Seeker’s SKR token had a rocky debut after Solana Mobile rolled out an airdrop. On January 21, Solana Mobile distributed 2 billion SKR tokens (valued at approximately $26.6 million at launch) to Seeker phone users and developers.
With this airdrop, SKR quickly attracted the attention of traders and triggered aggressive early price action. That said, once the initial excitement faded, price discovery became volatile and selling pressure quickly appeared after the initial wave of excitement.
Seeker holder is already on sale
Short-term signals indicate that momentum is weakening despite a strong opening price. On the 15-minute chart, the money flow index has been trending downward since SKR topped out early. As a volume-weighted momentum indicator, MFI is below the neutral line of 50.0, suggesting that sellers are in control.
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A sustained decline in MFI usually indicates a decline in demand rather than random volatility. In the case of SKR, it points out that early airdrop recipients are offloading their tokens to secure profits. This behavior is typical of new launches, but as long as momentum remains negative, it remains a bearish sign.
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On-chain transaction data confirms this. Since its launch, there have been approximately 25,039 sell transactions compared to approximately 22,130 buy transactions. This imbalance indicates that the distribution is outpacing accumulation, reinforcing the short-term bearish bias.
This divergence highlights traders’ caution after the initial spike. While the focus on SKR remains high, the dominant behavior is profit taking rather than position building. Unless there is a shift to net buying, downward pressure is likely to continue.
SKR price faces further downside risk
Seeker (SKR) is still up about 37% from its launch price and is trading around $0.01198 at the time of writing. However, after hitting a high of $0.01553, the price reversed and entered a correction, suggesting that the early excitement has faded as liquidity stabilizes.
If selling pressure continues, SKR risks losing support at $0.01098. A clean break below this level could accelerate downside momentum and bring $0.00879 into focus. Further decline could push the price towards $0.00754, wiping out most of the launch day upside.
Short-term stability depends on defending $0.01098. If you can hold that zone, your base probability will improve. Conversely, a retake of $0.01417 would bring momentum back to the upside and signal renewed confidence to buyers.
