While the SKL crypto token was around during the previous cycle, it wasn’t among the leading altcoins. As such, this might be the first time you hear about the SKALE crypto project. Thus, we’ll start this article by covering the gist and basics of SKALE. Next, we’ll take a closer look at the SKL coin. This is where we’ll explain what SKALE’s token is all about, including its purpose and use cases. We’ll also cover the asset’s tokenomics.
However, as altcoin traders/investors, we are mainly interested in how assets perform price-wise. Hence, we’ll review the entire SKL crypto’s price action since it started trading in late 2020. This will allow us to put the token’s current price into proper perspective. Furthermore, we’ll use the basics of technical analysis (TA) to outline the key support and resistance levels. As for the assets trend analysis, we’ll let the ultimate crypto indicator – Money Line – provide us with the best insights.
Plus, you’ll find out how Moralis Money can help you figure out if/when to buy the SKALE crypto token. We’ll also make sure you find out where you can find markets to buy $SKL.
What is SKALE (SKL) Crypto?
The SKALE crypto refers to the SKALE Web3 project and also to its native cryptocurrency (a.k.a. the SKL crypto). The project is all about a revolutionary blockchain network designed to address the scalability challenges of decentralized applications (dapps) on the Ethereum blockchain.
One of SKALE’s key selling points is offering the world’s fastest blockchain with zero gas fees. The project aims to provide a scalable, on-demand infrastructure for deploying interoperable EVM-compatible chains. Its modular and decentralized architecture allows developers to create high-performance, user-centric Web3 experiences. Thus, SKALE aims to cater to a range of applications, from gaming and NFT platforms to decentralized finance (DeFi) and AI-driven smart contracts.
The SKALE Network Overview
SKALE’s standout feature is its limitless scalability, allowing for quick deployment of Ethereum-native chains without compromising on security or decentralization. The network’s modular design ensures capacity increases as new nodes join. This results in high throughput (transactions per second) that grows exponentially with the addition of chains. Moreover, SKALE achieves this without imposing gas fees. Hence, it offers developers the freedom to create innovative and cost-effective dapps.
SKALE employs a leaderless Byzantine fault tolerant (BFT) consensus protocol, enhancing security and preventing collusion among network participants. With a multichain structure, each node runs multiple chains, randomly rotated to resist collusion. The decentralized nature of SKALE’s consensus ensures fair participation and prevents manipulation, addressing key concerns in distributed systems.
As pointed out previously, the SKALE crypto network’s diverse spectrum of use cases includes gaming, AI applications, DeFi, NFTs, dE-commerce, and DAOs.
Developers can harness the power of SKALE’s modular architecture to create seamless user experiences with zero gas fees. Plus, the network’s on-chain file storage, instant finality, and shared security make it an ideal choice for applications demanding high throughput and minimal latency.
All in all, SKALE presents a versatile solution for the evolving landscape of blockchain applications.
Note: If you’re a developer interested in creating dapps, you ought to dive into the SKALE documentation. Also, do not forget to utilize the power of Moralis’ state-of-the-art Web3 APIs.
The SKL Crypto Token
The SKALE token, also known as the SKL crypto, serves as the cornerstone of the SKALE ecosystem. It embodies a hybrid utility that extends across various dimensions. Furthermore, designed to fuel the network’s functionalities, the SKL token empowers participants to engage in validator staking, delegation, and access network resources by deploying and renting elastic sidechains.
Moreover, users pay subscription-based fees in SKL tokens to leverage the computational, storage, and bandwidth resources provided by SKALE. This creates a dynamic ecosystem where the token plays a pivotal role.
The SKALE crypto token went live in June 2020 on the Ethereum network. There, it follows the ERC-20 token standard as all other fungible cryptocurrencies on that chain.
SKALE Token Purpose and Use Cases
$SKL tokens play a crucial role in securing the network through a proof-of-stake (PoS) mechanism. The latter requires nodes to stake a predetermined amount of SKL tokens. Validators – who contribute to the network’s security and consensus – are rewarded with both fees and tokens through inflation. Furthermore, delegators can also participate by staking and earning rewards, and all holders of SKL tokens have the option to delegate their tokens to nodes in the network.
All in all, the SKL crypto token acts as a multifaceted tool, incentivizing active participation, promoting network security, and facilitating the growth and sustainability of the SKALE ecosystem.
$SKL Crypto Tokenomics
The SKALE crypto project designed the $SKL tokenomics to align with the network’s growth and sustainability. The total supply of SKL tokens at the network launch was 4,140,000,000, with a maximum supply capped at 7,000,000,000 tokens.
The initial token distribution included allocations to the validator community, network supporters, protocol development, network creators and builders, the N.O.D.E. foundation, and the public token event. Also, vesting schedules and lockups were implemented for many of these allocations to ensure a strategic release over time.
Validator rewards, a key element of SKL tokenomics, follow a predetermined mechanism that mints tokens at specific rates over the network’s initial years. This is subject to sequential adjustments based on economic analysis and community feedback.
SKL tokenomics overview:
- On-chain token name: SKALE
- Symbol/ticker: SKL or $SKL
- Network: Ethereum
- Token type: ERC-20
- Smart contract address: 0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
- Initial total supply: 4,140,000,000 $SKL
- Maximum total supply: 7,000,000,000 $SKL
- Initial allocation and vesting:
To explore the SKALE token’s current distribution, make sure to use Moralis Money’s crypto bubblemaps. You can access the relevant bubble chart via the Moralis Money SKL token page (link in the “Should I Buy $SKL?” section below):
SKALE Crypto Token Price Action
The SKL crypto token was listed on Binance on December 1, 2020, at $0.03. During the first three days of trading, the asset’s price increased by approximately 440%, reaching as high as $0.16. However, after that initial peak, the token experienced its first larger correction (roughly 64%) over the next 19 days. As such, December 23, 2020, offered a great opportunity to buy $SKL at as low as $0.0588.
