Sky Protocol [SKY] token has shown significant growth in recent months despite a slowdown in its network's development. This article explores key factors and current trends.
Price Surge of Sky Protocol Token
The price of Sky Protocol token [SKY] reached $0.09475 on June 16, up 190% from its lowest point this year. This surge has pushed its market capitalization to over $1.95 billion.
Network Dynamics and Revenue Declines
Despite the price increase, data shows that the total value locked in the Sky network has dropped to 1.87 million ETH, its lowest level since June 2020. Revenue also fell from a peak of $28.37 million in December last year to $17 million in May.
Technical Analysis of SKY Prices
Technical analysis reveals that SKY price has formed an ascending channel with higher highs and higher lows. After breaking above the key resistance level of $0.07980, a retest of support at this level is likely, with potential for growth towards $0.10.
Sky Protocol token continues to exhibit volatility, achieving significant growth while facing network slowdowns. Future actions from market participants will be crucial for ongoing development.
