Chainlink Price Analysis: Here Are Potential LINK Price Targets in the Next Two Months

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.

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.

Bearish Scenario

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.

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