Chainlink (LINK) has faced minor correction, dipping below $11 as the broader crypto market grapples with bearish pressure.
LINK had rebounded to $13 in September after hitting the bottom at $9.22 in late August. Unfortunately, it couldn’t sustain the momentum as the bears soon reclaimed control.
LINK trades at $10.66, a 4.49% drop from yesterday’s high and a 3% decline over the past day.
However, despite the gloomy outlook, analysts think this is the best opportunity to bag more LINK tokens, predicting a surge of $79.77. Will LINK rebound, or will bearish sentiment persist? Let’s explore the possibilities.
Analyst Bullish on LINK Despite Bearish Sentiment – Key Buying Opportunity Identified
Despite the bearish sentiment, renowned crypto analyst Michael Van De Poppe remains bullish on Chainlink (LINK). He highlighted LINK’s current price consolidation between $9 and $11 as a critical buying window.
According to Van De Poppe, this period of consolidation could be the calm before a significant rally.
Van De Poppe pointed out that Chainlink has successfully flipped a significant resistance level into support on its weekly charts, signalling a bullish trend. This could drive LINK to a target price of $35.29 and possibly even challenge its all-time high (ATH) of $52.88.
The analyst’s bullish outlook also ties into Bitcoin’s recent performance, which saw a slight increase of 1%, trading around $62,038. Van De Poppe noted that Bitcoin’s strength could support altcoins like LINK, potentially fueling market-wide momentum.
Chainlink Price Could Surge to $159.54 as Market Cap Hits $100B by 2025, Analyst Predicts
An analyst from Investor Reality on X is optimistic about Chainlink’s (LINK) future.
$LINK run by the one and only @SergeyNazarov
– @chainlink is a Oracle + RWA + De-Fi play all-in-one.
– A legacy #Altcoin major back dating +7 years.
– A 3+ year accumulation became support in 2024.
– Upgrades: CCIP + Transporter + Sandbox.
– Target $50B – $100B market cap by Q2… pic.twitter.com/bQXG6Xg2UG— Investor Reality (@invest_reality) October 4, 2024
Despite LINK struggling to climb over the $11 mark, the analyst sees the current price as an opportunity for growth. If Chainlink’s market cap reaches $50 billion, the price could jump to $79.77, and at $100 billion, it could rise to $159.54.
These projections are based on the current circulating supply of 626.8 million tokens. However, if the total supply were 1 billion LINK, the expected price at these market caps would be $50 and $100 billion, respectively.
Investor Reality believes Chainlink has the potential to hit these market caps because of its vital role in the crypto space. Chainlink is involved in Oracle services, Real-World Assets (RWA), and Decentralized Physical Infrastructure Networks (DePIN). These are areas expected to see significant growth soon.
In addition, Chainlink is expanding its ecosystem with tools like the Cross-Chain Interoperability Protocol (CCIP) and Transporter, which allow tokens to move seamlessly across blockchains.
These advancements are helping solidify Chainlink’s position in the growing DeFi space. With the upcoming altcoin season, Chainlink is expected to be one of the biggest gainers in the market.
However, while some indicators suggest that further growth is possible, short-term retracements are still a concern.
Chainlink Price Analysis: Is This the Perfect Time for an Upward Momentum?
Chainlink (LINK) trades at a critical price level, offering investors a potential buying opportunity. It is currently at the lower Bollinger Band, which suggests an oversold condition. This could also indicate that the selling pressure has peaked, and a potential reversal may be imminent.
Moreover, the Relative Strength Index (RSI) for LINK is at 29, confirming that LINK is undervalued. In most cases, oversold conditions often form catalysts for a price correction as investors tend to buy the dip.
This aligns with Michael Van De Poppe’s view that the current price consolidation presents a critical buying window for potential gains.
LINK is trading near a strong support trendline, which has held it for a considerable period. A move below this level could signal a high chance of a reversal.
The support level of around $10.50 has acted as a safety net, preventing further decline. If LINK manages to hold above this level, upward momentum is possible.
Meanwhile, investors looking to diversify their portfolios with high-potential assets could consider Flockerz, a new project currently in presale.
Flockerz Presale: A New Contender in Crypto
Flockerz (FLOCK) is quickly gaining attention as a viable alternative to popular coins like LINK. The project has already raised over $558,000 in its presale.
With its unique features and community-driven mechanisms making it an exciting prospect for investors, Flockerz is challenging established meme coins like Dogecoin, FLOKI, and Shiba Inu.
Key Features of Flockerz
Flockerz’s Vote-to-Earn system stands out in the rapidly growing crypto market. It gives token holders a say in critical project development decisions. When they vote on crucial decisions, they earn more $FLOCK tokens as a reward.
Unlike most meme coins, Flockerz offers its holders attractive staking rewards of up to 3273% per annum, which could garner significant investor interest. Currently, FLOCK tokens are priced at $0.005724, and with growing interest, this price could rise soon.
Like other meme coins, Flockerz (FLOCK) aims to grow strong community support and potentially become the next big thing in crypto. Given its exciting features, Flockerz could soon push many boundaries and emerge as one of the most sought-after meme coins in 2024.
To get involved with Flockerz early, visit the official presale page and buy the tokens.
