Chainlink (LINK) Price Prediction: Expert Forecasts a Possible 150% Increase in the Second Part of the Year
- PHPzOriginal
- 2024-06-24 00:59:59361browse
For Chainlink (LINK), the cryptocurrency market has been quite difficult this month; today, its value fell by more than 4%.
The cryptocurrency market has been presenting challenges for Chainlink (LINK) this month, with the coin’s value decreasing by over 4% today.
As one of the top 15 cryptocurrencies, LINK boasts a market cap of $8.13 billion, yet its price has failed to cross its all-time high of $52.88. According to CoinMarketCap data at the time of writing, LINK’s price is around $13.82, exhibiting a decline of 4.41% from the previous day and 7.37% over the last seven days.
Renowned cryptocurrency analyst Michael van de Poppe has predicted a potential 150% gain for Chainlink in the second half of the year. He highlighted the formation of a bullish candle, indicating a rising trend.
Bottom of LINK Usually Created in May or June - Analyst
Recently, van de Poppe mentioned in a tweet that the bottom of LINK’s cycle is usually created in May or June. This insight suggests that LINK’s price might be poised for a reversal, embarking on a positive trajectory in the upcoming months.
$LINK makes a very decent weekly candle on the cycle low.
Again, the bottom will likely be created in May or June.
A similar price pattern occurred in previous years, resulting in a 150% rally in the year's second half.
I'm expecting the same. pic.twitter.com/KvVZLQ93Yo
— Michaël van de Poppe (@CryptoMichNL) June 21, 2024
He analyzed the price trends of previous years and identified a comparable pattern that led to a notable 150% rally in the second half of the year. Chainlink (LINK) tends to showcase a strong bullish wave after reaching a low point in its cycle. For LINK investors, this trend has historically presented opportunities for substantial gains.
Recent Token Unlock Event
The price of Chainlink declined today following a significant token unlock event. According to the latest update, 21 million LINK tokens, valued at approximately $295 million, were unlocked by non-circulating supply contracts.
This unlock not only increased the circulating supply but also sparked traders’ interest in the coin's price action. Open Interest (OI) in Chainlink rose by 1.74% to reach $179.02 million.
Earlier, CNF covered zenGate's integration with Chainlink to enhance blockchain-based trade financing with transparency and on-chain traceability.
News source：https://www.kdj.com/cryptocurrencies-news/articles/chainlink-link-price-prediction-expert-forecasts-increase.html
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