Here’s Why Chainlink (LINK) May Continue to Rise in the Coming Months: Analysts Contribute
TL;DR
- chainlink (LINK) is up 6% on the day to around $19 as the broader crypto market corrects.
- Analysts are forecasting further gains for the asset, fueled by increased whale activity and key partnerships. Measurements show large trading volume and a shift away from exchanges towards self-custody; This shows that the selling pressure has decreased.
The cryptocurrency market experienced a correction past It lasted several hours and many leading digital assets retreated significantly. Bitcoin (BTC)for one person, It dropped from $70,600 to $67,500 before settling at its current level of $68,000 (according to CoinGecko data).
But not all cryptocurrencies are in the red. One of the notable gainers was Chainlink (LINK), whose price is approaching the $19 mark after a 6% increase on a daily scale and a 35% increase in the last two weeks.
LINK Price, Sauce: CoinGecko
Many analysts have noticed the token’s rise, and some are predicting further rises in the near future. X user FLASH presented A macro chart showing the different phases of LINK and their impact on price. The merchant outlined ten historical stages: hope, disbelief, optimism, excitement, enthusiasm, indifference, anxiety, denial, panic and subtract.
FLASH claimed that the accumulation phase occur This situation in the last two periods shows that we are currently at a point of hope. They predicted that the scene could reach its peak in the coming days at a price $24 (significantly higher than the cycle’s peak in 2020).
X user Zach Rynes also joined to guess LINK “will continue to be the winner of the tokenized RWA narrative.” Estimate based on Chainlink’s predictions important partnerships recently and interaction “at the deepest level” with the global monetary system.
Recall that earlier this month, Depository Trust and Clearing Corporation (DTCC), a leading American financial services company providing clearing, payment and information services. shook hands Together with Chainlink and other market participants to introduce the Smart NAV pilot. The program aims to integrate blockchain technology into traditional finance.
What really? Metric signal?
Some important Indicators related to the Chainlink ecosystem For this reason suggests that another rise may be possible. Total LINK daily trading volume (where each transaction exceeds $100,000), according to IntoTheBlock data approached The $100 million limit represents a 130% increase over the figure observed on May 27.
Such whale activity to be interpreted as a signal of trust in the asset. As a result, retail investors may follow suit, triggering a crisis. fresh capital inflow and subsequent price increase.
load but at leastWe will touch on Chainlink’s predominantly negative exchange net flow last week. Gear shift The shift from centralized platforms to self-custody methods is considered bullish as it reduces immediate sales pressure.
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