Kategorie: Altcoin News

• Sky Protocol has spent nearly $75M on buybacks since February 2025.
• SKY token has risen by 12.6% in a week, nearing previous highs.
• Buybacks reduced supply and boosted investor confidence.

The price of the SKY token has jumped 12.6% over the past seven days as the Sky Network buyback program starts to bear fruits.

The steady rise comes after months of token repurchases, with Sky Protocol investing tens of millions of dollars to reduce supply and stabilise market confidence.

Sky Protocol’s buyback strategy

Sky, formerly known as Maker before rebranding in August 2024, has made headlines with its aggressive buyback plan.

Since February this year, the protocol has used nearly 75 million USD to purchase SKY tokens directly from the market.

The most recent update revealed that in August alone, Sky spent 5.5 million USD to acquire 73 million tokens.

Notably, this consistent activity has helped to gradually lift the token’s price.

In late February, SKY was trading just above six cents.

Today, it is changing hands at a little over seven cents, and while the number may look modest, it marks a meaningful recovery for a token that had faced periods of volatility.

The buybacks are designed to reduce circulating supply, creating upward pressure on value while signalling financial confidence from the project’s side.

SKY token price recovery gains momentum

Market data from Coingecko shows that SKY has gained more than 12% in the past week, outperforming several other decentralised finance tokens.

The token’s performance since the start of the buyback has been steady, rising over 8% across six months despite broader market swings.

In late July, SKY even touched 9.6 cents, getting close to its all-time peak of just over ten cents recorded in December, before taking a surprising dip to just above six cents in August.

By comparison, Uniswap’s UNI token has risen about 6% in the same timeframe, while Aave’s AAVE has gained over 25%.

These comparisons highlight that although SKY has not delivered the strongest returns, its growth is tied directly to a deliberate financial mechanism rather than just speculative market sentiment. This distinction makes Sky’s approach stand out within the altcoin space.

Why the buybacks matter

Token buybacks are not new in crypto, but Sky’s scale and consistency are drawing attention.

By removing tokens from circulation, the project is reducing potential selling pressure and rewarding holders with gradual value appreciation.

The fact that Sky has committed $75 million to this strategy suggests a strong treasury position and confidence in its ecosystem.

Other projects, such as World Liberty Financial and Pump.fun, have also launched similar programs, indicating that the model may become more common across the industry.

For Sky, the coming months will be crucial in determining whether the current momentum can be sustained, especially if market conditions turn volatile again.

Investor sentiment already appears to be shifting in line with these efforts. A token that fell to a low of 3.5 cents earlier this year has nearly doubled from that point, reflecting renewed faith in its long-term role.

With a market capitalisation of around $1.64 billion and more than $6.2 billion in total value locked on the platform, Sky is positioning itself as one of the more stable players in DeFi.

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• Tornado Cash price retests supply wall at $12 with 6% spike in the last 24 hours.
• Overall bounce for top coins has seen TORN price rebound from lows of $11.50 to retest the key resistance area around $12.40.
• The technical picture is bullish with TORN looking to break above a key ascending triangle pattern on the daily chart.

Tornado Cash (TORN), the governance token for the Ethereum-based privacy protocol, recently in the headlines for a court verdict on one of its co-founders, is trading at a key level after bouncing off recent lows.

With the broader cryptocurrency market displaying resilience, and analysts forecasting a recovery in Q4, is TORN’s price action set for further gains?

Could bulls retest the $20 last seen in January 2025?

Tornado Cash price retests $12 hurdle

As cryptocurrencies struggled amid bearish pressure on Monday, Tornado Cash traded lower alongside other tokens.

However, with top coins recouping some gains, TORN rebounded from lows of $11.50 to climb to the key resistance area around $12.40.

Notably, this is a level that has previously provided a significant supply wall for TORN.

A retest of the area comes with price action that mirrors that of the broader market bounce as both Bitcoin (BTC) and Ethereum (ETH) bounce to key levels after experiencing dips on Monday.

BTC, which briefly fell below $108k, has regained ground to trade above $110k.

Meanwhile, ETH, down from its new all-time high above $5k, has stabilised above $4,400 as bulls keep bears off.

TORN’s upward move aligns with this renewed market optimism, as the token tests the $12.40 resistance zone.

As noted, this level has historically acted as a barrier, having thwarted bulls in December 2024 and January 2025.

In the past 24 hours, Tornado Cash crypto is up nearly 6%.

However, its 24-hour trading volume is a mere $84.9k, with this up 3% from the previous day to signal minimal market activity.

Tornado Cash price forecast: Is $20 next?

The technical outlook for TORN is increasingly bullish, with the token forming an ascending triangle pattern on the daily chart.

Analysts associate this pattern with potential breakouts, and the $12.40 resistance level is critical in this respect.

If there’s a decisive close above this point, momentum could propel TORN toward the next significant resistance at $20.

Looking at the chart, the Relative Strength Index (RSI) currently sits at 57.

Year-to-date highs of $27 and the November 2024 peak of $39 could be the next targets.

If TORN fails to decisively breach $12, it may retreat to the $10 support level. A robust buy zone is around $7.20.

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• Numeraire token NMR is down 25% as profit taking increases.
• The Numerai native token recently exploded amid a $500 million investment by JPMorgan.
• NMR price could drop to $15 and face resistance around $18.

As top coins struggle with sell-off pressure, the price of Numeraire (NMR) has pared recent gains as it dropped 25% in the past 24 hours.

Like the rest of the cryptocurrency market that has witnessed meteoric gains in the past few days, NMR has dumped as traders lock in gains.

Numeraire price hovered around $16.36 at the time of writing, down as Bitcoin struggled and Ethereum dipped under $4,400.

The release of PCE inflation data on Friday, which showed prices rose in July compared to June and at highs seen in early 2025, pushed stocks down. Cryptocurrencies were slipping amid this overall outlook.

Numeraire price falls 25% amid profit-taking

Numeraire, the ERC-20 token powering Numerai’s AI-driven hedge fund platform, recently shot to highs above $22.80.

The token’s meteoric rise, which included a 150% spike in a week, benefited largely from news of a $500 million investment from JPMorgan Asset Management.

The institutional backing doubled Numerai’s assets under management to nearly $1 billion, boosting NMR’s profile and drawing significant trader interest. NMR price pushed from lows of $8.11  to a multi-month high of $22.87 across major exchanges.

Daily trading volume also peaked as bullish sentiment dominated.

However, traders keen to lock in profits have contributed to a 25% price drop, with sellers eyeing more below the $16 level. Notably, the reversal has coincided with a 64% decline in trading volume, now at $340 million.

This is positive for the token as selling pressure isn’t elevated, but also signals reduced market participation from buy the dip players.

What’s next for Numeraire price?

With NMR now trading at $16.36, technical indicators suggest a bearish setup that could lead to further declines.

The token has broken below the $18.60 upper Bollinger Band, and the Relative Strength Index (RSI) below the neutral line indicates  weakening momentum.

On the daily chart, NMR faces immediate support at $15, a level where the recent breakout candle formed.

If this support fails, the next key level is $14.57, with a deeper drop potentially testing $10.50, as forecasted by some analysts for September 2025.

Resistance is now at $18, with a stronger barrier at $20, a psychological level that aligns with late 2024 highs.

A break above $18 could signal a reversal, but the current bearish trend, coupled with declining volume, suggests caution.

The broader market sentiment and Numerai’s ability to leverage JPMorgan’s investment for sustained growth will be critical.

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