Sky Token Hits Record Quarterly Revenues
Sky (SKY), formerly known as Maker DAO (MKR), rose over 5% on Wednesday. The token bounced from its 200-day Exponential Moving Average (EMA) for the second day. This helped push prices higher as buyers look for more gains.
Quarterly revenues for Sky have reached a record high in Q3. According to Token Terminal, the protocol earned over $100 million so far this quarter. This is the strongest revenue quarter to date. Top projects like Spark.Fi and Grove.Finance helped drive this growth. If the trend continues, Sky could earn nearly $470 million in revenue over the next year.
Deadline for MKR to SKY Upgrade Increases Demand
The demand for SKY is also rising due to a token upgrade deadline. MKR holders must convert their tokens to SKY by Thursday to avoid penalties. A community vote on Thursday may add a 1% penalty fee for late conversions starting Monday. This penalty will increase by 1% every three months, reaching 100% by 2050.
So far, 78.13% of MKR tokens have been upgraded to SKY. This is a 7.67% increase in the last 24 hours.
Sky Shows Strong Bullish Momentum
Sky’s price is recovering well after bouncing from the 200-day EMA at $0.07191. The token faces resistance at the R1 pivot level of $0.08213. If it breaks this level, the next target is the R2 pivot at $0.10002.
Technical indicators support the bullish trend. The Relative Strength Index (RSI) is at 59, showing rising buying pressure. The Moving Average Convergence Divergence (MACD) is also positive, signaling stronger momentum.
If SKY falls below the 200-day EMA, it could test support near $0.06500. This level is based on previous lows from February and April.
