SKYAI Drops 20% as Bulls Get Rekt, Whales Lurk, and RSI Knocks on Oversold's Door 🚪

SKYAI fell 20.79% over the past 24 hours to $0.07496, extending a decline that has left the token trading nearly 75% below its reported launch price and pushing its market capitalization down to $74.96 million. Despite the selloff, 24-hour trading volume remained elevated at $27.3 million, indicating participants continued responding to negative social sentiment rather than stepping aside. The move reinforced a bearish narrative that had been building across multiple social media posts, including one widely circulated post that encouraged traders to short the token while highlighting actions taken by market maker DWF Labs.

Derivatives data showed leveraged long positions absorbed the bulk of the damage during the latest session. Total liquidations reached approximately $324,670, with longs accounting for $300,610 and shorts just $24,060. Binance recorded the largest single long liquidation at roughly $129,370, followed by Gate at $48,110, HTX at $31,540, and Bitget at $30,610. The imbalance indicated that bullish traders continued to lose positions far more aggressively than bearish participants, while sellers rarely faced forced exits despite the persistent decline.

Market participation shifted toward larger traders as the Whale vs Retail Delta climbed to approximately 0.228, moving further into positive territory after spending much of February through April below zero. The reading did not confirm whale accumulation or aggressive buying; rather, it showed that larger participants accounted for a greater share of activity than retail traders during the latest sessions. Retail influence continued to weaken as smaller participants became less active relative to larger orders, even while SKYAI remained under selling pressure.

On the technical side, SKYAI continued trading just above its major support around $0.0139, while immediate resistance remained near $0.3882 after repeated failed recovery attempts. The chart showed consecutive bearish candles extending the recent decline, leaving buyers without a convincing rebound. The RSI dropped to 34.78, approaching oversold territory and reflecting fading buying strength, though it had not reached levels typically associated with exhaustion. The DMI continued to favor sellers, with the -DI at 23.86 holding above its counterpart and confirming continued downside momentum across the latest trading window.