In the midst of this recent crypto boom, there’s one digital player carving a steady path – ChainLink. While the crypto scene can get wild with the ups and downs, there’s something comforting about the reliability of certain options. So, the burning question: Should you consider tossing ChainLink into your crypto mix? And hey, could LINK potentially dance its way up to that $25 mark? Let’s take a look at this Chainlink price prediction article.
Chainlink has been playing its own unique tune, navigating a path between bullish and bearish trends for about three months. While this might not be the most riveting performance for casual traders, it appears that the more strategic players are quietly amassing this asset.
Chainlink is currently grooving to the tune of $17.57, orchestrating a 24-hour trading volume of $2.86 billion, a market cap of $10.26 billion, and flaunting a market dominance of 0.62%. The LINK price recently took a -1.72% dip in the last 24 hours.
Chainlink’s highest peak was recorded on May 10, 2021, hitting an all-time high note of $52.89. Conversely, its lowest melody played on September 23, 2017, striking a chord at an all-time low of $0.126297. Since then, the lowest note after the ATH was $4.88 (cycle low), while the highest LINK price after the last cycle low reached $18.86 (cycle high). The current status of Chainlink’s price prediction sentiment is bullish, while the Fear & Greed Index is tuning in at 60 (Greed).
In the world of DeFi Coins, Chainlink proudly holds the spotlight, boasting a circulating supply of 584.05 million LINK out of a max supply of 1.00 billion LINK. The annual supply inflation rate is currently at 14.97%, composing a creation of 76.05 million LINK in the past year.
Chainlink price prediction: Why is the LINK Price UP?
Spot On Chain data reveals the recent unlocking of 19 million LINK tokens, equivalent to $341 million, originating from three non-circulating supply contracts. Out of this, 15.95 million LINK, valued at $287 million, found its way into Binance. Since August 2022, Chainlink has witnessed the unlocking of a total of 106 million LINK, with $88.95 million worth of LINK being transferred to Binance at an average price of $9.06. This dynamic movement of LINK tokens underscores the ongoing activity within Chainlink’s ecosystem.
So, the recent unlocking of 19 million LINK tokens, valued at $341 million, is a significant event for Chainlink. This involves tokens from non-circulating supply contracts, and a substantial portion—15.95 million LINK, worth $287 million—has been deposited into Binance.
This move indicates a dynamic activity within the Chainlink ecosystem, with a consistent trend of unlocking and movement of LINK tokens. Such actions can influence the token’s market dynamics and may be observed closely by investors for potential impacts on the overall Chainlink market.
Chainlink price prediction: Will the LINK Price Go Up Further?
According to the analyst, the journey of Chainlink continues to be an intriguing saga as it sets its sights on further gains! On-chain analytics paint an interesting picture, highlighting a notable resistance level at $20. Here, approximately 5,330 addresses have come together, collectively holding around 8.59 million LINK tokens. The battlefield is set, and crypto enthusiasts are eagerly watching as Chainlink maneuvers through this resistance level.
As the analyst laid out the chart, LINK was exchanging hands at approximately $17.83, and the areas leading up to the $19.41 to $20.07 range weren’t densely populated with investors. Chainlink has already navigated through some of these less robust price levels, and there’s speculation that the journey might persist until it encounters the resistance wall around the $21 mark.
Within this range, a total of 5,330 addresses accumulated 8.59 million LINK. Typically, investors become more attentive when the prices revisit their entry point, potentially prompting various reactions. For those within this range experiencing losses, a retest may serve as an exit opportunity, as they might be eager to recover their funds. Market dynamics are intriguing, and every move has a story of its own!
Considering the insights shared, the Chainlink price forecast for the upcoming week might fluctuate between $ 18.45 at the lower boundary and $ 19.92 at the upper limit. According to our LINK price analysis, there’s a potential 9% uptick, bringing the price to $ 19.92 if it hits the upper target. Should LINK surpass the $20 milestone, it could pave the way for a further ascent towards the $25 mark. As always, the crypto market keeps us on our toes, and these predictions are subject to its dynamic nature!
How to Buy Chainlink Token?
Bitget is a recommended exchange. Known for its low fees and user-friendly platform, Bitget makes it easy for both new and experienced traders to buy and sell Chainlink tokens. With the current market dynamics and Chainlink’s promising trajectory, now might be a strategic time to consider adding LINK to your cryptocurrency portfolio.
