Recently, Skale (SKL) has become a hot topic in the cryptocurrency market, gaining approximately 51% in value within 24 hours.
This significant surge is attributed to various speculations and expectations of potential new partnerships. The buzz around a possible collaboration with Google, fueled by sightings of Skale’s founder at Google, has notably increased investor interest.
Network Growth and Major Investor Activity
One key factor contributing to the rise in Skale’s price is the substantial accumulation of SKL tokens by investors holding large amounts on the network, often referred to as whales. Reports suggest that addresses holding between 100 million and 1 billion SKL have acquired over 200 million tokens, valued at approximately $8.6 million. Experts believe that positions of this size may bolster market confidence.
An analyst commented, “The growing interest from major investors indicates positive expectations for SKL in the market.” Additionally, Skale’s network growth is noteworthy. The network has recently reached its highest growth levels in three years, fueled by a rapid influx of new wallets. In the past two days, 572 new addresses were created, marking a 1171% increase, reflecting rising investor interest.
Despite the rapid growth, today saw a limited decline. Nevertheless, the increase in active participants positively affects the interest in SKL. Sector observers view the rising number of active addresses as a strengthening factor in Skale’s market position.
Price Resistance and Potential Scenarios
SKL is currently trading at $0.044. Despite the 24-hour increase, there was a 10% decline today. This fluctuation, following a 118% weekly increase, highlights market volatility. While investor interest remains lively, the price is reportedly encountering resistance.
A market expert stated, “If the $0.049 resistance is surpassed, an upward momentum in price is expected to continue.” If investor confidence is maintained and selling pressure remains limited, SKL could potentially rise above this level. In such scenarios, the price might test the $0.050 levels and continue its upward movement. However, analysts suggest that if selling pressure arises, SKL might drop below the $0.038 support level.
In such a case, the price could fall to as low as $0.029, possibly reversing recent gains. Current dynamic market conditions necessitate cautious behavior from SKL investors. Industry sources indicate that the price volatility is likely to sustain its potential for both upward and downward movements.
