Skale Network Triples Its Market Cap Since Mid-August, Analyst Says SKL Could Push Up Further Until This Happens

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.

Read also:

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.

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency