Sky Protocol Eyes 36% Gain to $0.095 After Trendline Break

Sky Protocol (SKY) traded near $0.088 after breaking a multi‑month descending trendline in mid‑February. Technical measures taken from that breakout point indicate a 36% extension to $0.095, with $0.090 identified as the immediate trigger for the next leg higher. The token has rallied about 28% since the February breakout.

Weekly indicators show a Relative Strength Index near 68 and a MACD histogram printing taller green bars, consistent with expanding upside momentum on that timeframe. A visible range volume profile shows light traded volume above about $0.078, leaving relatively little traded volume in the path to the next resistance band. Price has cleared the 0.786 Fibonacci retracement close to $0.086; a weekly close above $0.10 would expose extensions at $0.117 (1.272) and $0.140 (1.618). A sustained weekly drop below the 0.618 retracement near $0.075 would change that outlook.

On the daily chart, a trader‑shared chart shows the breakout above the descending trendline and a stair‑step pattern higher. Immediate daily support is in the $0.066–$0.070 range. A daily close below $0.066 would put the February breakout at risk and invalidate the near‑term bullish technical setup.

A four‑hour view shows short‑term caution. The 4‑hour RSI has formed a lower high relative to the last peak, an early bearish divergence that can indicate fading buying pressure within a sharp uptrend. The 4‑hour MACD is flat near the zero line and has not confirmed renewed momentum. A parabolic curve drawn from the early‑April low has been tested three times and held. The immediate support box around $0.084 was tested on April 27, with a deeper cushion at $0.078. A clean break below $0.078 would likely invalidate the parabolic structure and could lead to a move toward daily support levels.

Fundamental events referenced by market participants include Sky Protocol’s replacement of MakerDAO in late 2024, where MKR holders were able to convert at a fixed 1:24,000 ratio. Additional market catalysts cited include listings on exchange roadmaps and the introduction of staking rewards for USDS. A post from Sky’s official account on August 27, 2024 read ‘Sky is here,’ promoting upgraded tokens and rewards for early signups.

Market watchers list $0.095 as the near‑term target while noting a larger weekly target around $0.12 if key supports hold. The technical picture would shift in favor of sellers on a weekly close below about $0.075 or a daily close beneath $0.066.