SKALE Network (SKL) price prediction for May 2022

By: Stanko Iliev
Stanko Iliev
Stanko is a Financial Analyst for Invezz covering stocks, cryptocurrencies, and worldwide indices. He has significant experience trading forex,… read more.
on May 7, 2022
  • SKALE is a multichain blockchain network
  • SKL has collapsed from its recent highs
  • The cryptocurrency market remains under pressure

SKALE Network SKL/USD has collapsed from $0.33 to $0.134 since March 31, 2022, and the current price stands at $0.14.

Technically looking, SKL remains in a bear market, but the current price could be a good entry point for long-term investors.

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Multichain blockchain network

SKALE is the network that can run an unlimited number of high-performance blockchains that are native to Ethereum.

Chain neutrality, full decentralization, zero end-user gas fees, and high throughput with fast block times are some of the major features of this blockchain network.

The SKALE architecture is built to support an ever-expanding set of dapp-specific chains, and it optimizes the allocation of resources of each node across the entire network of elastic blockchains.

SKALE uses the Ethereum mainnet to manage and orchestrate many critical network operations and allows users to have access to decentralized storage, web servers, and message transfer all on the same chain.

It is also important to mention that SKALE eliminates unnecessary complexity so that users can speed up their smart contracts and Dapps with essentially no additional coding. The team of SKALE added:

Use your existing deployment script (Truffle, Remix, OpenZeppelin) and just change two lines of code to deploy your Solidity smart contracts to the SKALE network.

SKL is a governance token of SKALE Network that can also be used for securing the network and payments for subscription fees.

SKL is trading down more than 50% from its recent highs, and the risk of further decline is still not over. The impact of the Russian-Ukrainian war and the rising risks of the recession continue to worry investors, and risk-on assets tend to suffer in conditions like this.

The current price represents a good entry point for long-term investors

SKALE Network has experienced tremendous growth in its user activity last several months, and the price of SKL has reached levels above $0.33 on March 31, 2022.

Data source: tradingview.com

Since then, the price has weakened, daily trading volume remains weak; still, SKALE is a project that has a future, and the price of SKL could advance again to levels that we saw in March 2022.

The current price represents a good entry point for long-term investors, and if the price jumps above the $0.25 resistance, the next price target could be around $0.30 or even above.

On the other side, the strong support level stands at $0.10, and if the price falls below it, the next price target could be at $0.07.

Summary

The SKALE Network is a multichain blockchain network that serves as a secure Ethereum scalability solution, and the most important features of SKALE include chain neutrality, full decentralization, instant finality, zero end-user gas fees, and high throughput with fast block times. The cryptocurrency market is losing its value this week, Bitcoin went below $37000, and this situation also negatively influenced the price of SKL.

Where to buy right now

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.