What is SKALE Network? Live Price, Charts, & On-Chain Analysis for SKL Crypto

Overview

We will begin by exploring the fundamental aspects of the SKALE Network project. The goal here is to provide a clear understanding of the question, “What is SKALE Network?” However, we’ll also do an in-depth review of the project. This includes examining the challenges SKALE addresses, defining its uniqueness, highlighting key attributes, and examining its technical features.

Art image - SKALE Network Logo with white title on black background

Later on, we’ll dive into the SKL crypto token. The section examining the SKL token will clarify the nature and purpose of SKL, offering insights into its tokenomics, including details on total supply, distribution, and more. Then, our attention will turn to the price dynamics of the SKL crypto asset. Conducting a thorough analysis, we will review all the important price levels $SKL has traversed so far. Moreover, we will employ technical analysis to identify crucial support and resistance levels for the SKL price. Last but not least, we will provide a speculative $SKL price prediction!

Now, the article’s concluding section holds particular value for most readers. Here, we will explain how Moralis Money can assist in making informed decisions about when or whether to purchase the SKL token. We will also suggest where and how to seamlessly acquire $SKL!

What is SKALE Network?

SKALE Network is an open-source blockchain platform. It was designed to enhance Web3 applications’ scalability, speed, and cost-efficiency, and SKALE Network aims to achieve that by providing a flexible and secure environment for running smart contracts.

SKALE Network official website landing page

Utilizing a unique architecture of elastic sidechains, SKALE allows for the simultaneous operation of multiple independent blockchains, each known as an “elastic sidechain,” with sub-second block times and high throughput. Moreover, virtualized subnodes – running on SKALE nodes – contribute to the network’s consensus and performance.

SKALE Network officially qualifies as an Ethereum layer-2 (L2) scaling solution; however, it is sort of an L1/L2 hybrid chain. It uses Ethereum’s security while offering scalable solutions for faster and more affordable on-chain transactions.

Infrastructure schematics of SKALE Network elastic sidechains

What Problem is SKALE Solving?

The problem SKALE solves revolves around the need to enhance the adoption of Ethereum-based applications and decentralized solutions. SKALE addresses the limitations related to transaction throughput, user experience, latency, connectivity to wallets, cost-effectiveness, and interchain messaging.

By offering a configurable network of interoperable SKALE chains, the platform supports high-throughput, low-latency transactions with zero gas costs and faster commit times, resulting in an improved user experience. Moreover, SKALE Network also provides expanded storage capabilities and efficient, scalable, and collusion-resistant transaction validation and security. This solution mitigates the challenges faced by developers in terms of storage costs and limitations on public chains, enabling a broad range of applications, from decentralized finance to gaming and media.

Ultimately, SKALE aims to make Ethereum-based applications more scalable, user-friendly, and economically viable.

Note: It’s important to keep in mind that there are many other Ethereum scaling solutions, including the ones that the Ethereum network itself is working on.

SKALE Network and SKL Crypto use cases highlighted in art image

SKALE Network’s Unique Propositions

According to SKALE’s official website, SKALE Network stands apart based on its innovative approach to providing a decentralized cloud infrastructure for deploying high-throughput, low-latency SKALE chains. These chains are Ethereum Virtual Machine-compatible and offer customizable resource settings, including network size, transaction throughput, and storage capacity.

Each SKALE chain is safeguarded by the resources of the entire network. The network achieves this through random node assignments and frequent rotations among validator sets. Furthermore, the network’s custodial execution layer (layer-2) utilizes BLS signatures and deposit boxes on the Ethereum mainnet. The latter proves a balance between security guarantees and enhanced performance, making it a robust and fully decentralized solution.

The SKALE protocol, facilitated by the SKALE token, incentivizes network participants and manages staking, inflation, and monthly payouts, ensuring a secure and efficient blockchain ecosystem.

SKALE Network Title in Black Font on White Background

Key Attribute of SKALE Network

SKALE Network, as a security and execution layer seamlessly integrated with the Ethereum network, accelerates project development with enhanced performance. As a decentralized blockchain platform, it supports numerous independent blockchains and storage chains, all interconnected with the Ethereum mainnet, ensuring full compatibility with the Ethereum ecosystem. 

The network boasts speed, security, and complete decentralization, offering a collusion-resistant, leaderless structure. Its innovative approach involves the strategic use of containerization, virtualization, and BLS threshold cryptography.

The SKALE consensus mechanism is mathematically proven to be secure with an ABBA-based approach. Additionally, SKALE Network provides a frictionless user experience for both developers and end-users, ensuring seamless integration and compatibility with Solidity and the broader Ethereum ecosystem.

