SKALE is a scaling network for Ethereum that is defined as a flexible network. The decentralized initiative focuses on decreasing latency and ensuring that transactions may be done as effectively as they can be, in addition to increasing transaction capacity. Those that develop on this platform, according to SKALE, may run Solidity smart contracts “thousands of times faster for a fraction of the mainnet cost,” with games and multimedia video sites among the applications that already use its technology.
Price Movement – Skale Network (SKL)
SKL is now trading at $0.2169, up over 5% in the previous 24 hours, at the time of writing this post.
Within this time window, the low was around $0.1988 and the high was around $0.2185. According to the most recent data given by the coin market cap, the coin has risen to 121st place as a result of being on many traders’ watchlists. It is currently one of the top gainers.
SKL approached its new All-Time High around the price of $1.07 during the month of March. It was a quick upward surge, but the price quickly retraced. Today’s trading volume, on the other hand, has risen by over 74.04 percent.
The top exchanges for trading SKL are currently Binance, OKEx, Huobi Global.
Technical Analysis
SKL has a really clean chart. Before the drop in the price of the coin, SKL had been ranging and moving upwards. This kind of movement shows bearish sentiment and calls for a drop in the price which is exactly what happened. After the drop, the price of SKL dropped down and during this bearish move, the price created an order block on the daily time frame which hasn’t been mitigated to date.
Now at the lowest, we have seen a formation of a potential double bottom. This formation is a signal that the price is soon to move upwards. As a result, SKL is bullish. We can expect the price to tap in the daily order block that lies above. From there we can expect a reaction from the price of SKL.
Price Prediction – Skale Network (SKL)
Walletinvestor thinks that Skale is a good investment. But the one-year projection according to the website is very low. In one year, the price is expected to reach a value of $0.2100 which is less than the current value. But the five-year projection puts SKL at a value of $0.225.
