Sky [SKY], the native token of decentralized finance protocols, has been on the higher side, with gains crossing 11% in the past 24 hours as of writing.
When analyzed critically, the majority of the gains stemmed from inflows in on-chain activity in the market, especially in terms of revenue.
Revenue generated by SKY moved from a low of $48,500 to roughly $560,800 on the 30th of September, according to data from Artemis. However, the latest data from DeFiLlama confirms that revenue has slid to $436,210 as of writing.
This represents an increase of roughly 10x, confirming that on-chain activity has been on the higher side. A trend of this nature is associated with bullish market conditions, as investors are actively using the protocol more.
More broadly, the protocol is doing well. The yearly Gross Profit had reached its third-highest level, with $137.9 million generated so far, behind 2024 and 2025. The performance at this level is likely to sustain the price in the near term.
SKY’s on-chain activity strengthens
There has been a surge in on-chain activity, with market transactions reaching a high of 1.2 million in the past day.
According to data from Artemis, the number of transactions between since the 25th of September has grown by over 200,000, reaching roughly 1.2 million transactions.
Transaction activity has also aligned with the growth of Daily Active Users on the protocol, which reached 90,800 at the time of writing. The surge in Daily Active Users and transactions aligning together suggests that the activity has a strong hold on the asset’s performance in the market.
Continued activity would mean that SKY’s growth from here is on the higher side, as the tendency is likely to continue in the near term for the asset to perform notably well.
Spot accumulation supports SKY’s performance
Spot market accumulation has been playing a role in feeding the asset’s performance. In the past 24 hours, there has been massive accumulation of roughly $125,000 in SKY, which could influence its performance in the near term.
When there is massive accumulation like this in the past day, it often implies that traders are anticipating that the asset will see a surge in the near term.
This buying trend has been observed across the market over the past fifteen days, with the total accumulation being about $15 million in Netflow. When Netflow is negative, there has been more buying than selling in the market.
If this trend continues along this path, there is a chance that the price in the near term will maintain its performance, adding to price performance.
Final Summary
- SKY’s revenue surged 799% as on-chain activity and Daily Active Users increased, supporting the token’s recent gains.
- Negative Netflow points to continued Spot Accumulation, with traders showing stronger buying activity across the market.
