The king cryptocurrency reached up to $42,800 during the preparation of the 2023 summit, and more may come in the coming hours. As we mentioned, the markets would have a suitable environment for an upward trend until the data to be released on Friday. Indeed, this happened, but no one expected such a strong recovery.
2024 Altcoin Predictions
The excitement in the cryptocurrency markets is expected to increase exponentially next year. The main reason for the increased demand in December was the approaching of the next year. The Chainlink (LINK) community, one of the biggest players in the RWA field, is also counting down to the 2024 bull season with the same excitement.
Moreover, the addition of new partnerships like Swift and the advancement of existing partnerships also attract investors. This leads to an increase in activity on the network. There has been a significant increase in new addresses on the Chainlink network since the beginning of September. The new addresses, which climbed from 467 to 3,044, represent a 650% increase in three months. Such a significant increase in user adoption indicates potential price increases over time.
Similarly, the interest of whales is increasing. Large investors made $143 million worth of purchases in a short period of time. Moreover, the expectation that the stake pool will be further expanded also supports the optimism for 2024.
LINK Coin Price
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model is crucial for cost-based analysis. A strong selling wall is attracting attention around the $15.8 and $16.3 price levels depending on investor positions. It is important for the LINK Coin price to surpass this threshold for a stable and impressive rally. A daily close above the ceiling price will also open the door to targets above $20.
In the event of a possible pullback, investors clustered between $14.4 and $14.9 may hold the price. However, if these levels are lost, a decline to $13.2 and $12 is likely. At the time of writing, the price was at $15.48 as BTC raced to new highs.
The cumulative value of cryptocurrencies has exceeded $1.55 trillion, and the daily trading volume is at $64 billion. Bitcoin is currently at $42,700. Experts have been talking about how a close above $42,500 for months could lead to a test of $48,000.
