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<p>Blockchain project Skale Network has seen its native token, SKL, rally in recent months amid a rising tide of network growth. According to on-chain analytics firm <a href="https://twitter.com/santimentfeed/status/1726728628359373275?t=jWxh5lT0U0OfJ5eIulO_nA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>, liquidated shorts have added rocket fuel to SKL’s ascent, which could have even further to run.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="642" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-1024x642.png" alt="" class="wp-image-381693" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-1024x642.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-300x188.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-768x481.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-1536x962.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-2048x1283.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-239x150.png 239w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-559x350.png 559w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525-788x493.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-525.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p>
<p>Santiment notes that Skale Network has tripled its market capitalization since mid-August, even while broader crypto sentiment remained weak. Much of these gains have come on the back of widening Skale user adoption per address activity growth.</p>
<p>Per the analysis, SKL could see additional legs higher if traders hesitate to re-enter bearish bets. The coin now trades around the peak ranges of 2021, but previous shorts scrambling to cover positions could heighten FOMO and propel prices into unseen territory.</p>
<p>Read also:</p>
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 <li><a href="https://captainaltcoin.com/shiba-inu-magazine-highlights-wellys-commitment-to-shibarium-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu Magazine Highlights Welly’s Commitment to Shibarium Blockchain</a></li>
 <li><a href="https://captainaltcoin.com/benjamin-cowen-predicts-bitcoins-rise-to-100k-by-2025-inqubeta-celebrates-5m-presale-triumph/" target="_blank" rel="noopener noreferrer nofollow">Benjamin Cowen Predicts Bitcoin’s Rise to $100K by 2025; InQubeta Celebrates $5M Presale Triumph</a></li>
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<p>SKL is up by 43% in the last 24 hours. The 24-hour trading volume has surged by 170% during this period. Still, the recent move will require consolidation at some point after overextending SKL from its technical basement. Prudent traders are encouraged to watch for topping signals or declining network health that could precede any cooloff. But in the meantime, surging on-chain activity and short burns have spelled a recipe for continuation.</p>
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<p>The post <a href="https://captainaltcoin.com/skale-network-triples-its-market-cap-since-mid-august-analyst-says-skl-could-push-up-further-until-this-happens/" rel="noopener noreferrer nofollow">Skale Network Triples Its Market Cap Since Mid-August, Analyst Says SKL Could Push Up Further Until This Happens</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Skale Network Triples Its Market Cap Since Mid-August, Analyst Says SKL Could Push Up Further Until This Happens

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