Key Highlights
- SKYAI rose 52% in 24 hours to around $0.56, extending its monthly gain to roughly 350%.
- Daily trading volume increased about 13% to nearly $100 million, while market cap stayed near $563 million.
- The token previously fell about 26% in a week after hitting an all-time high of $0.82.
The SKYAI token saw a strong recovery today as traders increased their buying activity around AI-related digital assets. At the time of this writing, the token is trading at about $0.56 after climbing 52% within the last 24 hours. This adds to a longer trend, with a total increase of about 350% over the past month.
This recent push is influenced by a 13% increase in daily trading activity, which nearly exceeded $100 million in volume, while its market cap is holding near $563 million. At the same time, intraday trading remained active across multiple exchanges as price swings continued throughout the day.
Meanwhile, this new momentum came just after the token faced a correction after falling about 26% in a week, after hitting its all-time high of $0.82 on May 6. Despite the drop, the token quickly regained momentum as trading activity increased, suggesting that traders rushed back into the token after the short sell-off.
How the rally started
Looking at the daily chart, SKYAI initially spent nearly a year trading in a narrow range between $0.01447 and $0.07974 before the rally.
But in late April, the token broke out sharply and surged to a high of $0.8582, marking a gain of over 2899% within a week before pulling back. In short, that extended consolidation period set the stage for the later breakout. Since then, the price action has remained highly volatile as traders respond to rapid narrative shifts.
Moreover, this new momentum came as Bitcoin pulled above $80,000, after breaking the level earlier this week, which is its highest point since the February correction. When Bitcoin becomes stable and strong like this, traders often start moving their profits into smaller, more volatile tokens like SKYAI in search of bigger gains.
The project is also benefiting from growing interest in AI agent technology in the crypto space. Many traders started focusing on tokens linked to AI systems, and SKYAI became part of that trend.
SKYAI price action
At the moment, current price action shows SKYAI easing up after reaching its all-time high. The Relative Strength Index (RSI) technical indicator shows that the price reached 98. This suggests that the price was at an extreme overbought level, with high buying momentum before dropping.
This price drop seems to be a short pullback, which gives room for the current buying momentum. However, a shorter-term chart shows that SKYAI is currently at resistance at $0.5455.
If SKYAI fails to hold this level, the price could drop further back to $0.3713. But if it stays or breaks above the resistance level, the upward trend may continue.
In that case, the token could move closer to $1 if buying interest stays strong. For now, the token continues to move quickly, with sharp changes driven by trading activity and market interest in AI tokens.
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