Key Takeaways:
- Skey Network token traded 99% below its all-time high.
- Despite the weekly uptrend, a rally seems unlikely.
- Can the staking launch revive the token?
YEREVAN (CoinChapter.com) – “Blockchain ecosystem” Skey Network’s same-name token saw a 15% weekly uptrend and traded at just below $0.015 in the European session on April 17, ahead of a staking launch in mid-May. However, the coin traded 99% below its all-time high of $1.1 in March 2022.
Notably, the SKEY/USD price action sought support from the 20-day exponential moving average (EMA-20; red wave) while charting below EMA-50, 100, and 200. Meanwhile, a higher time-frame weekly chart shows that the price action has virtually flatlined for the previous year. Additionally, the trading volumes have declined steadily in the same period.
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Skey Network Staking launch underway
According to the announcement on Apr 12, Skey Network is going to launch its Staking option on May 18, 2023.
We analyzed the Staking aspects of the SKEY token. American regulations and the actions of the SEC forced us to do more work in the legal area. We plan to launch Staking on May 18, 2023. It will be in two options – 3 and 6 months. Staking will be on our platform, and tokens will be locked.
read the announcement.
The company has not provided much detail on the upcoming staking launch. However, in the letter finalizing 2022 results, the Skey team specified that they are currently focused on “improving technology and building products and services.”
Experts point out that in 2023 there may be another acceleration toward broader adoption of Web3 technology, including blockchain, as many people realize that it offers many advantages over traditional systems.
noted the letter.
Skey Network also noted that 2023 is the year in which Skey has a chance to become the “leader of blockchain services offered to customers in the form of plug & play.”
However, the charts do not testify to the statement. Additionally, SKEY’s market cap stood at merely $2.7 million, which is too low for becoming a “leader” in the industry more than a year after launch. The staking service launch will show if there’s enough demand for the Network product.
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