Sky Token Price Prediction: A Rebranded MakerDAO on the Rise

The Sky token, formerly Maker, has seen a 15% increase in price over the past month, driven by the launch of Sky Protocol's staking rewards program. The price has pulled back slightly, but analysts predict a short-term dip of around 25% to $0.0615 by July 18. The token's deflationary shift and buyback-and-burn model have boosted investor confidence, and its ongoing conversion from MKR to SKY has reduced circulating supply. The long-term outlook is positive, with some predicting a price of $0.25 by the end of 2025.

Fidelity Investments has filed for a spot Solana exchange-traded fund (ETF) that includes staking, signaling growing institutional interest in the cryptocurrency. This move positions Fidelity among several major asset managers aiming to offer regulated investment products tied to Solana (SOL). The proposed ETF would allow investors to gain exposure to Solana's price movements and earn additional returns through staking rewards. This feature sets it apart from existing crypto ETFs, which typically do not include staking due to regulatory uncertainties.

The filing follows similar applications from firms like Bitwise and Canary, which have also updated their ETF proposals to include staking functionalities. These developments come amid a shift in the SEC's approach under new leadership, suggesting a more open stance toward crypto-related financial products. Fidelity's application for the Solana ETF underscores the growing acceptance and interest in staking rewards as a value-added feature for crypto investors.

In a separate development, the Sky token, formerly known as Maker, has seen a 15% price increase over the past month. This surge is attributed to the launch of Sky Protocol's staking rewards program. Analysts predict a short-term dip of around 25% to $0.0615 by July 18. The token's deflationary shift and buyback-and-burn model have bolstered investor confidence, while its ongoing conversion from MKR to SKY has reduced circulating supply. The long-term outlook for the Sky token is positive, with some analysts predicting a price of $0.25 by the end of 2025.

References:
[1] https://coinpaprika.com/news/fidelity-eyes-solana-etf-with-staking-feature/
[2] https://www.biospace.com/press-releases/skyhawk-therapeutics-announces-first-patient-dosed-in-phase-23-falcon-hd-trial-of-sky-0515-for-huntingtons-disease