A prominent crypto analyst has suddenly become optimistic about a lesser-known Ethereum-based altcoin project. Michaël van de Poppe, a crypto strategist with a large following on the social media platform X, has shared his bullish outlook on Skale Network (SKL), an Ethereum sidechain. He believes that SKL could experience a 150% surge from its current value. Van de Poppe explains that SKL is currently on the verge of a significant breakout and could potentially reach $0.20 in the coming months.
By analyzing the charts, Van de Poppe predicts that SKL will soon overcome the crucial resistance level of $0.09 and turn it into support. He also employs Fibonacci extensions to estimate the target price for the impending breakout, which is set at $0.20. Fibonacci extensions rely on Fibonacci ratios and are used in technical analysis to determine profit targets and price pullbacks.
As of now, SKL is trading at $0.080, experiencing a 5% decrease in the past 24 hours. The Skale Network aims to establish a gas-less Ethereum Virtual Machine (EVM)-compatible blockchain to facilitate Ethereum scaling. Instead of charging transaction fees to end users, SKALE generates revenue by imposing fees on developers for operating a SKALE chain.
The project developers claim that in the first quarter of 2024, the Skale Network achieved 10 million unique active wallets (UAWs) and saved users over $3.8 billion in gas fees.
