The price of Sky Protocol token, formerly known as Maker, continues to rise amid significant whale accumulation and enhanced financial metrics of the project.
Whale Accumulation of Tokens
Sky Protocol (SKY) has surged to $0.095, marking a 190% increase from its year-to-date low. The token's market capitalization stands at $2 billion. Nansen data reveals that whales have been accumulating Sky tokens, increasing their holdings to 23.67 million, a rise of 1,666% in the last 90 days. Similarly, the top 100 addresses now hold 23.37 billion tokens, representing a 1,000% increase.
Sky Protocol Financial Metrics
The total value locked within Sky Protocol has risen from a year-to-date low of $4.86 billion to $6.1 billion. Additionally, its native stablecoin, USDS, has achieved a market capitalization exceeding $7.6 billion. According to TokenTerminal, Sky is projected to generate $350 million in revenue over the next 12 months, with most of this revenue expected from Spark Protocol. The Sky DAO currently holds approximately $700 million in assets.
Technical Analysis of Sky Protocol Price
Technical analysis indicates that the price of Sky token has been on a steady upward trend for the past few months, climbing from $0.032 in February to $0.094 today. The price has formed an ascending channel and is targeting the upper side. It has also moved above the 50-day exponential moving average, while the Relative Strength Index approaches overbought levels. The MACD has remained above the zero line since March, suggesting continued upward momentum as bulls aim for resistance at $0.1023.
The consistent rise in the Sky Protocol token price, driven by whale accumulation and improved financial indicators, presents an optimistic outlook for investors in this project.
