SKL is the utility token of the SKALE protocol used in deploying decentralized applications, governance, and enhancing network security. The token supports staking and delegation due to its ERC-777 standard. Developers also use the token to buy autonomous blockchains or SKALE S-chains for dApps.
The SKALE network is working to solve scalability concerns in Ethereum through secondary blockchains. Despite the SKL token being on a downtrend lately, Ethereum’s upgrade to the proof-of-stake algorithm could boost the network and SKL token in the long term.
What is Skale?
Skale Network is an expandable multi-chain protocol that acts as a secure Ethereum scaling solution. The blockchain is described as an ‘elastic network’ designed to create elastic side chains in the Ethereum ecosystem. Skale uses the Ethereum mainnet to manage and execute key on-chain functions for enhanced security and transparency. The Skale network is secured with the proof-of-stake consensus algorithm.
Skale is developed on Ethereum with functions executed via a smart contract dubbed SKALE manager. SKALE is interoperable with Ethereum. Interchain Messaging Agent, an Ethereum-SKALE bridge, enables users to transfer tokens between the two networks via the BLS signature support. The SKALE network powers an unlimited number of chains created for Web 3 dApps. The protocol passed the Quantstamp audit in 2020, where the report described its codebase as ‘generally of good quality’.
Jack O’Holleran and Konstantin Kladko are the founders of Skale. O’Holleran is the CEO of SKALE Labs, while Kladko serves as the Chief Technical Officer.
If you are seeking a Skale price prediction for 2022-2025, look no further. We will look at the recent Skale pricing to see what to expect from the future price changes.
Skale: should you invest in SKL today?
SKL is not an ideal buy for short-term investment. SKALE is facing bearish pressure, and a further dip is expected. However, the token can turn in long-term profits based on the strong fundamental aspects.
The factors that could affect Skale include:
- The regulatory framework in the cryptocurrency space.
- The relevance of the technical solutions offered by Skale.
- The general adoption of digital assets.
Skale token: will SKL reach 1 USD in 2022?
Looking at the weekly chart, SKL remains under bearish pressure. The token is trading around the $0.14 support zone. SKL should rise above $0.5 to welcome a bullish sentiment. Based on the RSI, SKL remains above the oversold zone, meaning a further dip could be seen in the near term. However, we predict a surge in the long run judging on the strong fundamentals of the Skale network.
- Although a perfect prediction is not possible, SKL is projected to reach a maximum of $0.2646 by the end of 2022. The token could trade at a minimum of $0.2499 and $0.2 on average.
- The 2023 price prediction puts SKL at a maximum price of $0.3038. It is expected to trade at a minimum price of $0.2966. On average, SKL could trade at around $0.25 throughout 2023.
- SKL is expected to reach $0.378 in 2024 at a maximum. The minimum price will be $0.3469. On average, the token will trade around $0.3 throughout 2024.
- The price of one SKL token is projected to reach $0.4797 at a maximum by the end of 2025. The token will reach a minimum price of $0.4385, and the average price is expected to be around $0.37 throughout the year.
SKL past price analysis
According to the latest data, SKL is currently trading at $0.1599. The token is ranked the 126th most valuable cryptocurrency by CoinMarketCap, with a market capitalization of $$456 million. There are 3.22 billion circulating SKL tokens from a total supply of 4,276,664,349 and a hard cap of 7 billion.
In the past 24 hours, SKL has dropped 5.53%. The market capitalization has also dipped in the same period. SKL is facing an overall bearish momentum, with the weekly price outlook showing a drop of 1.94%. The market capitalization has declined by 1.81%, from a high of 464.42 million in the same period.
The three-month price outlook shows that the token is losing popularity. It has plunged by 56% from $0.3625. Moreover, the market capitalization has decreased by 47%. From the all-time price chart, SKL has declined by 81.87% from an ATH of $0.8821 in early 2021.
Want to buy an SKL token?
SKL tokens are listed on Binance, Coinbase exchange, and Gate.io. The token can be traded against USDT, USD, and BTC.
Follow these steps:
Step 1. Register an account on Binance, Coinbase, or Gate.io exchange. Verify your accounts details, including your email address and identity.
Step 2. Deposit fiat currency into your account.
Step 3. Enter the amount of SKL tokens you want to buy and click buy.