We’re approaching the last month of the year, and we are about to conclude a year that, although weak, has seen general market uptrends. Investors are highly optimistic about 2024 for several valid reasons, and we will experience which of these will push the markets higher. However, we still have one more month to go, and the expectations for Chainlink‘s performance in December are high.
Chainlink (LINK) Analysis
Since reaching a low of $4.78 in June, <a href="https://en.coin-turk.com/chainlink-link-prepares-for-a-potential-explosion-according-to-analyst/”>LINK Coin’s price has been rising steadily. We saw a significant increase in value after it made a higher low in September. This was partly due to the Swift partnership and the growing interest in RWA (tokenization of real-world assets).
The popular altcoin surged 200% on November 11, reaching its peak for the year at $16.6, a gain achieved in just 56 days. Subsequently, the excitement tapered off, leading to a series of declining candles. During the same period, volatility had also increased for BTC, triggering weakness for altcoins.
LINK Coin December Predictions
The analyst known as CryptoBull was focused on the stake pool expansion to be completed by December 11. This event supported the price around the same time last year and is expected to continue to do so in the medium and long term. The analyst stated:
“When LINK staking v0.2 is launched, even more supply will be locked up. As supply decreases in the open market, if demand stays the same or increases, the price will rise. For the love of God, I’m excited for us.”
CryptoPoseidonn, on the other hand, made a contrarian prediction, claiming the price could approach $1. RektCapital was bearish as well but didn’t have as radical a prediction as the previous analyst. According to him, closures below $15 could reverse the trend to a downward direction.
Elliot wave counting indicates that we are at the end of the fourth wave of a five-wave rise. A breakout from the formed triangle could kick off the final wave. In this scenario, the target is a continued rise up to $19.
However, a downward break from the triangle could lead to a 25% decline.
- Investors anticipate LINK Coin’s rise.
- Staking expansion could fuel growth.
- Analysts predict varied outcomes.