dailyhodl.com
A widely followed crypto analyst is suddenly turning bullish on one low-cap Ethereum (ETH)-based altcoin project.
Crypto strategist Michaël van de Poppe tells his 719,400 followers on the social media platform X that Skale Network (SKL), an Ethereum sidechain, could soar 150% from its current value.
“SKL is looking great. Did reject at the first resistance zone, but is on edge of a significant breakout. This breakout is likely heading to $0.20 in the coming months.”
Looking at his chart, the trader is predicting SKL will soon flip the key resistance level of $0.09 into support.
He also uses Fibonacci extensions to predict the massive breakout price target of $0.20. Fibonacci extensions are used in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
SKL is trading for $0.080 at time of writing, down nearly 5% in the last 24 hours.
The Skale Network aims to create a gas-less Ethereum Virtual Machine (EVM)-compatible blockchain for Ethereum scaling. Instead of charging end users transaction fees, SKALE generates fees by charging developers a fee for operating a SKALE chain.
According to the project developers, the Skale Network reached 10 million unique active wallets (UAWs) in Q1 2024 and saved users over $3.8 Billion in gas fees.