Skale (SKL) has seen a sharp rise this week, with a notable price increase of 51% in the past 24 hours. This rise is attributed to several factors, including speculation about potential partnerships.

Rumors particularly suggest that the Skale team may be preparing to collaborate with Google, as their founder was spotted at Google this week. Additionally, whale activity has played a significant role in driving the price of SKL higher.

The Skale whale acted optimistically

Whale activity has become more optimistic towards Skale. Addresses holding between 100 million and 1 billion SKL tokens accumulated over 200 million tokens in just 24 hours. This purchase, worth over $8.6 million, highlights the confidence that major holders have in the future of the altcoin.

Such large accumulations by major holders usually indicate strong market confidence and an expectation of price increases. When whales increase their positions, it often leads to upward price momentum. This encourages smaller investors to follow suit, reinforcing the optimistic outlook for Skale.

The growth of the Skale network shows impressive results, reaching its highest level in nearly three years. The growth is tracked by the rate of new addresses joining the network. Over the past two days, this rate has increased by 1,171%, from 45 to 572 new addresses.

Although the rate has decreased slightly today, this large increase in new addresses indicates growing interest from investors in Skale. The increase in active participants on the network shows that the altcoin is gaining momentum in the market.

The price of SKL faces resistance

The price of Skale is currently trading at $0.044 after a notable increase of 51% in the past 24 hours. Despite a 10% decrease today, this rise follows a 118% increase recorded earlier this week. The price movement reflects investor enthusiasm, although recent volatility has made the trend more unstable.

The price of SKL faces resistance at the level of $0.049. If investor confidence remains strong and no selling pressure appears, Skale could break through this resistance. A successful breakout could send the altcoin to $0.050 or higher, paving the way for further price gains.

However, if selling pressure increases and investors decide to liquidate their holdings, SKL may drop below support at $0.038. Further declines could push the price down to $0.029, negating the bullish outlook for the altcoin and wiping out recent gains.

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