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Chainlink (LINK) Surges, Eyeing $20 & Beyond Amidst Strong On-Chain Metrics

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Chainlink (LINK) has emerged as a standout performer, exhibiting remarkable strength and resilience over the past week. The leading Oracle network on the blockchain has not only outpaced the broader market but has also solidified its dominance among altcoins.

As of the latest data, Chainlink is currently trading at $17.98, boasting a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion. Over the past 24 hours, LINK has witnessed a significant surge, marking a 13.96% increase and an impressive 28% rise in the weekly chart.

LINK 7D graph coinmarketcap
Chainlink (LINK) Surges, Eyeing $20 & Beyond Amidst Strong On-Chain Metrics 4

Chainlink’s Dormant Wallets Spark 5.38 Billion

The surge in Chainlink’s price has been attributed to a notable event identified by Santiment, a prominent cryptocurrency analytics platform. Dormant wallets, which had been inactive for a considerable period, suddenly came to life, creating the highest Age Consumed spike of 5.38 billion (calculated by multiplying coins moved by the number of days those coins had been dormant).

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This influx of LINK back into circulation is believed to have played a pivotal role in the recent price jump. Analysts are closely monitoring two key metrics in the coming weeks to gauge LINK’s potential for a sustained rebound.

The first metric involves tracking the movements of previously dormant wallets and their impact on the overall network’s circulation. The second metric involves monitoring any signs of FUD (Fear, Uncertainty, Doubt) that may lead to wallet liquidations, potentially contributing to further price rises.

ChainLink Aims for $20 Resistance, Eyes $25-$30 Range

Renowned crypto analyst Ali Martinez sees a bullish future for Chainlink, noting that the cryptocurrency appears poised for further gains. On-chain analytics highlight a significant resistance level at $20, where 5,330 addresses collectively hold approximately 8.59 million LINK. This suggests that reaching and surpassing this level could trigger a substantial uptrend.

Adding to the positive sentiment, crypto analyst Michaël van de Poppe shares an optimistic outlook on LINK’s price trajectory. Confirming a higher low for LINK, he emphasizes the potential for a massive breakout if Ethereum gains momentum.

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Van de Poppe predicts that Chainlink could rally to the $25-30 range in the coming period, indicating an impressive upward momentum for the altcoin. While maintaining a cautious stance on Bitcoin’s consolidation, Van de Poppe anticipates a period of altcoins picking up momentum, with Chainlink positioned as a notable player in this upward trend.

However, as the cryptocurrency market continues to evolve, Chainlink’s recent surge suggests that it is well-positioned to defy broader market trends and chart its own course in the weeks to come.

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Chainlink (LINK) Price Prediction Analysis for February 2024

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Chainlink (LINK) experienced a significant surge in its price during the latter part of 2023, reaching a peak of $16.97 on December 9, 2023. However, subsequent to this peak, the token has witnessed a trend of diminishing highs and lows. Presently, LINK shows a decrease of more than 7% in the 14-day charts and a 3.8% decline over the preceding month. Despite this recent decline, the asset’s price has soared by an impressive 97.1% since January 2023.

Chainlink
Chainlink (LINK) Price Prediction Analysis for February 2024 7

The surge in Chainlink’s (LINK) value in October 2023 closely followed the upward movement of Bitcoin (BTC). Additionally, the project collaborated on a proof of concept initiative with Vodafone’s Digital Asset Broker, which contributed to the upward momentum of LINK’s price. Furthermore, the project announced a partnership with the Australia and New Zealand Banking Group Limited (ANZ), bolstering investor confidence in the asset.

Chainlink (LINK) Price Trends in February 2024

According to Changelly’s analysis, LINK’s price is forecasted to potentially reach $14.96 by February 1, 2024, marking a 2.26% increase from its current levels. Furthermore, Changelly expects LINK to surpass the $18 threshold during the initial week of February, reaching $18.83 by February 7, 2024, reflecting a substantial growth of approximately 28.7% from its current valuation.

Chainlink
Chainlink (LINK) Price Prediction Analysis for February 2024 8

Changelly predicts that LINK’s price will fluctuate between $17 and $18 for the majority of the upcoming month. CoinCodex also projects Chainlink (LINK) to breach the $18 milestone in early February, aiming for $18.04 by February 6, 2024. Additionally, CoinCodex foresees LINK reaching $20.47 by February 9, 2024, suggesting nearly a 40% surge from its present levels.