SKALE Network Validator Node Pool and SKALE Chain components - graphic art illustration showing how they work together

SKALE’s Technical Highlights

These are the SKALE Network’s technical highlights as offered by the project’s official website:

  • Zero gas fees for end users
  • Random node selection/frequent node rotation
  • Virtualized subnodes
  • Containerized validator nodes
  • Consensus via asynchronous binary byzantine agreement (ABBA)
  • BLS
  • Node monitoring
  • Ethereum interoperability

Note: If you wish to dive deeper into the technical aspect of SKALE Network, make sure to visit the project’s official website. There, you can also find links to its whitepaper and documentation. 

What is the SKL Crypto Token?

The SKL crypto token – integral to SKALE Network – is a versatile hybrid utility token. Furthermore, SKL went live on the Ethereum chain on June 29, 2020. Unlike most fungible tokens, which follow the ERC-20 token standard, the SKL crypto obeys a newer standard – ERC-777. The latter is fully backward compatible with ERC-20 but has some specific improvements, including built-in staking capabilities. Additionally, SKALE devs designed this token to facilitate various roles within the ecosystem (more on that below).

art image - SKL crypto coin and the title SKALE Network Token (SKL)

The Purpose of the SKL Coin

The SKALE Network token (SKL) plays a central role in the ecosystem. It represents the right to participate as a validator, stake as a delegator, or deploy and rent resources within the network. SKALE’s proof-of-stake mechanism, combined with a hybrid use token model, incentivizes validators, delegators, and developers while fostering a decentralized and high-performance blockchain network.

As such, holders of SKL tokens get to engage in network validation as validators, participate in the staking process as delegators, or leverage the tokens to deploy and rent SKALE Chains as developers. Validators contribute to the network’s security by staking SKL tokens, gaining the right to run nodes, and earning fees and tokens through inflation. Delegators, on the other hand, can delegate their tokens to validators and receive rewards.

Using its subscription-based model, users pay SKALE tokens to rent network resources, including computation, storage, and bandwidth, for a specified period.

All in all, the SKL crypto token system enhances security, aligns economic incentives, and contributes to the robust functioning of SKALE Network.

$SKL’s Tokenomics

SKL Crypto Tokenomics Chart

The above image includes some valuable details about the SKL crypto asset at the time of its creation. But you can find additional details regarding the SKL tokenomics in the list below:

  • Token name: SKALE Network Token
  • Symbol/ticker: SKL or $SKL
  • Network: Ethereum
  • Token type: ERC-777
  • Smart contract address: 0x00c83aecc790e8a4453e5dd3b0b4b3680501a7a7
  • Maximum total supply: 7,000,000,000 $SKL
  • Initial token distribution: 
Tokenomics and distribution pie chart table of the SKL Cryptocurrency
  • Token lockups and vesting periods:
Lockups and vesting schedule of the SKALE Network token

At the time of writing, the total supply of the SKL crypto tokens is approximately 5.18 billion. As such, nearly 26% of the asset’s supply is still to enter circulation. 

SKL Crypto Price Analysis

SKL Price Chart

A glance at the above SKL chart reveals that the $SKL price is still not too far from its public launch price ($0.03). However, although the SKL price recently rallied, it was pretty stagnant, lingering below the public launch level for quite a while.

Looking back to the end of 2020, you can see that the SKL crypto was gaining traction. The token had quite an impressive run with the rest of the market in the first quarter of 2021. It reached its all-time high (ATH) price on March 12, 2021, at $1.22. Following that peak, the price of $SKL pulled back with the entire crypto market. It retraced back to approximately $0.17. Then, as Bitcoin and some altcoins pulled off another run and set a new ATH, $SKL didn’t have enough momentum. As such, it couldn’t cross the $0.50 mark.

After the $0.27 – $0.28 level failed to hold in December 2021, the asset pulled back further. First, it bounced at $0.18; however, it eventually came down to $0.10 by February 2022. From that level, the SKL token rallied up to nearly $0.30 in early April 2022. But it was rejected at that level and turned back downwards. That time, the $0.10 support didn’t hold, and the price plummeted further. It reached its bottom towards the end of 2022, at $0.02.

Then, as the entire crypto market started to wake up in January 2023, the SKALE Network token nearly tripled in value. After all, it crossed $0.06 in the final third of February 2023. However, there wasn’t enough buying pressure, so $SKL started to lose its value again. As such, it eventually returned to the $0.02 region, where it stayed until October 20, 2023.

$SKL’s Recent Rally and TA

In fact, on the above date, the SKL token marked its all-time low (ATL) price of $0.0195. However, since then, the asset has been in a clear uptrend. At the time of writing, the asset has increased by more than 150%:

Daily price chart for SKL - Showing its recent price rally

Aside from indicating this solid percentage increase, you can also see a significant increase in trading volume in the above chart. This gives the $SKL’s recent run proper weight. By switching to a weekly timeframe, we can see that SKL has already broken above some of its resistance levels. And it is currently battling with the $0.05 region on a weekly timeframe:

What is SKALE Network Live Price, Charts, & On-Chain Analysis for SKL Crypto-weekly-chart-levels

In the weekly SKL chart on a logarithmic scale above, you can see all the significant support and resistance levels. Using the basics of technical analysis (TA), we’ve marked the levels that hold more weight with thicker lines.

