A well-known cryptocurrency analyst has suddenly become optimistic about a low-cap altcoin project based on Ethereum. Michaël van de Poppe, a crypto strategist with a large following on social media, predicts that Skale Network (SKL), an Ethereum sidechain, could see a 150% increase in value. He believes that SKL is on the verge of a significant breakout and could reach $0.20 in the coming months.

By analyzing charts, van de Poppe suggests that SKL will soon surpass the key resistance level of $0.09 and turn it into a support level. He also utilizes Fibonacci extensions to determine the target price for the breakout, which is $0.20. Fibonacci extensions are commonly used in technical analysis to estimate profit targets and price pullbacks based on Fibonacci ratios.

At the time of writing, SKL is trading at $0.080, experiencing a drop of nearly 5% in the past 24 hours. The primary goal of the Skale Network is to develop a gas-less Ethereum Virtual Machine (EVM)-compatible blockchain that facilitates Ethereum scaling. Instead of charging transaction fees to end users, SKALE generates fees by requiring developers to pay for operating a SKALE chain.

The Skale Network claims to have reached 10 million unique active wallets (UAWs) in the first quarter of 2024 and has saved users over $3.8 billion in gas fees. This achievement showcases the network’s potential and growing user base.

It is important to note that the opinions expressed in this article are not investment advice. Investors are encouraged to conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. All transfers and trades are undertaken at the individual’s own risk, and any losses incurred are their responsibility. The article also states that The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is it an investment advisor.