The cryptocurrency market has been experiencing significant volatility over the past few days, with SKYAI being one of the most affected tokens.
According to data from CoinGlass, SKYAI plummeted by 30.53% over the last 24 hours, marking one of its sharpest daily declines in recent weeks.
The trading activity accelerated aggressively during this downturn, with volume climbing by 253.8% to $163.3 million despite the heavy drawdown.
This sharp correction followed a period of exceptional strength for SKYAI, which had rallied by 80% to $0.3070 in recent weeks, highlighting a resurgence in buyer interest.
However, buyers failed to sustain this advance, allowing the market to reverse sharply and erase a significant portion of the gains.
The price structure remains firmly bearish, with SKYAI trading inside a descending channel that has guided the correction since its earlier peak near $0.80.
Recent candles are approaching the lower boundary of this channel, placing the market near an important decision zone.
The nearest support rests around $0.13, while major resistance remains near $0.27.