Standard Chartered Predicts 5x Rally in SKY Crypto Token Price

Standard Chartered predicts a massive rally in decentralized lending protocol Sky’s crypto token SKY. The bank expects broader adoption of Sky’s USDS stablecoin and growth in onchain lending amid strong demand from traditional finance (tradFi).

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SKY Crypto to Reach $0.325 by 2028, Standard Chartered Forecasts

Standard Chartered predicts SKY crypto token will rally to $0.325 by 2028 agents borrowing USDS and deploying it into yield strategies. The value rise is expected to come mainly from staking rewards, with token buybacks playing a smaller role.

Geoff Kendrick, global head of digital assets research at Standard Chartered, expected growth in Sky’s USDS stablecoin, growing onchain lending, and more value flowing to crypto token holders through staking rewards. Recently, Visa combined settlement data with onchain lending to help partners unlock new credit opportunities for stablecoin-linked card programs.

Kendrick compared Sky (formerly MakerDAO) to a federal bank. It issues a stablecoin, sets a governance framework, and charges borrowers a wholesale interest rate. Sky is already the third-largest stablecoin issuer after Tether and Circle, and the largest issuer of yield-bearing stablecoins.

Meanwhile, DeFiLlama data indicated sUSDS total value locked at about $4.5 billion with a 3.6% annualized yield. It projects the overall stablecoin market could reach $2 trillion by the end of 2028, though the share that will be yield-bearing remains uncertain.

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Token to Rally with Broader Crypto Market

The bank claims the SKY crypto forecast implies the token will roughly track Ethereum and outperform Bitcoin through 2028. Notably, Standard Chartered predicted Ethereum to $18,000 and Bitcoin price rally to $300,000 by 2028.

SKY crypto token price has jumped 2% from the 24-hour low of $0.0580 after the prediction, but is still down 14% in a week. Furthermore, the trading volume has increased by 10% in the last 24 hours, indicating a rise in interest among traders despite today’s CPI inflation data.

CoinGlass data showed massive buying in the derivatives market in the last 24 hours. The total SKY futures open interest jumped 1.80% to almost $30 million in the past hour. Futures OI on Binance climbed more than 2%, signaling bullish sentiment among derivatives traders.

Traders looking to capitalize on these price forecasts can utilize the best crypto futures trading platforms to manage their leveraged derivatives positions.