Why SKY Is Surging +8% While The Rest of Crypto Bleeds Red?

Group 1 - SKY token rose approximately +8% in 24 hours, contrasting with a declining crypto market, trading between $0.066 and $0.067 across major exchanges [1] - The total crypto market capitalization decreased by about 2% during the same period, with Bitcoin and Ethereum also trading slightly lower [2] - Trading volume for SKY ranged from roughly $20M to $40M, with the project's market value close to $1.5Bn [1] Group 2 - Technical analysts indicate that SKY is forming a rounding-bottom pattern after rebounding from a key demand zone near $0.0419, with a possible neckline around $0.0778 [2][3] - The project has spent about $75M buying back SKY using its USDS stablecoin, removing around 73M tokens from circulation [3] - Since the buyback program began, SKY's price has increased by roughly +8%, supporting the recent upward movement [3] Group 3 - On-chain data from Nansen shows renewed accumulation in SKY, with new wallets actively buying SKY in recent weeks [4] - Combined accumulation across a group of wallets stands at about 1.04Bn SKY, valued at approximately $68.5M at current prices [5] - Institutional interest is rising, as Framework Ventures recently acquired 53.46M SKY and moved the entire amount into staking, bringing its total staked position to over 202M tokens [5]