- Sky token price fell more than 5% as altcoins struggled.
- The token could weaken 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), dropped more than 5% over the past 24 hours as major cryptocurrencies came under selling pressure.
After renewed rallies earlier in 2026, Bitcoin pulled back toward $90,000, Ethereum retreated toward $3,000 and XRP slid to about $2.15.
Rising trading volume while SKY faces significant downward pressure suggests additional downside may follow.
SKY price falls amid large token transfers
SKY’s near 6% decline, trading around $0.056, fits a wider weakness across the altcoin market observed on Friday.
The token’s decline coincides with profit-taking that has increased risk-off behavior among traders.
Sellers have dominated SKY since prices peaked at $0.096 in July 2025.
Bears even tested support around $0.041 in November.
Recent rallies pushed buyers above $0.068, but the broader crypto market has struggled to sustain gains, and SKY has mirrored that weakness.
On January 9, the price dip followed on-chain data showing Anchorage Digital, a major institutional crypto custodian and federally chartered bank, moved more than 69 million SKY tokens.
Such a large on-chain transfer likely represents internal rebalancing between custody services, institutional allocation, or other strategic actions.
However, large transfers like this often trigger increased selling activity in the market.
What’s next for SKY price?
Daily chart technicals point to continued downside risk for SKY in the near term.
The Relative Strength Index (RSI) remains in the mid-40s, indicating weakening momentum and room to slide toward oversold levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) stays bearish, with the MACD line below the signal line and a negative histogram.
Despite roughly a 9% decline over the past week, some investors remain optimistic about SKY’s longer-term prospects.
Supporting factors include ongoing token buybacks funded by protocol revenue and signs of growing real-world utility.
Data also show annualized SKY buybacks have risen sharply alongside revenue growth, placing the project among the top protocols by buyback activity.
With Hyperliquid leading in annualized revenue, Sky ranks second, ahead of names such as Pump.fun, TRON and Solana in that metric.
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 momentum bulls need to overcome macro-driven headwinds.
If buyers regain control, upside targets include $0.080 and $0.10. Conversely, bears could push prices toward support levels near $0.050 and $0.037.