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Seeker’s SKR token jumps more than 110% as trading activity surges across major crypto markets.
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Seeker Summer reward distributions bring fresh attention and buying interest to the SKR token.
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More than 4.93 billion SKR tokens remain staked, limiting the freely traded supply.
Solana Mobile’s Seeker has seen its native SKR token price jump more than 110% today, outperforming the overall crypto market. The rise comes as users claim rewards from the campaign, pushing its trading volume higher.
So, what are all the reasons why Seeker price is up today, and will SKR continue to rally?
Seeker Summer Campaigns Trigger SKR Demand
The main reason behind the Seeker (SKR) token’s rise from $0.0107 to $0.03577 has been the distribution and claiming of Seeker Summer rewards. The campaign encouraged users to take part in the Seeker ecosystem and claim their token rewards.
Instead of triggering heavy selling, the reward claims have been followed by stronger buying activity. This has increased SKR trading activity and helped push the token sharply higher.
4.93B SKR Remains Staked
Another factor traders are watching is the amount of SKR currently locked through staking.
More than 4.93 billion SKR, or roughly 49% of the token’s 10.56 billion maximum supply, is currently staked, according to the reference data.
That leaves a smaller amount of the total supply available for regular market trading. When demand rises quickly while the freely traded supply is more limited, price moves can become much sharper.
SKR Trading Volume Jumps 622%
The sharp rise in SKR trading volume has also supported the token’s move higher, showing that more traders are taking interest in the market.
Seeker’s 24-hour trading volume jumped 622% to more than $309.9 million. The rise in volume alongside the price suggests that the rally is backed by stronger market activity rather than a move driven by a few trades.
The move also triggered heavy losses for short sellers. Around $4.83 million in short positions were liquidated out of $6.05 million in total SKR liquidations over the past 24 hours.
What’s Next for SKR Token Price?
SKR has pulled back after reaching $0.03577 and is now trading around $0.02751, suggesting that some traders may be taking profits after the sharp rally.
For now, $0.025 is the key support level to watch. If SKR holds above it, the token could retest the recent $0.035 high. A breakout above $0.035 could open the door to $0.046150.
However, a break below $0.025 could bring more selling pressure and push SKR toward the next support near $0.020.
