The post Chainlink Price Analysis: Here Are Potential LINK Price Targets in the Next Two Months appeared first on Coinpedia Fintech News
- Chainlink price has consolidated between $13 and $17 since mid-November last year, thus an imminent breakout on the horizon.
- A potential breakout could happen on either side but crypto analyst AlanSantan believes a possible correction is inevitable.
- Chainlink ecosystem has continued to grow in the past amid the mass adoption of Web3 products.
Chainlink (LINK) network, a crucial blockchain ecosystem that provides reliable decentralized oracle data and enables seamless multichain interoperability, has attracted significant attention from crypto investors in the recent past. The mid-cap altcoin with a market cap of about $8.6 billion has an average daily trading volume of about $643 million. The notable trading volume has been fueled by a sharp uptick in the number of Chainlink addresses, about 713k LINK wallets, holding more than zero LINKs. According to on-chain data analysis provided by Santiment, Chainlink has been enjoying mild decoupling from the altcoin market as the ratio of LINK on exchanges hit its 4-year low, thus indicating more demand.
Experts Take on LINK Bearish Perspective
According to a popular crypto analyst alias AlamSantana, Chainlink’s price is on the cusp of a major correction in the near term. The crypto analyst argued that the LINK price has been forming lower highs amid low trading volume, a characteristic of a falling trend. With a timeline of four weeks, the crypto analyst expects the LINK price to drop below $10 unless the bulls push the instrument above the resistance level of around $17.68.
Chainlink price could easily continue with the bullish momentum that began during the fourth quarter of 2023 amid the anticipated altcoin rally. Furthermore, Bitcoin price has struggled to rally post-spot ETF approval in the United States. According to a popular crypto analyst, Ali Martinez, LINK’s price is well positioned to reach $20 in the near term fueled by more buyers in the demand zone between $14.8 and $15.2.