Bulls can they keep up the rally?

Sky [SKY] The protocol has been performing steadily for a long time.

As of press time, the usage was high across all protocols, with fees averaging $987,000 over the last 24 hours. Volume peaked within that same period at $13,49 million.

Also, the token volume is also on an upward trend, with a rise of 5.78% at $23,25 Million. Both the volume and price gains indicate a strengthening of performance. Several indicators suggest SKY might extend this move.

Can SKY reach $0.67 per share?

SKY The token could rise to a price of approximately $0.067. This is the level it last reached in early June. The chart shows SKY making an inverse Head-and Shoulders pattern.

A head-and shoulders inverse is usually formed before a strong move upwards. A clean break above $0.050 would lead to a much wider rally.

If bullish momentum continues, SKY will post a 13,79% increase to its June goal, a movement that can be expected in the short term.

In the near term, prices could stabilize in mid-air before they reach their final destination. SKY would recover all losses it accumulated from June if they reach their final target.

Momentum indicators support SKY for further upside

SKY’s gains could continue to grow as a number of momentum indicators are converging.

Money Flow Index showed a significant increase in the amount of capital entering the market.

MFI ticks upward and crosses 50. Readings above 50 indicate that the market is in a bullish mode, increasing the likelihood that capital will flow into the markets over the coming sessions.

Moving Average Convergence Distortion (MACD) After several days with a fading force, the histogram has returned to green. 

The real test is when SKY gets close to the neckline. This is where sales pressure usually increases. To maintain a bullish view, MACD needs to move into positive territory, while MFI remains below 80. This combination would ensure that the rally is sustainable.

Lock up tokens are more attractive to holders when they earn a higher income

Trading has become more attractive to traders, as they are rewarded with income if their assets remain in TVL. DeFiLlama reports that the income from July has reached 301,000 dollars, or about 30% of $1.1 million in June. 

This dynamic is a self-reinforcing cycle, since a higher SKY value encourages holders to lock in their tokens and earn rewards, while also benefiting from higher prices.

Final summary

• SKY jumped 11% on a single trading day. The token’s renewed popularity is reflected in rising trading fees and volumes.
• The steady growth of capital and the rewards for holders give traders reason to anticipate a move towards $0.06.