- Sky token price fell more than 5% as altcoins struggled.
- The token could decline further amid broader market weakness.
- Anchorage Digital reportedly moved over 69 million SKY tokens.
Sky (SKY), the governance token of the decentralized Sky Protocol (formerly part of MakerDAO), dropped more than 5% in the past 24 hours as major cryptocurrencies came under downward pressure.
Following a renewed bullish run in early 2026, Bitcoin retreated to support around $90,000, Ethereum to $3,000 and XRP near $2.15.
Rising trading volume while the token faces notable downward pressure suggests there could be further downside movement.
SKY price slips amid large token transfer
SKY fell nearly 6% to trade around $0.056, a decline consistent with the broader altcoin weakness seen on Friday.
Price chartSky by TradingView
The token’s struggle coincides with profit-taking that has increased risk-off sentiment.
Sellers have dominated since the price retreated from a high of $0.096 in July 2025.
Bears even tested support around $0.041 in November.
Recent gains saw buyers push past $0.068, but conditions look challenging amid a market-wide pullback in crypto, and SKY is tracking that same trajectory.
On January 9, the price drop occurred after on-chain data showed Anchorage Digital, a leading institutional crypto custodian and a federally chartered custodian bank, moved more than 69 million SKY tokens.
Such a significant on-chain transfer could represent a reallocation for custody services, institutional allocation, or other strategic purposes.
However, large transfers like this often trigger increased selling activity.
What’s next for SKY price?
Technical indicators on the daily chart point to continued downside risk for SKY in the near term.
The Relative Strength Index (RSI) is hovering in the low 40s, suggesting weak momentum and leaving room for further decline toward oversold conditions.
At the same time, the Moving Average Convergence Divergence (MACD) remains bearish, with the MACD line below the signal line and a negative histogram.
Despite the recent slide of roughly 9% over the past week, some investors continue to accumulate based on the token’s long-term prospects.
Supportive factors cited include ongoing token buybacks funded by protocol revenue and signs of growing real-world usage.
Data also shows that SKY’s annualized buybacks have surged alongside rising revenues, placing the project among the top protocols by buyback activity.
While Hyperliquid leads the group, Sky ranks second, ahead of names such as Pump.fun, TRON and Solana.
Here are the Top 10 leading in annualized revenue and their market cap / revenue ratio.
1. Hyperliquid $HYPE – $514M (12.1x)
2. Sky Ecosystem $SKY – $371M (3.6x)
3. $PUMP – $368M (3.5x)
4. Tron $TRON – $339M (82.1x)
5. Solana $SOL – $282M (280.7x)
6.… pic.twitter.com/pLXz4LAloy— Coinage x DAIC (@coinage_x_daic) January 9, 2026
Positive fundamentals could provide the catalyst for a rebound that overcomes macro-driven resistance.
If bulls regain control, upside targets include $0.080 and $0.10. Conversely, bears may target lows around $0.050 and $0.037.