The cryptocurrency market has re-entered the red zone following the SEC’s lawsuit against Kraken. However, there are cryptocurrencies that maintain their bullish outlook. One of these is SKALE, the native token of Skale Network, a modular Blockchain network. The altcoin project has managed to attract attention with its recent performance. On-chain analytics platform Santiment also expects further upside for the token.
Santiment: This altcoin price has further upside potential!
cryptokoin.comAs you follow from , the cryptocurrency market started the week with a bullish outlook. However, some negative news on Tuesday suddenly changed the mood in the market. The US Securities and Exchange Commission (SEC) filed a lawsuit against Kraken, one of the leading crypto exchanges. The critical issue here is that some altcoin projects on the stock exchange’s list have been labeled ‘securities’ again. This created uneasiness in the market and pushed the tokens into the red zone.
However, there are tokens that continue to show strength in the market. One of these is Skale Network (SKALE), a modular Blockchain network. Skale is a project designed to bring scalability to Ethereum. The altcoin has shown a performance of approximately 109% in the last week. This attracted the attention of market players. On-chain analytics platform Santiment draws attention to this sentiment and states that there may be a further increase in the token price. In this context, Santiment shared the following on his X account:
Skale Network has more than tripled its market value since mid-August, driven by increased address growth. Liquidated shorts often act as rocket fuel to push values higher. Therefore, SKL could rise further until traders stop waiting for a pullback.
SKALE price performance
Skale Network (SKALE) price was continuing its rise at press time. Although the altcoin slipped down from its peak during the day, it was trading with an increase of approximately 15% on a daily basis. Besides, SKL gained over 98% on its weekly chart. The monthly performance of the token indicates a very satisfactory rate of 163%.
Santiment: Whales accumulate this token!
Meanwhile, Santiment is also looking at Chainlink, another altcoin that has attracted attention with its strong increase. The on-chain analytics platform evaluates LINK’s performance and interest from large-scale traders. In this regard, Santiment provides the following information for LINK:
Going back to October 17, when Chainlink was priced below $7.40, the top 200 wallets suddenly added 40.18 million LINK. Starting 2 days later, the token increased by 125% in 25 days and is currently at around $14.60. These purses have remained high ever since.
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