SKL is now 0.0046u, up 33% in 7 days—these past two days have been quite lively.

On July 10, there was a very intense breakout: it jumped 62% in a single day, and trading volume surged by 45 times. The trigger was that it shifted its direction to build AI agent infrastructure. After it latched onto this hotspot, a whole bunch of shorts were liquidated.

This chain originally focused on providing a sidechain solution for Ethereum, with a flagship of zero gas fees. Recently, it also launched on Base, looking to leverage Base’s users and liquidity to grow its AI agent business.

Its all-time high was 1.21u in March 2021. Now it’s down more than 99%. This drawdown is there in plain sight—after all these years, it still hasn’t been able to truly turn things around.

In the short term, the technical setup is leaning bullish: the moving averages are trending upward. But when you zoom out, it’s still weak—this is exactly the same behavior as many narrative-driven hype coins. Once a wave of sentiment hits, you get this kind of explosive rally.

Whether the rise sparked by this “pivot to ride the hotspot” can hold depends on whether there are real developers and projects that keep moving forward afterward. Otherwise, it’s just a burst of sentiment—when the heat fades, it will still likely fall back again #skl $SKL