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Dragonfly reset shocks SKY
The institutional wallet associated with Dragonfly transferred 137 million SKY (approximately $9 million) to Coinbase, liquidating a position bought five years ago for $20 million, realizing a loss of $11 million. This move coincides with a record level of short positions in SKY futures and a net outflow of 42 million tokens on the spot market, confirming bearish pressure on both derivative and spot markets.
SKY remains within a long-term downtrend channel around $0.065; ADX hovers around 28, -DI exceeds +DI, and the daily RSI is deep in the oversold zone at 26. Without a decisive close above resistance at $0.083, the chances favor a decline toward the psychological level of $0.060.
Institutional selling could trigger a cascade of stop-losses, amplifying the downward momentum.
$SKY