SKYAI Rebounds 15% as Outflows Persist, But Downtrend Still Looms

SKYAI staged a notable recovery over the past 24 hours, climbing 15% to trade near $0.205 after enduring weeks of persistent selling pressure. The rebound emerged from the $0.147 support zone, which previously halted the token's decline and attracted fresh buying interest. Buyers, apparently deciding the bottom looked cozy enough, stepped back in.

However, trading activity moved in the opposite direction. Volume dropped 33.95% to roughly $24.4 million, suggesting that participation remained below levels seen during earlier rallies. Even so, buyers regained short-term control and pushed price higher despite the reduced activity. A quiet rally, but a rally nonetheless.

Beyond the price recovery, exchange flow data highlighted a different development. SKYAI recorded a net outflow of approximately $1.84 million on the 5th of June, extending a broader trend of negative netflows observed throughout recent weeks. These outflows indicated that more tokens left exchanges than entered them, which often reflects accumulation rather than distribution, especially when investors transfer assets into private wallets for safekeeping. Although exchange outflows alone did not guarantee a sustained rally, they continued supporting the constructive narrative surrounding SKYAI's recovery.

A look at the daily chart shows price action remained technically interesting as SKYAI attempted to break away from a descending channel that had contained the market since its January peak. The recent bounce developed near channel support and pushed price toward the upper boundary, signaling that bearish control had started weakening. The RSI indicator recovered to 44.49 after spending weeks near oversold territory, while its moving average stood at 40.83. This crossover suggested improving buying strength and a gradual shift in sentiment. However, SKYAI remained below major resistance at $0.330. If buyers reclaim this level, price could target the next resistance near $0.500. Failure to overcome channel resistance would likely keep the asset trapped within its broader corrective structure.

Derivatives traders continued favoring the bullish side despite the market's recent turbulence. SKYAI's OI-Weighted Funding Rate remained positive at 0.0168%, indicating that long-position holders still paid a premium to maintain exposure. Positive funding rates generally reflect optimistic expectations, particularly when traders anticipate further upside. Unlike earlier periods marked by aggressive deleveraging, the latest funding data suggested that speculative interest had started stabilizing. As long as funding remains positive, derivatives positioning would continue offering a favorable backdrop for buyers attempting to extend SKYAI's rebound.