• Sky price extends gains on Tuesday, posting its fourth consecutive day of gains.
• Upbit exchange announced on Tuesday that it will list Sky Protocol, boosting sentiment.
• Derivatives and on-chain data back bullish sentiment as open interest surges near record levels and whale accumulation rises.

Sky (SKY) surges by more than 5% on Tuesday following the Upbit exchange listing of Sky Protocol, boosting sentiment. In addition, rising whale accumulation alongside increasing Open Interest (OI) further strengthens the bullish outlook for SKY.

Upbit lists SKY

According to Wu Blockchain, South Korea’s largest crypto exchange, Upbit, announced on Tuesday that it will list Sky Protocol, with KRW and USDT trading pairs. SKY is the governance token of the Sky ecosystem. 

This news is bullish for the SKY token, as an exchange listing enhances wider adoption, widens liquidity and boosts the project’s credibility. SKY surges more than 5% after this news, reaching a high of $0.087 on the day.

SKY’s open interest surges near record highs

CoinGlass data shows that the futures’ OI in Sky at exchanges reaches $38.84 million on Tuesday, up from $30.10 million on Saturday and nearing its record high of $40 million. An increasing OI represents new or additional money entering the market and new buying, which could fuel the current SKY price rally. 

Whales are buying SKY tokens

Santiment data shows that certain whales have started accumulating Sky tokens. The Supply Distribution metric chart below indicates that whales holding between 100,000 and 1 million ADA tokens (red line) and 1 million and 10 million ADA tokens (yellow line) have accumulated a total of 47.11 million tokens from Friday to Tuesday. During the same period, wallets holding between 10 million and 100 million ADA tokens (blue line) have shed 30 million tokens.

This shows that the second cohort of whales could have fallen prey to a capitulation event. In contrast, the first set of wallets seized the opportunity and accumulated Sky at a discount. Moreover, if this buying actively continues, the Sky price could extend the ongoing rally.

Sky Price Forecast: Bulls aiming for higher levels

Sky price is trading above $0.077 on Tuesday. The near-term bias is bullish as price holds above the ascending trendline from $0.041 and trades north of the 50-day Exponential Moving Average (EMA) near $0.070, keeping the broader advance intact despite recent volatility. 

The Relative Strength Index (RSI) on the daily chart at 58 leans to the upside without showing overbought stress, while the Moving Average Convergence Divergence (MACD) line has flattened just under the zero mark, suggesting momentum is improving but not yet in a strong trending phase. 

Initial support is located at the horizontal level around $0.0704, reinforced by the nearby 50% retracement at $0.069, where a break would expose the 23.6% Fibonacci retracement at $0.060 as the next downside level. 

On the topside, immediate resistance aligns with the recent swing high and the Fibonacci origin at $0.085; a daily close above this barrier would open the way toward the key psychological level at $0.090. A sustained hold above $0.070 keeps the bullish bias in place, while a decisive drop through that zone would weaken the uptrend structure and shift focus back to the mid-$0.060 area.

(The technical analysis of this story was written with the help of an AI tool.)