At the time of writing, Bitcoin‘s price is above $48,300, and altcoins are experiencing satisfying recoveries. After two years of bearish dominance, the charts are starting to remind us of the good old days. So, what is the current situation specifically for LINK Coin? What is the reason for the rise and what are the expectations for the future?
Chainlink (LINK)
LINK Coin’s price is at $20.52 at the time of writing, continuing the day with a 13% increase. We have been discussing the long-term growth potential of Chainlink for months, and finally, the price has risen to $20.5. Most cryptocurrencies experience speculative price increases, but Chainlink comfortably justifies its value both in terms of technology and future potential.
After hovering around $18 earlier this week, the oracle service provider Chainlink (LINK) is experiencing a rise due to whale interest. Data from Lookonchain indicates that a closely watched whale has been steadily accumulating LINK over the past three days. Currently, the whale’s wallet holds approximately 83.6 million tokens, based on the current LINK price.
But are only whales accumulating? Certainly not, Santiment data suggests that accumulation is spreading at the grassroots level. Between January and the current date, the number of LINK Coin investors has increased by about 9,000, reaching a total of 717,000 addresses according to the latest data. Net outflows from exchanges continue.
If there is a new announcement about expanding the staking pool in the coming months, demand in the spot markets could increase even more. According to current data, the supply on exchanges has also dropped to about 21.5% of the total LINK supply. Such a significant reduction in the supply ready for sale is extremely positive.
LINK Coin Price Prediction
Despite many tokens experiencing a downward trend, Chainlink (LINK) has shown significant positive movement in the last 30 days. With a notable increase of 35.37% last month and an additional 15% rise over the past week, the price continues to recover.
We had mentioned why $17.85 is a key area for further increases. The price has made closures above this resistance, turning $19.8 into support. The peak seen in March and April 2022 has now been reclaimed, and the long weekly green candle is promising. In an optimistic scenario, the targets are $28.65 and $38.15.
