Chainlink Price Analysis: Potential LINK price targets for the next two months are as follows:
The post Chainlink Price Analysis: Here are potential LINK price targets for the next two months: First appeared on Coinpedia Fintech News.
- Chainlink price has been consolidating between $13 and $17 since mid-November last year, with a breakout imminent.
- While a potential breakaway could occur on either side, cryptocurrency analyst AlanSantan believes a possible correction is inevitable.
- The Chainlink ecosystem has continued to grow in the past with mass adoption of Web3 products.
The Chainlink (LINK) network, a critical blockchain ecosystem that provides trusted, decentralized oracle data and enables seamless multi-chain interoperability, has recently received a lot of attention from cryptocurrency investors. The mid-cap altcoin with a market capitalization of about $8.6 billion has an average daily trading volume of about $643 million. The noteworthy trading volume was fueled by a sharp increase in the number of Chainlink addresses, with approximately 713,000 LINK wallets holding zero or more LINK. According to an analysis of on-chain data provided by Santiment, Chainlink has been enjoying some separation from the altcoin market as the exchange’s LINK rate hit a four-year low, indicating more demand.
Experts take a bearish view on LINK.
According to popular cryptocurrency analyst AlamSantana, the price of Chainlink is headed for a major correction in the near term. The cryptocurrency analyst argued that LINK price is forming a lower high amid low trading volume, which is a hallmark of a downtrend. Over a four-week timeline, the cryptocurrency analyst expects LINK price to fall below $10 unless bulls push the instrument above the resistance level around $17.68.
bearish scenario
Chainlink price could easily continue the bullish momentum it began in Q4 2023 amid an expected altcoin rally. Moreover, Bitcoin price has struggled to rally following the approval of spot ETFs in the US. According to renowned cryptocurrency analyst Ali Martinez, the price of LINK is well-positioned to reach $20 in the near term, driven by more buyers in the demand area between $14.8 and $15.2.