Top Performer of the Week: SKL Token Skyrockets With Amazing Trading Volume
Following It Remains’ introduction on its network, the price of Skale cryptocurrency soared this week, hitting its highest level since February 1. Thus, one of the top-performing coins this week was SKL token, which emerged from a period of consolidation and soared by 170%. The 24-hour volume increased to $780 million, above the market value of $280 million, indicating that this growth occurred in a high-volume setting.
Skale Network’s Game Expansion Positions It Among Top Crypto Chains
After It Remains, a well-known Hollywood-caliber game, was introduced on its network to capitalize on its quick speed and gas-free transaction costs, the price of SKL skyrocketed. Skale will firmly establish itself as one of the largest chains in the cryptocurrency sector with this launch. According to data gathered by DappRadar, Skale’s ecosystem contains 129 games. In the past 30 days, it has seen a 23% increase in unique active wallets, reaching over 3.9 million.
3 Reasons SKL Token Could Face a Sharp Price Correction Soon
In the foreseeable future, the soaring Skale may plummet for three main reasons:
- First of all, with Bitcoin and other leading cryptocurrencies plunging, the mood in the cryptocurrency market has shifted. Some of the top achievers are frequently impacted by a declining market.
- Secondly, as the It Remains euphoria wanes, the price of SKL will plummet. After a significant event, stocks and cryptocurrencies typically rise before falling as investors sell the news and wait for the next big thing.
- Lastly, technical indicators point to a significant overbought situation in the price. The Stochastic Oscillator climbed to 83, while the Relative Strength Index soared to the extreme overbought mark at 86. When an overbought asset loses momentum, it usually pulls back.
For more up-to-date crypto news, you can follow Crypto Data Space.
