SkyAI [SKYAI] continued defending its mid-June breakout structure despite a sharp rejection from the $0.4792 high.
Momentum built and strengthened each time the price returned to previous support levels. Moreover, buyers successfully defended their recent breakouts into early June with a sharp reversal of trend when they rejected the price action at $0.4792.
After the sharp decline, the price moved to find support around $0.328 and then began an upward march through the resistance zone of $0.398.
Since then, in the 4-hour chart, price has been consolidating within a range as the volume declines. This implies supply exhaustion rather than aggressive distribution. At the time of writing, the AI token had hiked by 8% in the last 24 hours and was trading at $0.3713.
Meanwhile, RSI recovered to 53.2 after cooling from overbought readings above 80, suggesting momentum has reset without breaking structure. As SKYAI presses against resistance near $0.398-$0.41, a breakout could reopen the path toward $0.4792. Yet another rejection would shift attention back to $0.34 and the critical $0.3286 support zone.
Open Interest falls 30% as SKYAI consolidates
SKYAI’s Open Interest (OI) in tandem with the price during its June mid-rally. This indicates how much speculative longs may have contributed to this recent run.
As the OI peaked at approximately $173 million on the 17th of June, it was primarily due to the speculation regarding Forward Industries potential buyout and the push toward the June peak at $0.4792. This implies that most of the speculation has since been flushed out.
At press time, it sat near $120 million, or down about 30.4%, compared to the all-time June high.
Meanwhile, the price continues holding near $0.37-$0.39 rather than collapsing alongside OI. That distinction matters because falling OI with stable price action often signals a leverage reset rather than aggressive liquidation.
Looking ahead, liquidity remains concentrated around $0.4792 above and $0.3285 below. Therefore, SKYAI appears to be consolidating while the market searches for its next liquidity target, with reduced leverage leaving room for a cleaner directional move.
Final Summary
- SkyAI continued to hold its breakout structure, with $0.4792 remaining the key upside liquidity target.
- SkyAI Open Interest has fallen 30%, suggesting a leverage reset while price stability preserves bullish potential.
