SKY, the governance token of the Sky ecosystem (formerly MakerDAO), just broke out of a weeks-long rising channel and cleared its spring resistance zone, jumping 10.71 percent to 0.09344 USD on Oct. 2 according to TradingView data from Binance. The move puts the round-number 0.10 USD target in sight — but liquidation data shows the road there is littered with leveraged traps on both sides.
By Carlos Martinez | October 4, 2026
The Hook: A Quiet Token With Loud Institutional Backing
SKY is the token that governs the Sky protocol, the rebranded evolution of MakerDAO — the decentralized lending project that issues the USDS stablecoin. Think of it as a shared piggy bank where users deposit stablecoins and earn the Sky Savings Rate, while SKY holders help steer the protocol.
For most of its life, SKY has traded in the shadows of bigger altcoins. That changed this week. After recovering from a late-week pullback, SKY climbed above the 0.09 USD mark and pushed past its recent September highs, with a session high of 0.09494 USD on Oct. 2. Price now sits above all four major tracked moving averages — a technical setup traders read as a bullish daily trend.
Why should a regular investor care? Because underneath the chart pattern sits a genuinely unusual story: a major Wall Street firm putting real money into this ecosystem, and a Nasdaq-listed company holding roughly a tenth of the entire SKY supply.
On-Chain Evidence: The Institutional Story Behind the Chart
On Sep. 23, the Sky Frontier Foundation announced that Galaxy Digital had added 100 million USD of sUSDS — Sky’s savings token, which earns the Sky Savings Rate — to its corporate treasury. Galaxy also approved sUSDS as collateral across its institutional trading business and purchased SKY directly, though the announcement did not disclose how much.
The partnership covers a lending business with an average loan book of 1.4 billion USD. Clients who pledge sUSDS as loan collateral keep earning the Sky Savings Rate on their position — a structure Galaxy’s clients evidently found attractive.
The protocol’s fundamentals give that institutional confidence some context. According to the announcement, sUSDS supply reached 5.52 billion USD at the end of the second quarter, up 149 percent over a year. Sky recorded 107.35 million USD in gross revenue and a 33.29 million USD net surplus that quarter. Unlike Blast and other networks that shut down when costs outran revenue, Sky is a protocol that generates more than it spends.
There is also an equities-market angle. Benzinga reported that shares of Stablecoin Development Corporation, listed on NYSE American, rose 115.29 percent to 3.38 USD during Sep. 29 trading, with volume exceeding 161 million shares against a 100-day average of 1.62 million. The company’s SEC proxy filing disclosed holdings of approximately 2.315 billion SKY as of Sep. 13 — about 10 percent of total supply. That links a large SKY treasury position directly to the U.S. stock market.
The Core Conflict: Breakout Versus Bull Trap
The daily chart tells a recovery story. SKY bottomed near 0.051 USD in August, rebounded through September, pulled back toward 0.076 USD, then pushed through the 0.085 to 0.09 USD resistance zone. On Oct. 2 it stood at 0.09344 USD, above the 20-day average at 0.07246, the 50-day at 0.06767, the 100-day at 0.06222, and the 200-day at 0.06674. The daily Aroon indicator maxed out — Aroon Up at 100 percent, Aroon Down at zero — signaling a fresh recent high within its lookback window.
But there is a caution flag. SKY trades roughly 29 percent above its 20-day average. That is a wide gap. Even in a healthy uptrend, stretched prices like this often snap back toward their mean before continuing. The earlier wick near 0.095 USD is the immediate ceiling; a sustained break above it opens the path to 0.10 USD, while a retreat below 0.09 USD puts the breakout zone around 0.085 USD back in play.
The 4-hour chart adds nuance. SKY broke above the ceiling of a rising channel that had guided its recovery from mid-September, near 0.091 to 0.092 USD, and the Supertrend indicator stayed green at 0.08162 USD. Notably, this breakout invalidated a bearish call: earlier on Oct. 2, trader Crypto With Gopal flagged a possible double top around 0.088 to 0.089 USD with a neckline near 0.076 USD and a downside target around 0.064 USD. Price then pushed above both cited peaks instead, weakening that setup. A renewed drop through 0.076 USD would be needed to revive it.
Market Implications: The Liquidation Map Says Expect Volatility
CoinGlass’s 24-hour liquidation heatmap shows where leveraged positions would be force-closed — like dominoes lined up on both sides of the price. The nearest concentrations bracket SKY’s current level almost perfectly: a bright band around 0.0947 USD overhead and another near 0.091 USD below, with wider clusters at 0.096 to 0.0978 USD above and 0.088 to 0.090 USD beneath.
In practical terms: an advance through 0.0947 USD could trigger short liquidations that accelerate the move toward 0.10 USD. A slide toward 0.091 USD could force longs to close and deepen the pullback. Either way, expect sharp moves rather than a calm grind.
