What is making SKALE Network (SKL) rally?

4 min read | July 27, 2022 08:23 PM AEST | By Manu Shankar

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Highlights

Built to support the exponential growth of decentralized applications (DApps) on the Ethereum platform, the SKL protocol allows developers to migrate from an Ethereum network to a SKALE-administered blockchain seamlessly.

The SKL crypto on the market on 27 July witnessed a marginal gain of 0.97% by 6 AM (GMT +1), according to CoinMarketCap.

The Skale Network token crypto on Wednesday was trading at US$0.047449 with a 24-hour trading volume of US $91,51,181 over a day, as per CoinMarketCap.

The blockchain networks that are witnessing an increasing user and development activity presently are often troubled by the twin factors of speed and capacity. These issues get further highlighted in scenarios where the project aims to develop a Web3 future. It is here that the SKALE Network (SKL) comes to the rescue of such projects by acting as a Layer-2 scaling solution.

Built to support the exponential growth of decentralised applications (DApps) on the Ethereum platform, the SKL protocol allows the developers to seamlessly migrate from an Ethereum network to a SKALE-administered blockchain, which the help of higher throughput and lower gas fees.

The SKL crypto on the market on 27 July witnessed a marginal gain of 0.97% by 6 AM (GMT +1), as per CoinMarketCap. However, the SKL protocol had a slightly better performance in terms of volume as it gained 6.48% over a day, according to CoinMarketCap.

Why is SKL crypto witnessing a rally?

Although the exact reason for the rally is still not evident, the SKL crypto has been volatile of late. Though the token witnessed a gain of over 13% about a fortnight ago, it went back into its shell with a dip of over 15% in the last one week.

Many feel the rally could be on the back of solid partnerships SKALE Network has been making over the past few weeks, which has strengthened its protocol. SKALE partnered with StonkLeague, a crypto fantasy trading game, allowing users to test their trading skills and create their own DAO gas-free.

A look at the charts would indicate that the SKL network witnessed the MACD line and Signal line on top of each other, indicating that the momentum has fizzled out. For now, the momentum shows a sideways movement indicating neither a gain nor loss kind of scenario.

Image credit: Trading View

Even the RSI seems to have dipped after rising above the mid-level mark. The RSI on 27 July stood at 43.82 at 6:00 AM (GMT +1).

How is SKL crypto faring?

The Skale Network token crypto on Wednesday was trading at US$0.047449 with a 24-hour trading volume of US $91,51,181 over a day, according to CoinMarketCap. It was seen enjoying a live market cap of US$17,30,57,665 with 3,64,72,27,671 SKL coins in circulation.

The market participants would hope SKL crypto can climb out of its volatile phase and give them some reasons to smile. With the overall crypto market still indicating fear sentiments today, it may take some time before recovering from it. Having said that, keeping a tab on the latest trends would be the critical yardstick for the market participants if they want to enter the market.

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