Sky token slips over 5% as altcoin weakness deepens
As altcoins struggle, the price of Sky token is down more than 5%. The signal could fall further amid broader market weakness. Anchorage Digital has reportedly transferred over 69 million SKY tokens.
Sky (SKY), the decentralized management asset of Sky Protocol (formerly MakerDAO), has dropped more than 5% in the past 24 hours as major cryptocurrencies face downward pressure.
In the year After renewed corrections in early 2026, Bitcoin retreated to support at $90,000, Ethereum to $3,000 and XRP to $2.15.
An increase in trading volume when the signal is facing significant downward pressure suggests that further downward movement is possible.
The value of SKY has decreased amid a large token transfer
SKY's price plunged nearly 6% to trade at $0.056, a decline that matched the broader altcoin market's weakness on Friday.
Token's struggles come as profit-taking increases the sense of risk.
For Sky, sellers are at highs since the price rose from $0.096 in July 2025.
Bears tested support levels around $0.041 in November.
Recent gains have seen buyers rise to $0.068, but things are looking tough on the crypto market, and SKY is following the same path.
On January 9, data from the discounted onchain shows that Anchorage Digital, a prominent institutional crypto custodian and federally chartered bank, has moved more than 69 million SKY tokens.
This significant transfer along the chain may be for conservation purposes, institutional allocation, or positioning for other strategic purposes.
However, such large transfers often result in higher sales activity.
What's next for SKY Value?
Technical indicators on the daily chart indicate low downside risk for SKY in the near term.
The Relative Strength Index (RSI) is hovering in the mid-40s, leaving room for weakening momentum and a further slide into oversold conditions.
At the same time, the Moving Average Convergence Divergence (MACD) remains the MACD line below the signal line and the negative histogram bearer.
Despite a nearly 9 percent drop last week, some investors remain bullish on the token's long-term outlook.
Supporting factors include ongoing token purchases supported by protocol revenue and signs of real-world usage.
The data shows that annual SKY repurchases have increased significantly alongside a jump in revenue, placing the project among the protocols with the highest levels of repurchase activity.
With HyperLiquid leading the pack, Sky is in second place ahead of names like Pump.fun, TRON and Solana.
Here are the top 10 by annual revenue and market cap/earnings ratio.
1. Hyper Liquid $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 fundamental bulls may provide incentives against macro-driven headwinds.
If bulls dominate, price targets include $0.080 and $0.10. Conversely, bears may look lower at $0.050 and $0.037.
