Seeker [SKR] is currently experiencing a 40% retracement phase following its explosive rally from $0.091 to $0.359 last weekend, according to latest analysis from AMBCrypto. The altcoin has faced significant selling pressure from profit-taking activities, with the Open Interest declining from $42 million on Monday to $24.6 million at the time of writing. The token has violently squeezed short positions and witnessed negative Funding Rates in recent days, with extreme negative values and falling spot CVD signaling intense selling pressure on August 31st. The golden pocket between $0.0126 and $0.0175 is expected to be tested before another rally, with the current price dip potentially extending to the 78.6% retracement level at $0.0125.
Seeker [SKR], the native token for the Solana mobile phone, has experienced a 186% surge in early trading hours, driving significant capital inflows into the asset. According to reports from AMBCrypto, the market has shown strong bullish sentiment with investors continuing to add capital in a way that strengthens the case for a continued long-term rally. The perpetual market has recorded $486.7 million in capital flow in the past day, with a netflow of approximately $14.06 million, indicating that despite profit-taking activities, investors are still channeling more capital to bet on further upside moves. The rally broke the previously bearish trend, with the $0.10 swing high from early July being decisively breached, taking SKR to its highest price since February at $0.36.
The Spot market has seen more capital flow outside of exchanges into private wallets, placing its netflow at a negative $993,000 in the past day. As reported by AMBCrypto, this typically implies that investors now have a sense of long-term commitment, as they expect the price to continue in this upward path. The cumulative netflow over the past 10 days stands at $585,000, demonstrating sustained buying interest. The perpetual market continues to show more inflow of capital, with investors maintaining their bullish stance despite some profit-taking activities. However, the current retracement phase has led to reduced Open Interest and profit-taking by market participants.
A major concern has emerged with 40 holders exiting the market, bringing the total number of SKR holders down to 41,980 at the time of writing, according to CoinMarketCap data reported by AMBCrypto. This trend of holders exiting outright following the surge in price could be a pattern worth observing, especially as the opposite tends to occur more frequently, with investors buying more of the asset. If this trend continues, it's likely to further impact the price, as it means some holders are becoming cautious about their positions. The 1-hour chart shows the $0.024 former support zone has been flipped to resistance over the past 48 hours, with the RSI below neutral 50 and OBV rapidly sinking, highlighting bearish momentum and heavy selling pressure.
Despite the holder exit concerns and current retracement, sentiment remains positive among the broader community. As reported by AMBCrypto, the community sentiment shows that 88% of votes regarding whether SKR is bullish or otherwise suggest that the group of investors is expecting more upside. This trend appears to provide more support for a bullish case than there is for a bearish take at the moment, with the market still leaning bullish despite some holders cashing out their positions. However, traders are advised to be cautiously bullish given the current retracement phase and overextension from the rally. The analysis suggests that while a dip to the $0.0125-$0.0175 range is likely to be met with buyer reaction, continued Bitcoin weakness could upset the established uptrend.
