The issues of the Ethereum network caused many of the new projects to appear. One of them is Skale that got noticed due to its unique ecosystem and advantages, including full decentralization, security and low transaction costs. After the huge fall in 2021 the Skale network coin is just starting to recover and analysts see a bright future for the asset. Read our SKL token price prediction to understand how the token will develop in the near future.
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SKALE Network Fundamental Analysis
Skale Network is an Ethereum-compatible, self-declared to be the only containerized network that can run an unlimited number of secure, decentralized, high-performance blockchains native to Ethereum. The network was designed to bring scalability to Ethereum. Besides boosting the transactions capacity, it reduces latency and ensures payments with low costs. It is a Proof-of-Stake network that utilizes a work token.
The network is fully decentralized and has over 150 nodes and over 45 validator orgs. It also provides on-chain file storage and is compatible with Ethereum virtual machines. According to the project’s official website, it aspires to allow the users to build and run dApps in a decentralized modular cloud built for the real-world needs and configured according to the specific user or project requirements.
The Skale Network was the first project to launch a token on ConsenSys Codefi’s Activate Platform that allows users to buy, sell and keep their tokens in one application and also to distribute the utility tokens in a new way.
Using the Skale Network improves the speed at which Ethereum verifies and authorizes the transactions. According to the team, Skale can operate around 2000 transactions per second per chain.
Thanks to the Byzantine Fault Tolerant standard of security in distributed systems, the network can reach a consensus even if one-third of the participants are malicious. BLS Threshold signatures enable efficient interchain communication and support randomness in node allocation. Leaderlessness mitigates the possibility of collusion among network participants, ensuring that each participant can equally propose and commit new blocks.
SKALE (SKL) is a native token of the network. The project team intends to make it widely adopted without being engaged in any fraudulent activity. The coin has a total supply of 7 billion tokens, 4.1 of which were out by the time of release.
SKALE Network Live Price Chart
After performing its best during the bull tendency in the spring 2021, SKL token started to lose its value continuously. On March 12, 2021 the asset reached its all-time high of $1.22, but in just one week went down to $0.44. The asset recovered from the dip in a few days and stabilized around $0.6 till the beginning of May, and then fell more down as the bearish season started to approach.
At the end of May SKL token was pulled off to $0.26, then more than doubled its price in 3 days and continued to a long downtrend that lasted till the end of July. After reaching $0.17 on July 20 the SKALE token started to recover its price. In one month the coin managed to climb back at the level of $0.45 where it was bouncing till the middle of September.
While most of the assets of the crypto market were going up in October, 2021, SKL token lost around 30% of its value going down to around $0.34 and then bouncing between $0.29 and $0.40 till the beginning of December. Till the middle of the month, the price was going down till it reached $0.19.
After the announcement of an upcoming update for the Skale network, the price of the SKL token has blasted 141%, growing from $0.134 to $0.33. This trend didn’t stay for a long time and the SLK token price chart continued to decline. In the middle of January the asset fell to $0.11. But at the beginning of February due to 3air’s project moving to Skale, the asset’s price recovered to $0.16 but still went back down to the previous level.
In the last 7 days SKL token has lost 28% of its price, but has recovered some of its value in the last 24 hours. The market analysts expect SKL coin price to go up and finish the year at the level of $0.30-$0.36.
SKALE Network Technical Analysis
SKALE Network Price Prediction
SKALE Network Price Prediction for 2023
SKALE Network Price Prediction for 2024
SKALE Network Price Prediction for 2025
SKALE Network Price Prediction for 2026
SKALE Network Price Prediction for 2030
As it can be clear from the analysis cited above, SKALE Network (SKL) projections are rather contradictory. There is no universal consensus either about positive or negative future SKL price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the SKALE Network projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
SKALE Network is a relatively new player among the crypto projects which is worth watching. As dApp development gains traction, chances are that SKALE Network will grow to accommodate demand. Related to this point, one of the big unknowns which can either make SKALE or break it (or at least contribute greatly to the project’s future) is the upcoming Proof-of-Stake consensus mechanism adoption by Ethereum, which SKALE is based on: it will lower the costs of participating in the network, which will either drive SKALE to fizzle out, have to adapt, or attract more blockchain developers to the ecosystem and help SKALE thrive. Another thing to watch for is the way the SKALE team deals with their marketing and community strategy in the future and whether they can get out the information about their – admittedly very promising – technological solutions.
Note that the SKL historical performance hasn’t been very strong as of yet, which makes analysis harder and predictions very contradictory, especially comparing it against the potential it holds. It might be too early to draw any conclusions, though, since the project is so new.
To sum up, this project’s features and performance may suggest that although it doesn’t necessarily look ready for immediate explosive growth, SKALE looks like a promising project to watch in the long term.