SKYAI crashes 30%! Will the $0.13 support hold, or will price crash further?

SKYAI plunged 30.53% over the last 24 hours as sellers tightened their grip across the market and triggered one of the token’s sharpest daily declines in recent weeks. 

Trading activity accelerated aggressively during the downturn, with volume climbing 253.8% to $163.3 million despite the heavy drawdown. 

The latest sell-off followed a period of exceptional strength. 

As earlier reported by AMBCrypto, SKYAI had rallied 80% to $0.3070, highlighting a sharp resurgence in buyer interest after weeks of subdued price action. 

However, buyers failed to sustain that advance, allowing the market to reverse sharply and erase a significant portion of the gains. 

Trading activity remained elevated throughout the decline, reflecting strong participation from both buyers and sellers.

Derivatives traders rushed for the exits

Speculative activity weakened considerably as leveraged participants reduced exposure during the downturn. 

Open Interest dropped 34.93% and settled at $72.33 million, reflecting a substantial withdrawal of capital from SKYAI derivatives markets. 

The decline in Open Interest occurred alongside falling prices, which indicated that traders largely closed positions rather than opening aggressive new bets against the token. 

Such behavior often emerged when confidence deteriorated, and participants preferred to reduce risk instead of pursuing additional leverage. 

While the sharp contraction highlighted weakening speculative demand, it also removed a significant amount of excess positioning from the market. 

Can SKYAI defend support inside its downtrend?

Price structure remained firmly bearish as SKYAI continued trading inside a descending channel that had guided the correction since its earlier peak near $0.80. 

Recent candles approached the lower boundary of that channel while the price hovered around $0.14, placing the market near an important decision zone. 

The nearest support rested around $0.13, whereas major resistance remained near $0.27. Technical indicators reinforced the cautious outlook. 

RSI fell to 35.86 and approached oversold territory, showing that bearish pressure remained dominant despite signs of slowing downside acceleration. 

MACD also maintained a bearish configuration, with the MACD line staying below the signal line and histogram bars remaining negative. 

However, the extended decline suggested that sellers had already exerted significant pressure, which could encourage stabilization if support continued holding.

Why are top traders still betting higher on SKYAI?

Despite the aggressive correction, Binance’s top traders maintained a notably bullish stance. Long positions accounted for 70.07% of total positions, while short exposure represented only 29.93%. 

The resulting Long/Short Ratio of 2.34 highlighted a strong preference for upside exposure even after SKYAI lost nearly a third of its value within a single day. 

Such positioning revealed that experienced traders largely viewed the decline as a temporary setback rather than confirmation of a prolonged bearish trend. 

However, this optimism also introduced risk. If the token continued falling below nearby support levels, concentrated long exposure could create conditions for another wave of liquidations. 

Nevertheless, traders appeared willing to absorb that risk, indicating continued confidence in the possibility of a recovery from current levels.

Is a capitulation bottom beginning to form?

SKYAI approached a key area where several signals started converging. Open Interest contracted sharply, RSI neared oversold territory, and price tested support near the lower boundary of its descending channel. 

However, Binance top traders continued favoring long positions despite the decline. If buyers defend the $0.13 region, SKYAI could attempt a recovery toward higher resistance levels. Otherwise, a breakdown would likely extend the prevailing downtrend.

Final Summary

• Open Interest dropped sharply as traders reduced leverage during the decline.
• Binance top traders stayed heavily bullish despite SKYAI testing key support.