SKY Soars 12% as Bulls Pile In, Funding Rates Stay Polite 📈

Sky [SKY] climbed 12% over the past 24 hours, supported by positive funding rates, rising open interest and an uptick in trading volume on its perpetual futures market. At press time, open interest in SKY jumped 14.25% to $30.24 million, with $4.3 million of fresh inflows added in the last 24 hours. The token's funding rate sat at 0.0054%, a moderately bullish reading indicating long positioning without crowding out shorts. Volume rose 106% to $31 million, while the perpetual market's long-to-short ratio climbed to roughly 1.27, a fresh high signaling that bullish accounts continue to dominate.

On the price charts, SKY broke above a descending resistance trendline it had trailed for weeks before clearing an additional horizontal resistance level and pushing higher. For a confirmed bullish structure, the token needs to close firmly above this level and continue forming higher candles. The Accumulation/Distribution indicator, which tracks whether buyers or sellers are in control, pointed to the former at press time, suggesting further upside could be in play if buying pressure holds.