Why Chainlink (LINK) Rally Might Be Different This Time
We see that Bitcoin has spent more time above $30,000, and this is also reflected in the prices of altcoins. Some cryptocurrencies have surpassed their resistance levels with the recent increase in BTC. This is good news, and there is more to it for Chainlink Coin. The popular blockchain-based oracle solution may have crossed a critical threshold.
Expert Opinion: Chainlink (LINK)
Crypto experts have started sharing their bullish predictions as the $20,000 target for Bitcoin did not materialize. We mentioned hours ago that if the BTC price closes above $28,800, it could test $30,650. Now, as BTC is heading towards its target (unfortunately, the volumes are not satisfying), LINK Coin has experienced an impressive rally.
Popular crypto analyst docXBT says in his recent analysis that the situation is different this time for LINK Coin. Sharing the monthly chart below, the expert implies that the popular cryptocurrency may have returned to a sustainable uptrend.
The price, which has been unable to break through the horizontal resistance area for months, now seems to be targeting $18, as we mentioned a few hours ago. In our previous analysis of LINK Coin, we mentioned that the significant horizontal resistance area had been tested at least 5 times and that it was about to be surpassed this time.
How Much Will LINK Coin Be Worth?
The second chart shared by crypto commentator docXBT implies that the price will experience an impressive rally with the breakthrough of the range between $10.5 and $10.6. So, what is the target here? If the price exceeds $10.5 after a 20% increase, it can aim for $18. This threshold seems achievable with Chainlink team’s Swift collaboration and other announcements.
In the CoinMarketCap Q3 report released last week, we specifically highlighted one issue: the increasing interest in projects working on tokenizing real-world assets. It is possible to move bonds, papers, and many other things to the blockchain. Chainlink founders say they have the power to do this for institutions.
We see that different sectors experience hype in each period. For example, as of November 2022, artificial intelligence tokens with OpenAI Chatbot were on the rise. Then came layer2 tokens and so on. We saw many prominent alternatives in every field. In this period, Chainlink’s advantage is that it has largely monopolized and proven itself in its own field. Moreover, world giants like Swift, who have no alternative, are helping it shine. In summary, if the interest in tokenizing real-world assets (RWA) continues, LINK Coin price may experience an impressive increase.