SKY extended its September recovery on Tuesday, gaining 8.39% to trade near $0.0854. The token briefly touched $0.0875, marking its highest price in many months and clearing two important price barriers.
SKY started the day trading near $0.0787 before buyers pushed it above $0.084, a level that has acted as resistance since the token broke above $0.078. Trading volume supported the move, with approximately 14.18 million SKY traded during the advance.
The current rally represents a continuation of a recovery that began around $0.056 earlier in September, translating to gains exceeding 50% since that level. SKY is now trading above its average prices from recent weeks and months.
Key Resistance and Support Levels
For buyers, maintaining support above $0.084 presents the immediate challenge. If this level holds, $0.09 becomes the next price target, with $0.10 potentially coming into view in a stronger advance.
A decline below $0.084 could push SKY back toward $0.078, which may now serve as its first major support level. The recent price climb has prompted some holders to take profits.
Ecosystem Developments
The rally follows developments within the Sky ecosystem. Earlier in September, Sky governance approved the destruction of approximately 2.86 million SKY, removing tokens from circulation and reducing available supply.
More recently, Galaxy added $100 million of sUSDS to its corporate treasury, with Sky approving the stablecoin as collateral across its institutional trading business. Sky's website currently reports $11.48 billion in stablecoin supply and $14.15 billion in total collateral.
