Seeker’s SKR Token Slides After Airdrop as Early Holders Begin Selling

Seeker’s SKR token had a volatile debut after Solana Mobile rolled out its airdrop. On January 21, Solana Mobile distributed 2 billion SKR tokens—worth roughly $26.6 million at launch—to Seeker phone users and developers.

The airdrop immediately put SKR on traders’ radar, triggering aggressive early price action. That said, once the initial pop faded, price discovery turned choppy, with sell pressure showing up quickly after the first wave of excitement.

Seeker Holders Are Selling Already

Short-term signals point to weakening momentum despite the strong open. On the 15-minute chart, the Money Flow Index has been trending lower since SKR topped out early. As a volume-weighted momentum indicator, MFI slipping below the neutral 50.0 line suggests sellers are taking control.

A sustained MFI drop usually signals fading demand rather than random volatility. In SKR’s case, it points to early airdrop recipients offloading tokens to secure profits. This behavior is typical for fresh launches, but it remains a bearish tell as long as momentum stays negative.

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SKR MFI”> SKR MFI. Source: TradingView

On-chain transaction data backs this up. Since launch, there have been around 22,130 buy transactions versus roughly 25,039 sell transactions. That imbalance shows distribution outweighing accumulation, reinforcing the short-term bearish bias.

This divergence highlights trader caution following the initial spike. While attention around SKR remains elevated, the dominant behavior is profit-taking rather than position building. Without a shift toward net buying, downside pressure is likely to persist.

Seeker Buy/Sell Difference. Source: GeckoTerminal

SKR Price Faces Further Downside Risk

Seeker (SKR) is still up about 37% from its launch-hour price, trading near $0.01198 at the time of writing. However, after tagging a high of $0.01553, the price rolled over and entered a corrective phase, suggesting early euphoria has cooled as liquidity settled.

If sell pressure continues, SKR risks losing the $0.01098 support. A clean break below that level could accelerate downside momentum, with $0.00879 coming into focus. In a deeper pullback, price could slide toward $0.00754, wiping out much of the launch-day upside.

SKR Price Analysis. “> SKR Price Analysis. Source: TradingView

Near-term stabilization hinges on defending $0.01098. Holding that zone would improve the odds of basing. On the flip side, a reclaim of $0.01417 would shift momentum back to the upside and signal renewed buyer confidence.

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