It's definitely possible. You need to "break the cycle" by adding an additional layer. You can encode any graph as an array of objects were you replaced the pointers with indexes within the array. Of course, the granularity (how big the arrays are) is up to you, and there is a tradeoff here.

The other very important thing to note is that Skip has a memory model suitable for that use case. Every function has a GC overhead, but that overhead is non-contextual. Meaning, the GC will collect the memory for only one function (instead of the entire heap). This is possible thanks to the guarantees of the type-system.