SKY has recently relied on the expansion of the USDS stablecoin and robust revenue to strengthen its fundamentals, attracting a rebound in market risk appetite. This has pushed the price from $0.075 up to a high of $0.0894, an increase of more than 18%. However, the subsequent correction from the highs, combined with the failure of emergency reserve expectations, led the price to break below the $0.085 support, putting short-term technicals under pressure. Investors are advised to monitor the stability of the $0.080-$0.085 range; a breakdown could trigger further adjustments. In the medium and long term, remain attentive to growth in institutional demand and financial improvements. In the short term, avoid chasing highs, keep positions controlled, and wait for stabilization at lower levels.

Starting from mid-April, SKY's price gradually climbed from around $0.075 and reached $0.0894 on April 27, a surge of over 18% from mid-month highs. Trading volume also increased from a daily average of about 4 million to over 13 million, indicating strengthened buying power under bullish leadership. Meanwhile, the broader crypto market benefited from continuous net inflows into Bitcoin ETFs and a reduction in macro-geopolitical risks, resulting in a notable return of risk appetite and outstanding performance by mid-to-small cap tokens including SKY.

Humanity Protocol ($H) leads weekly crypto gainers with a 37.54% rise, trading at $0.1497. MemeCore ($M) follows with a 24.61% increase at $4.31. Pudgy Penguins ($PENGU) and Chiliz ($CHZ) surged 23.21% and 22.73%, respectively. Aerodrome Finance ($AERO), SKy ($SKY), Injective ($INJ), Cosmos ($ATOM), Algorand ($ALGO), and JUST ($JST) also showed notable weekly gains, reflecting positive market momentum.

$H, $M, and $PENGU Outshine in the Pack of Weekly Crypto Gainers

Bitcoin rose 2% to $7,910 and Ethereum 3% to $2,388 amid easing geopolitical tensions, boosting Asian markets with Japan's Nikkei 225 and South Korea's Kospi hitting record highs. The US spot Bitcoin ETF saw $823.7 million net inflows for the fourth consecutive week. The crypto fear and greed index improved from 29 (fear) to 47 (neutral). Analyst Dominick John attributes gains to ETF inflows, technical breakthroughs, and reduced risk aversion.

Analyst: Both the crypto market and Asian stock markets rise amid easing geopolitical tensions.

After completing the custody transfer from Genesis Capital to Grove, the protocol introduced a streamlined treasury allocation structure, removing historical redundancy mechanisms and improving management efficiency. At the same time, the USDS stablecoin issued by SKY expanded to approximately $11 billion, ranking third in market capitalization. In the first quarter of 2026, total revenue reached $124 million and net profit hit $61 million, once again proving strong institutional demand. These initiatives highlight the project's focus on long-term sustainability and value creation.

Sky Protocol founder Rune Christensen proposed restructuring the treasury following the transfer of Genesis Capital to Grove. The plan simplifies the treasury's revenue distribution by removing the Fortification Conserver step and retiring legacy mechanisms. Sky's USDS stablecoin has grown to about $11 billion in supply, making it the third-largest stablecoin by market cap, while the $SKY token trades at $0.089 with a $2 billion market cap.

Sky Protocol moves to restructure treasury post-Genesis Capital close

DeFi lender Sky reported a record $124 million in gross revenue and nearly $61 million in net revenue in Q1 2026, driven by rising institutional demand for its USDS stablecoin. Despite this, Sky’s governance token fell 2.4%, partly due to the protocol prioritizing building a $150 million solvency reserve over token buybacks and staking rewards, signaling a focus on long-term resilience rather than immediate token value growth.

DeFi lender Sky hits $124M revenue record. Yet token holders aren’t impressed.

Despite favorable fundamentals, SKY's token price recently fell rapidly from the $0.0894 peak to $0.0816 during April 28–29, dropping nearly 8.8% in a single day, accompanied by significantly increased trading volume. The price has broken below the $0.085 short-term support, with a long upper shadow on the daily chart, challenging bullish momentum. Additionally, short-term selling pressure arose after expectations for the project to conservatively allocate extra earnings to a $150 million emergency reserve were not met. Risk appetite may remain cautious in the short run.

Skycastle

The Fed’s PCE Data Used to Measure Inflation Has Been Released! Here’s Bitcoin’s (BTC) Initial Reaction!

Lagarde discussed various options, including the possibility of an interest rate hike.

The Federal Reserve's preferred inflation gauge rose to its highest level in nearly three years

After the release of U.S. economic data, the probability expectation of an interest rate hike slightly increased.

US Q1 GDP price index preliminary reading at 3.6%, expected 3.8%

US Q1 PCE Price Index annualized quarterly rate preliminary value 4.5%, exceeding expectations

US Core PCE Price Index Year-over-Year Rises to 3.2% in March

The European Central Bank kept interest rates unchanged, with officials signaling they need more time to assess the extent of the Iran war’s jolt to the economy.

The European Central Bank kept its policy unchanged as expected.

USD/CAD: BoC cautious as CAD seen choppy – TD Securities

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