Seeker Token Skyrockets 110% on 'Seeker Summer' Rewards

The price of Seeker (SKR), the native token of Solana Mobile's Seeker, has seen a significant jump of over 110% in the past day. This outperforms the overall crypto market. The main reason behind this surge is the distribution and claiming of rewards from the 'Seeker Summer' campaign.

Instead of triggering heavy selling, the reward claims have led to stronger buying activity, increasing SKR trading activity and pushing the token sharply higher. Over 4.93 billion SKR, or roughly 49% of its maximum supply, is currently staked. This limited freely traded supply has contributed to the sharp price move.

The 24-hour trading volume for SKR has also jumped by 622%, reaching over $309.9 million. This suggests that the rally is backed by stronger market activity rather than a few trades. Short sellers have also been hit hard, with around $4.83 million in liquidations out of $6.05 million total SKR liquidations over the past 24 hours.

Looking ahead, if SKR can hold above its key support level of $0.025, it could retest its recent high of $0.035. A breakout above this level could open the door to a price of $0.046150. However, a break below $0.025 could bring more selling pressure and push SKR towards the next support near $0.020.