SKY jumps 8.39% as token clears $0.084 resistance

  • SKY gained 8.39% and traded near $0.0854 on Tuesday.
  • 14.18 million SKY changed hands during the advance.
  • Sky governance approved the destruction of about 2.86 million SKY earlier in September.

SKY extended its September recovery on Tuesday, rising 8.39% to about $0.0854 after briefly reaching $0.0875, its highest price in many months. The move carried the token above the $0.078 area and the $0.084 level, though holding above $0.084 is now more important for sustaining the advance. About 14.18 million SKY changed hands during the move, indicating broad participation. The rally began near $0.056 earlier this month and has since produced gains of more than 50%, leaving SKY above its average prices from recent weeks and months. A sustained move above $0.084 would put $0.09 in focus, with $0.10 possible if momentum strengthens; a decline below $0.084 could send the token toward $0.078, which may become its first major support. The advance followed developments in the Sky ecosystem, although they were not identified as the cause of the price increase. Sky governance approved the destruction of about 2.86 million SKY earlier in September, removing the tokens from circulation. Sky also said Galaxy had added $100 million of sUSDS, a stablecoin (crypto token designed to track a stable value), to its corporate treasury and approved it as collateral across its institutional trading business. Sky's website reports $11.48 billion in stablecoin supply and $14.15 billion in total collateral. The latest breakout still needs to withstand profit-taking.

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