For retail investors, the takeaway is about risk, not prediction. Buying after a 29 percent stretch above the moving average is chasing; waiting for a retest of the 0.085 to 0.09 USD zone is how disciplined traders usually prefer to enter a genuine trend. And leverage on a token this small is how liquidation maps eat accounts.
The Verdict
SKY’s breakout is technically real — above all major moving averages, out of its rising channel, past its spring resistance — and it is backed by something rare in altcoin land: a profitable protocol with institutional adoption from Galaxy Digital and a listed US company holding a tenth of supply. But the stretched price and the liquidation clusters at 0.0947 and 0.091 USD mean the path to 0.10 USD will likely be violent in both directions.
Watch two levels: a sustained hold above 0.095 USD confirms the breakout, and a fall through 0.076 USD kills it. Everything in between is noise.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
10.71 percent on the channel break and galaxy parking 100m in sUSDS. the collateral demand story is doing all the heavy lifting here
Galaxy parking 100M into sUSDS is the real story here, the chart is just noise on top. When a firm like that adds a token as collateral for a 1.4B loan book, that’s institutional validation you can’t fake.
galaxy parking 100M in sUSDS while everyone argues about the chart is the tell. the loan book needs collateral demand and sky is manufacturing it
galaxy is not doing charity, they need collateral working. every 100M parked in sUSDS makes sky more central to institutional borrowing whether the chart cares or not
been earning the savings rate on USDS since the rebrand, never understood why SKY itself stayed so quiet for so long. maybe this is the repricing
been in USDS since the rebrand and honestly the savings rate is the whole thesis. SKY price action is just noise on top of a product people actually use
MakerDAO refusing to die and quietly becoming a Wall Street savings product was not on my 2026 bingo card tbh
I’d temper the 0.10 hype a little. Round numbers attract limit orders like moths, and the article itself points out the liquidation clusters on both sides. Could easily chop between 0.088 and 0.095 for weeks first.
agree on the chop, but the galaxy collateral angle changes the math a bit. a 1.4B loan book needs sUSDS demand regardless of the chart, so dips probably get absorbed faster than people expect
The Nasdaq-listed company holding ~10% of supply is the part nobody talks about. That’s a serious supply overhang OR a price floor depending on their intent, nobody knows which.
the overhang question is why i would not chase this into 0.10. one filing from that nasdaq holder and the breakout thesis gets rewritten overnight
the filing risk cuts both ways though, if they disclose a treasury hold instead of an exit the float story flips hard. not chasing either but im not fading the break
exactly, and the equity popping 115 percent means the arb crowd is already trading that treasury. if the stock side ever unwinds the SKY side eats the flows first
That 10% supply overhang from the Nasdaq-listed holder is exactly the kind of thing that caps rallies. Great tokenomics narrative until someone big needs exit liquidity.
the 10 percent overhang only matters if they need exit liquidity. if its treasury strategy that supply is basically locked and the float is thinner than people price in
a 10 percent holder hasnt filed a thing in months. at some point the silence itself is the signal
Agreed on the round number psychology, but the rising channel break has real volume behind it this time. I’d fade the 0.10 hype less than Tomas does.
the liquidation clusters are the tell though. leverage stacked on both sides of 0.093 means one wick through 0.10 forced-buys the rest of the move. chop first is fine but the fuel is real
sky at 0.10 would only be like a 12 percent move from here yet it feels like a milestone. weird psychology with these old rebrand tokens
0.10 usd being a milestone for a token thats been around since the maker rebrand is kind of depressing lol. still holding my bag from the migration
its because SKY is still MKR with a paint job in most peoples heads. once the savings rate numbers sink in the psychology shifts, happened with every rebrand
the psychology shifts when people see sUSDS at 5.52 billion, up 149 percent in a year. galaxy parking 100m there makes the savings rate a real treasury line item, not degen yield
sky savings rate quietly paying while every other token bleeds attention. the rebrand confused everyone for a year but the numbers kept stacking
0.09494 session high and 0.10 is the obvious magnet, but the liquidation clusters on both sides mean the last leg up will probably fake out once first.
the fakeout is basically scheduled. clusters stacked on both sides of 0.093 means the algos get fed before the round number does
0.10 is a 12 percent move on a token with a cash flowing product behind it. the milestone discourse is doing more work than the chart
^ the leveraged longs parked under 0.09 are the real tells. one flush to 0.088 before the run and its off to the races
The proxy filing showing 2.315 billion SKY at Stablecoin Development Corporation is the part nobody prices. Roughly 10 percent of supply tied to a stock that did 161 million shares in a day. Holding, but sized for that door opening.
2.315 billion SKY behind a stock doing 161 million shares a day cuts both ways. equity keeps ripping and nobody touches the coins, equity cracks and the coin eats it first. sizing for it is the right call
10 percent of supply behind one nasdaq ticker is a feature until the first filing shows trimming. one disclosure like that and the float story dies inside a single candle
galaxy parking 100m in sUSDS is the quietest endorsement of the year. a trading firm choosing the savings rate over its own products tells you where the risk adjusted yield actually lives