Chainlink (LINK) hits a two-year peak How high will the LINK Price go?
Chainlink, often viewed as a substitute for Ethereum, had a nice little boost of almost 4% on Monday. This positive momentum has been holding steady for the past couple of weeks. Whats catching the attention is that the big players holding LINK tokens are pulling them out of exchanges. This move seems to be playing a role in giving Chainlinks price a bit of a lift. Lets take a look at this LINK price prediction article.
LINK Price Prediction: How has the LINK price moved in recent days?
Currently, the price of Chainlink is sitting at $19.19, and in the last 24 hours, it has seen a positive uptick of 5.47%. The trading volume during this period amounts to $2.53 billion, contributing to a market cap of $11.27 billion. Furthermore, Chainlink maintains a market dominance of 0.68%.
Alright, lets talk about Chainlinks price journey. So, back on May 10, 2021, it was a celebration time for Chainlink holders as it reached its peak at an impressive $52.89. But life in the crypto lane isnt all highs; it had its low points too. On September 23, 2017, Chainlink hit rock bottom, plunging to an all-time low of a meager $0.126297.
Now, after enjoying that peak, there were some dips. The lowest it went in the next market cycle was $4.88. But, it managed to bounce back and hit a high of $19.73 since that last low.
Alright, lets dive into what the vibe is around Chainlinks future price. The word on the street is pretty optimistic, leaning towards bullish. The Fear & Greed Index is currently at 60, indicating a touch of greed in the air.
Now, for the nitty-gritty details lets talk token metrics. Chainlinks circulating supply is hanging out at 587.10 million LINK out of a maximum supply of 1.00 billion LINK. And when it comes to yearly supply inflation, its currently running at 15.57%. In simpler terms, about 79.10 million LINK tokens were brought into existence in the past year. Keeping tabs on these metrics gives us a sense of whats cooking in the Chainlink kitchen.
LINK Price Prediction: How high will the LINK price go?
According to data from Lookonchain, a crypto intelligence tracker, it spilled the beans that four hefty wallet addresses snagged a cool 119,583 tokens from Binance in the wee hours of Monday.
Now, heres the interesting part for the past two weeks, folks have been consistently cashing in their profits. But wait for it, a Santiment chart is whispering about a potential change in mood. Its hinting that the big players, the LINK whales, might just be getting ready for a phase of accumulating Chainlink. Big moves in the crypto seas!
Now, heres where it gets interesting. With these big players stacking up on Chainlink, theres a chance we might see a drop in LINKs circulating supply. And, you guessed it, that could play a role in giving Chainlink the boost it needs for a recovery. Case in point: On February 5th, LINKs price took a nearly 4% leap. Its like a dance between the big players and the market dynamics, shaping up the story of Chainlinks journey.
Even though we saw LINKs supply on exchanges going up by almost 8% from December 15 to February 4, the current trend of big players accumulating is expected to throw a spanner in the works for this pattern. The shift in how the big players are stacking up LINK is likely to flip this script. This change in accumulation dynamics is anticipated to pave the way for a reduction in the circulating supply of LINK, and thats like setting the stage for a potential rally in its price. Its a bit of a tug-of-war, but the dynamics are pointing towards an interesting turn for Chainlink.
We already predicted that the LINK price was eyeing the $20 mark. The current Chainlink price rally seems to have some staying power. LINK pulled off an almost 4% daily gain, keeping its position comfortably above the $18 mark on Monday. Its like the momentum is holding strong, and LINK is doing its thing in the crypto dance floor.
Looking ahead, if LINK can make a comeback from the $18 mark, we might just see it aiming for that $25 target. And, reaching for the stars, the uppermost target for Chainlink is pegged at $32. This kind of trajectory is painting a potentially positive picture for Chainlink, and its not just a shot in the dark. Historical price behavior and those targeted price projections are adding some weight to this optimistic outlook. Fingers crossed for a smooth ride!
With the current dominance of bullish sentiment, it looks like LINK is on a probable trajectory to hit some new highs. However, a key thing to keep a close eye on is how sellers respond when the price gets close to the $25 mark. Its a bit of a critical juncture, and the sellers moves could be a make-or-break moment for the LINK journey. The crypto landscape always keeps us on our toes!
How to Buy Chainlink Token?
Bitget is a recommended exchange. Known for its low fees and user-friendly platform, Bitget makes it easy for both new and experienced traders to buy and sell Chainlink tokens. With the current market dynamics and Chainlinks promising trajectory, now might be a strategic time to consider adding LINK to your cryptocurrency portfolio.
Read more: https://cryptoticker.io/en/chainlink-link-how-high-price-go/
Text source: CryptoTicker
