- Sky token price dropped more than 5% as altcoins struggled.
- The token could fall 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 MakerDAO), declined by more than 5% over the past 24 hours as major cryptocurrencies faced downward pressure.
After renewed rallies earlier in 2026, Bitcoin has pulled back toward support near $90,000, Ethereum to around $3,000 and XRP to roughly $2.15.
Rising trading volume amid notable selling pressure on the token suggests further downside moves are possible.
SKY price slides amid large token transfers
SKY’s near-6% drop, trading close to $0.056, reflects the wider weakness seen across the altcoin market on Friday.
The token’s troubles appear alongside profit-taking that has dampened risk appetite across the market.
Sellers have dominated Sky since prices fell from highs near $0.096 in July 2025.
Bears even tested support around $0.041 in November.
Recent rallies pushed buyers above $0.068, but the upside has looked fragile in the broader crypto market, and SKY has followed a similar path.
The price drop on January 9 coincided with on-chain data showing Anchorage Digital, a prominent institutional crypto custodian and federally chartered bank, moved over 69 million SKY tokens.
That sizable transfer on-chain is likely a repositioning for custody services, institutional allocation, or other strategic purposes.
Large transfers of this kind, however, often spark 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) sits in the mid-40s, indicating weakened momentum and leaving room for a further slide toward oversold conditions.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains bearish, with the MACD line below the signal line and a negative histogram.
Despite a roughly 9% drop over the past week, some investors remain optimistic about the token’s long-term prospects.
Supportive fundamentals cited by proponents include ongoing token buybacks funded by protocol revenues and signs of growing real-world usage.
Data also shows annualized SKY buybacks have surged alongside increased revenue, placing the project among the top protocols measured by buyback activity.
While Hyperliquid leads the cohort, Sky ranks second, ahead of projects 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
The positive fundamentals could provide support strong enough for bulls to offset macro-driven headwinds.
If buyers regain control, upside price targets include $0.080 and $0.10. Conversely, bears could target $0.050 and $0.037 as potential downside levels.