Following that local low, the SKALE crypto started to climb slowly, printing higher highs and higher lows. This kind of movement lasted for 47 days, taking $SKL to $0.18, followed by a retest of the $0.14 region on February 7, 2021. This was also when the wild period for SKL started.
By February 11, the coin reached $0.4 but then pulled back roughly 52% and stayed in the $0.19 region until the end of the month. Starting on March 1, 2021, $SKL exploded. It increased by more than 4x in just four days, taking the price to SKL’s ATH at $1.24. However, following that pump, the price dropped by roughly 58% over the next 13 days.
After the aforementioned correction, the SKALE token rallied again, this time reaching $1.07. As the asset ran out of steam, it started to print new lower highs and eventually also lower lows. As such, $SKL entered a clear downtrend even on larger timeframes.
The price didn’t go down in a straight line. Instead, there were several relief rallies, some even larger than 200%. However, it wasn’t until December 31, 2022, that the cycle bottom came in at $0.019.
2023 Recovery
After ending roughly 34% below its listing price in 2022, the SKL price started to recover. As the rest of the crypto market woke up in January 2023, so did $SKL, and it started to print new higher highs and higher lows. In fact, the token rallied by more than 250% over 41 days, reaching $0.07 by February 10, 2023.
However, there simply wasn’t enough buying pressure for $SKL to continue any higher. And so the price pulled back to the $0.019 region by August 17. The asset stayed at those levels until October 19, when the ongoing recovery started. The latter propelled the $SKL crypto to $0.10 by January 3, 2024.
At the time of writing, the token is trading around $0.096.
SKALE Crypto TA and Money Line
The above weekly $SKL candlestick chart shows the entire token’s price action on a regular scale. However, for a more detailed view of the key levels of support and resistance, let’s shift to the logarithmic scale:
Looking at the above chart, you can clearly see that $SKL just broke above an important resistance. However, keep in mind that the ongoing weekly candle needs to close above that level for the breakout to be confirmed. Moreover, the next major resistance, the $0.11 region, is very close to the current price.
Let’s also use the best crypto charting tool – Money Line – on the $SKL chart. It turns out that this ultimate crypto indicator is signaling bullish trends on both weekly and daily timeframes:
Note: If you want to experience the power of Money Line firsthand, make sure to opt for the Moralis Money Pro or Starter plan. And, in case you wish to learn more about this amazing indicator, simply follow the “Money Line” link from this article’s introduction.
SKL Crypto Price Prediction
We need to warn you about long-term SKL price predictions. After all, there are many exact price targets for this altcoin for the end of this bull market. So, please be mindful that no one can with certainty predict cryptocurrency prices. As you know, the cryptocurrency market is dynamic and prone to sudden shifts. Hence, anyone promising a specific SKALE crypto price prediction for 2024 or 2025 will invariably be wrong.
However, by using TA and combining it with real-time, on-chain data, traders can make their own short-term price predictions for $SKL and other cryptos. So, the key is to be able to view the latest on-chain and price data and combine the two into powerful insights.
And that’s exactly what Moralis Money offers. It helps traders decode on-chain data and decipher market alpha to understand how the market is moving.
As such, if you wish to make any tangible short-term price predictions, focus on using Money Line and Moralis Money token pages!
Should I Buy $SKL?
By going through the above sections, you should be able to easily decide if you find the SKALE crypto project and its SKL token at all interesting. If yes, then you need to research them properly to answer the above question with confidence.
Fortunately, you can do that like a pro with the Moralis Money SKALE ($SKL) token page. After all, like all of Moralis Money’s cryptocurrency analysis sites (a.k.a. token pages), it offers valuable tools and resources to decide if/when to buy cryptocurrencies. Particularly important are the “Price Chart” and “Alpha Metrics” sections, as they offer live SKL prices and real-time, on-chain metrics. As such, they are the key to timing your $SKL trades effectively.
With that in mind, make sure to follow the above “$SKL” link or use the interactive widget below:
Where to Buy the $SKL Crypto?
If you decide you wish to get a bag of $SKALE, you have several options. Just use the “Market” section on CoinGecko or CoinMarketCap page for that token. There, you’ll find a list of all CEXs and DEXs that offer the relevant training pair, including the trading volume. As such, you can easily pick a market that best suits your goals.
Is SKL Crypto A Good Investment? SKALE Crypto On-Chain Data Price Prediction – Key Takeaways
- The SKALE crypto project is all about the SKALE network that offers fast, scalable, and fee-less transactions. These characteristics make it one of the most popular blockchain networks for Web3 gaming dapps.
- The SKL crypto asset is the network’s native cryptocurrency, which went live in 2020 on Ethereum.
- $SKL reached its current ATH of $1.24 in March 2021. After that peak, the token lost more than 98% of its value, setting its ATL in August 2023.
- In Q4 of 2023 and early 2024, SKL started to conquer some of its major price resistances. And after a 400%-plus increase, it looks rather bullish.
- To decide if/when to buy $SKL, use the Moralis Money token page dedicated to that cryptocurrency.
Whether you end up buying $SKL or not, you need to keep in mind that countless other altcoins deserve your attention. After all, if you wish to catch those 50x-plus gains that many alts offer, you typically need to add several cryptos to your portfolio. However, the key is to focus only on the tokens with solid potential.
Fortunately, you can do that with ease if you deploy the best crypto analysis tools. And this is where Moralis Money enters the scene. Unlike other blockchain analytics tools, Moralis Money keeps this simple and user-friendly. By offering a crypto whale tracker, a crypto pump detector, and the best crypto scanner, Moralis Money is the best crypto trading tool.
