Blockchain project Skale Network has seen its native token, SKL, rally in recent months amid a rising tide of network growth. According to on-chain analytics firm Santiment, liquidated shorts have added rocket fuel to SKL’s ascent, which could have even further to run.
Source: Santiment – Start using it today
Santiment notes that Skale Network has tripled its market capitalization since mid-August, even while broader crypto sentiment remained weak. Much of these gains have come on the back of widening Skale user adoption per address activity growth.
Per the analysis, SKL could see additional legs higher if traders hesitate to re-enter bearish bets. The coin now trades around the peak ranges of 2021, but previous shorts scrambling to cover positions could heighten FOMO and propel prices into unseen territory.
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SKL is up by 43% in the last 24 hours. The 24-hour trading volume has surged by 170% during this period. Still, the recent move will require consolidation at some point after overextending SKL from its technical basement. Prudent traders are encouraged to watch for topping signals or declining network health that could precede any cooloff. But in the meantime, surging on-chain activity and short burns have spelled a recipe for continuation.
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