By cryptoadmin British banking giant Standard Chartered continues to keep an eye on altcoins with upside potential, in addition to Bitcoin and Ethereum.
At this point, one of these altcoins is $SKY, the native token of the DeFi platform Sky (formerly MakerDAO). The bank has set a price target of $0.325 for $SKY in 2028.
In its latest report, the bank predicted that the native token of the DeFi platform Sky, $SKY, will rise to $0.325 by 2028, representing more than a fivefold increase from its current level.
Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, also explained the reasons behind this price prediction in a recent report.
Standard Chartered’s “Bank” Analogy and Growth Scenario!
Kendrick said Sky resembled a “federal bank” because it issued stablecoins, has a governance structure, and charges wholesale interest rates from borrowers.
According to Kendrick, wider adoption of USDS and growth in lending volumes are key factors supporting the upside potential for $SKY.
It was also added that Sky’s stablecoin ranks third in terms of supply, and if bullish scenarios materialize, $SKY could provide returns similar to Ethereum by 2028 and outperform Bitcoin. Furthermore, it was stated that if this scenario occurs, $SKY could become one of the most remarkable performing tokens in the DeFi sector.
Bullish Expectations for Bitcoin and Ethereum Too!
Standard Chartered stated that it maintains its long-term bullish outlook for both Bitcoin and Ethereum.
At this point, the bank forecasts Ethereum’s price to be $18,000 and Bitcoin’s price to be $300,000 by the end of 2028.
*This is not investment advice.