As you probably know, we could use countless TA tools and indicators. However, we do not want to overcomplicate things. Remember, less is more! So, in addition to the above-outlined levels, we offer you Money Line signals. The Money Line indicator offers its “Bullish” tag on both weekly and daily timeframes:

What is SKALE Network Live Price, Charts, & On-Chain Analysis for SKL Crypto-TA-Money-Line

Note: You can access the Money Line indicator for free once you opt for the Moralis Money Starter or Pro plan.

SKL Crypto Price Prediction

We want to start this section by stating that exact price point predictions are quite impossible to produce. As such, take our SKL price predictions as purely speculative. However, if you use the power of Moralis Money – the live price and real-time, on-chain metrics it offers – you’ll have the best chance to predict short-term price targets rather accurately.

The key support and resistance levels marked in the previous image are the most likely price targets for $SKL. Obviously, the closer they are to the current price, the greater the likelihood of the price reaching them. So, if the bullish momentum were to continue, the SKALE Network token could easily reach $0.066 soon.

However, given the fact that the asset hasn’t had any noticeable retracement since October 20, 2023, the price may revisit some of the lower levels before potentially going higher. Or, once it reaches $0.066. A retest of the $0.039 would be quite healthy. As for the end of the next bull run prediction, we do believe that SKL is likely to reach close to its previous ATH. Our speculative target would be around $0.82. However, $SKL may surprise us and break into the price discovery mode.

Is SKALE Network a Good Investment?

You must consider your current financial situation, risk tolerance, and the above-obtained information to decide whether or not you like the SKALE Network project. If you find it interesting and potentially worthy of your investment, then make sure to research the project and its token further.

Fortunately, you can do this like a pro using the Moralis Money SKALE ($SKL) token page. That page offers all the resources and tools to help you determine if/when you should buy $SKL. 

On that page, you can find the live SKL price and the token’s real-time, on-chain metrics (a.k.a. alpha metrics). As such, you can combine the power of TA and on-chain momentum insights to effectively determine when it may be a good time to buy/sell the token.

So, if you find the SKALE token interesting, just follow the above “$SKL” link or simply use the interactive widget below:

Where to Buy SKL Crypto?

If you decide to buy SKL crypto after you’ve conducted proper research, then you can buy the asset right on the above-presented page. After all, it includes Moralis Money’s instant crypto swap feature, with $SKL preselected as a target asset:

Where to buy $SKL crypto

Aside from being right there where you are already researching the token, Moralis Money’s crypto-swapping feature is also secure. Plus, it is also one of the cheapest crypto swap sites. Consequently, it saves you time and money while eliminating the risk of landing on the wrong trading pair. 

If you are new to swapping cryptos, we recommend you check out our step-by-step guide on how to swap ERC-20 tokens. However, the below animation should help you get started. After all, you just need to do what the feature tells you – starting by connecting your Web3 wallet:

GIF showing how to buy SKL Crypto

What is SKALE Network? Live Price, Charts, & On-Chain Analysis for SKL Crypto – Key Takeaways

  • SKALE Network is an open-source blockchain platform designed to enhance the scalability, speed, and cost-efficiency of dapps.
  • This network deploys some special features, including elastic sidechains and virtualized subnodes.
  • The SKL crypto token is SKALE’s native cryptocurrency that lives on the Ethereum chain, where it follows the ERC-777 token standard. 
  • SKL is a utility token with multiple use cases. Validators stake SKL tokens for network security, earning fees and tokens through inflation. Users pay SKALE tokens in a subscription-based model to rent network resources.
  • $SKL experienced a lot of price fluctuations, reaching an all-time high of $1.22 and an all-time low of $0.0195. Recent uptrend and trading volume indicate potential bullish momentum.
  • Consider your financial situation, risk tolerance, and information obtained throughout the above section to decide if you find $SKL interesting.
  • If yes, make sure to use the Moralis Money $SKL token page to determine if/when to buy the token. 
  • In case you decide to get a bag of the SKALE token, use the Moralis Money swap feature on that page.

Whether you buy $SKL or not, keep in mind that there are countless other altcoins. And since the average altcoin tends to increase by 50x – 70x during a bull run, it is smart to explore these types of crypto opportunities. Moralis Money allows you to do so in several ways. For instance, just by visiting the tool’s homepage, you can spot alts that are gaining on-chain momentum. However, the ultimate way to find the next coin to blow up before it’s too late is to run Token Explorer strategies. This Moralis Money feature allows you to deploy the best crypto trading strategies and become a successful crypto trader

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WRITTEN BY Matic PircI am an SEO writer, a content creator, a digital marketing specialist, and above all an entrepreneur, with a strong passion for crypto. I believe blockchain technology has a massive potential in helping us create a better, more just, transparent, and globally united future.
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