While Bitcoin (BTC), which failed in its attempts at $ 38,000, continues its horizontal movements, some altcoins manage to attract the attention of investors with their rise.
At this point, one of these altcoins was SKL, the native token of Skale Network.
In his post, Santiment stated that the increasing number of addresses supports the SKL price increase and said that SKL has experienced a three-fold increase since August.
Stating that there may be a further increase in the SKL price, Santiment said: “The price may rise further until SKL investors stop waiting for a pullback in the price.” said.
“Skale Network has more than tripled its market value since mid-August, supported by increased address growth.
SKL could rise further until traders stop waiting for a pullback.
Because liquidated short positions often act as rocket fuel to push values higher.”
📊 #SkaleNetwork has now more than tripled its market cap since mid-August, powered by rising address growth. $SKL could push up even further until traders stop expecting a retrace, as liquidated shorts often act as rocket fuel to propel values higher. https://t.co/VmR2cMHCU4 pic.twitter.com/tlaWaHgPzA
— Santiment (@santimentfeed) November 20, 2023
SKL price increased by up to 116% in total in the last three days, reaching a pinnacle of $0.0691. SKL continues to trade at $0.0586, currently with an 80% increase.
*This is not investment advice.