SKYAI Jumps 70% in 24 Hours as AI Token Demand Accelerates

SKYAI token recorded a strong surge over the last 24 hours as traders’ interest in the AI crypto market continued to increase. 

At the time of writing, the token was trading at around $0.31 after jumping about 70% in a single day. The rally was driven by a 107% increase in trading activity over the same period, with volume reaching $54 million, while the market cap stood near $316 million.

The token is benefiting from growing interest in AI-focused crypto projects. According to CoinMarketCap, the AI crypto market has reached about $18.33 billion in value, with a trading volume of around $3.38 billion as of today.

In contrast, the broader crypto market remains under pressure, with total market capitalization falling to $2.09 trillion, down 0.9% over the last 24 hours. Bitcoin is trading near $60,000, and the broader altcoin market is following a similar trend.

SKYAI’s previous price action

This renewed momentum comes after the token fell sharply from its all-time high of $0.86, according to the TradingView chart. Looking at the daily chart, SKYAI had previously rallied up by over 2000% to this level in April after trading for a year in a close range between $0.01447 and $0.0797. 

However, the price broke out late in April and surged up, pushing with about 6 candles to the upside. But getting to the top, traders seem to have taken profit, which leads to the token starting to start selling. But now, SKYAI seems to have found new momentum as it continues to print a strong bullish candle. 

Can SKYAI maintain its momentum?

Right now, SKYAI is reacting to a lower timeframe resistance level, which it has previously reacted to. However, current price action shows that the token could potentially break this resistance due to strong bullish candles that are being printed. 

Moreover, the Relative Strength Index (RSI) is at 70. This is approaching an overbought level, but it also means that the token still has room for more surge. 

If the price could continue with this current momentum and break above the resistance level, it could lead to more upside moves, which could propel it back toward its all-time high. But failing to hold the price could drop back down to the support level at $0.15.

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