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.
