The decline in Bitcoin has dragged the crypto market into a downturn. Some altcoins that have made a mark in the past continue to attract attention. In this context, important comments have emerged about a cryptocurrency that once rose above $52, sparking excitement about a potential rise.
LINK Comments
The popular Smart Contract network Chainlink’s native token LINK, closely followed by the market, has a market value of $8.4 billion, placing it among the top 15 cryptocurrencies by market cap.
Despite LINK’s ongoing popularity in the market, it is still far from its ATH reached in 2021. During that period, LINK’s price surged to $52.88 after an incredible rally, reaching its ATH. Following this period, LINK’s price dropped by more than 73% and is currently trading around $14.12.
Although LINK’s price hit a low at one point, it has experienced periods of resurgence. As seen in March 2024, the price rose to $21.75 before a new downturn began on the altcoin side.
Currently, analyses show that the price has dropped by 13% over the past 30 days, with a 2% decline in the last 24 hours. Therefore, there are ongoing questions about whether LINK will experience a new recovery.
Will LINK Rise or Fall?
The market appears divided on LINK’s price outlook. Despite the Neutral view on the Relative Strength Index, the MACD and SMA indicators continue to highlight a bearish outlook due to high selling pressure. On the other hand, the transfer of 5,587,376 LINK tokens to exchanges, revealed by Lookonchain, indicates whale activity, which could trigger a price drop.
According to WorldOfChart’s, a well-known market analyst, LINK’s price charts have shown a rising wedge formation for a long time, and for the first time in a long period, a breakout has occurred.
Commenting on this situation, the analyst stated that a 42% increase could occur depending on the scenario, potentially reaching a value of $22.
