The 26-year-old was placed in a coma earlier in December after having surgery on a bleed on the brain.
He is now "responding to instructions", according to Sauerland Promotions.
"Although he remains in intensive care, the most critical and life threatening stages of his recovery are now behind him," a Sauerland statement read.
"With the swelling to his brain sufficiently reduced, doctors began the process of waking Erik last night and have so far been pleased with the results.
"He has shown a number of positive signs. He is now breathing on his own, with the help of a ventilator, and is responding to instructions.
"Over the coming days, Erik will undergo a series of examinations, which will reveal what affect his injuries will have on his future."
Skoglund was taken to hospital on 8 December after feeling ill following a training session in his hometown of Nykoping.
He had lost his previous fight on points to British super-middleweight Callum Smith on 16 September, the first defeat in his 27-fight career.
Skoglund was set to face Rocky Fielding on the undercard of David Haye's meeting with Tony Bellew on 17 December. However, that fight was postponed after Haye was injured in a training accident.
Days before being taken to hospital, Skoglund tweeted "all I want for Christmas is a fight date". News of his surgery prompted tweets of support from many in the boxing community, including WBA super-middleweight champion George Groves.
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