, down 4.67% in one day. The market cap stands at Rp32,21 trillion with a 24-hour volume of Rp535,5 million. Sell orders represent 46% of activity, while typical holding time is 15 days, indicating cautious investor sentiment.
Sky Protocol's governance token, SKY, fell 12% as of Oct. 8, coinciding with a 13% drop in open interest on perpetual contracts and a shift to negative funding rates, indicating weaker leveraged demand and increased downside risk. Despite these signs...
Among the 89 largest cryptocurrencies, Jupiter (JUP) saw the biggest gain with a 14.22% increase to $0.378, while most major tokens declined over the 24 hours ending Oct. 8. Other notable gainers included Raydium (RAY) up 11.28% and Bitway (BTW) up 1...
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Raydium (RAY) surged 12.93% to $2.42, leading gains due to recent upgrades that improved its liquidity pools on the Solana platform. This highlights growing investor interest in decentralized finance (DeFi) projects that enhance user experience and l...
