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After the recent Swift test, Chainlink (LINK), the favorite altcoin of crypto expert Poppe, entered a period of rapid growth. However, due to the fluctuation in the overall market sentiment, the price has been shaken. A critical metric indicating the bottom of the last 15 months suggests that the price could quickly recover. So, what are the current predictions for LINK Coin?
Chainlink (LINK) Analysis
In September, a few altcoins, including LINK, experienced a similar fate. The native token of the popular oracle solution, LINK, increased by 38% last month, outperforming other altcoins among the top 20 cryptocurrencies. Significant on-chain measurements indicate that these gains could continue in October.
Chainlink, which puts serious effort into tokenizing real-world assets, is among the major players in this field. When it comes to price feeds in the DeFi sector, it can be said that it has almost monopolized the market. Almost all popular DeFi protocols rely on its infrastructure for price feeds.
On-chain measurements indicate strong growth in network dynamics, in addition to the price increase driven by the Swift news. During the rise in mid-September, LINK saw a significant increase in daily active users.
For the past 3 weeks, the number of active addresses has consistently remained above the threshold of 1500. When this metric showed a similar pattern in January 2021, the price exceeded $20.
LINK Coin Analysis
Amidst the expected general uptrend in October, LINK Coin investors are reducing their assets on exchanges. According to CryptoQuant data, exchange reserves dropped to 152 million on October 3rd. The decrease in exchange reserves implies a weakening of potential selling pressure. Generally, the outflows from exchanges continue steadily due to the accumulation tendency of long-term investors.
Historical data trends suggest that when exchange reserves decrease, the LINK price usually rises. This was last observed in the period of July 20th.
If the price can remain strong in the $8 range, a double-digit price movement towards $10 could begin after surpassing the resistance area of $8.78. What will happen if there is a strong decline in Bitcoin price? Initially, it is expected that the price will bottom out in the support area of $6.5, but if this level is lost, we may likely see a new low at $5.