Alongside Solana (SOL), Chainlink (LINK) emerged as one of the top-performing cryptocurrencies in 2023. Analysts widely expect LINK to sustain its bullish trajectory throughout 2024. The project’s expanding community, global partnerships, and ongoing technological advancements position LINK as a compelling candidate for significant returns. Notably, the project has also made strides in facilitating tokenized Real World Assets (RWAs) on a large scale.

Chainlink: Eyes on $13.20 Retest, $10-11 Possible Bottom

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Chainlink, a popular cryptocurrency, has witnessed a prolonged consolidation period below the $10 mark. However, a notable surge occurred in November 2023, with the bulls successfully elevating the price by more than 130%. Since then, the trend has maintained a consolidated stance, with bears attempting to pull the price below crucial support levels.

Over the past few weeks, there has been a gradual resurgence in bearish momentum, indicating a potential shift in market dynamics. The bears demonstrated their influence by driving Bitcoin prices below the $40,000 threshold, raising concerns about the overall health of the cryptocurrency market. Concurrently, Chainlink also experienced a breakdown from a previously bullish channel, hinting at a possible trend reversal.

Chainlink at $13.78: Facing Bearish Trends

According to Michaël van de Poppe, the CEO & Founder at MN Trading, Chainlink is currently undergoing a crucial retest at $13.20. This level serves as a critical marker to assess the resilience of the cryptocurrency amidst market fluctuations.

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Van de Poppe remarked, “Having swept the liquidity beneath the recent lows, if we revisit that territory, then I’m anticipating $10-11 as a plausible bottom. Currently, we are eyeing $13 as a potential support, testing before a potential upward trajectory.”

According to the latest data from CoinMarketcap, Chainlink is trading at $13.78. Its 24-hour trading volume stands at $619.13 million, and its market capitalization is $7.83 billion. In the past day, LINK dropped by 1.63%, and it saw an 8% decrease over the past week.

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Source: CoinMarketcap

To navigate through the challenges posed by the bears, three significant support levels need to be tested and cleared – $13.73, $12.55, and $10.72. The prospect of a tedious task for the bears arises due to the possibility of selling volume exhaustion at the initial line of defense. Despite the current momentum favoring the bears, analysts suggest that the bulls could reenter the market at any moment.

Furthermore, Van de Poppe emphasized in a recent X post that Chainlink against Bitcoin is exhibiting signs of a potential breakout later in the year. The establishment of higher lows is noted, and a breakout above 4500 satoshis could propel the cryptocurrency to 9000 satoshis.

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However, amidst the ongoing market volatility, Chainlink investors are closely monitoring key levels and anticipating potential moves that could shape the cryptocurrency’s trajectory in the coming weeks. Van de Poppe, expressing confidence in the future, stated, “I’m buying the dips.”

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Chainlink Green: 21.9% ROI Paints January Bright

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Chainlink, the innovative project enabling universally connected smart contracts with unparalleled security, reliability, and efficiency, isn’t just an exciting technological advance – it’s a potentially lucrative investment opportunity. This article delves into LINK’s projected ROI for January 2024, analyzing its present position and future prospects.

As its name suggests, LINK connects chains. It utilizes a decentralized oracle network to seamlessly bridge external data sources with various blockchains. This empowers smart contracts to interact with real-world data, making them truly dynamic and responsive. This innovative architecture has already attracted top-tier partners like SWIFT, Oracle, and Google Cloud, solidifying its real-world relevance.

At the time of writing (Jan 23, 2024), LINK sits comfortably at $14.8, the 12th largest cryptocurrency by market cap. Despite a recent dip, it has shown promising upward trends in the past week and month, adding fuel to the optimism surrounding its future.

January 2024: A Month of Potential Growth for Chainlink

Experts predict a bullish January for Chainlink, with an average price projection of $16.68. The potential ROI for the month stands at a healthy 21.9%, making it a tempting proposition for investors. However, it’s crucial to note that predictions can vary, and the minimum and maximum price forecasts for January range from $15.04 to $18.32.

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Source: Changelly Blog

While January’s projected ROI is encouraging, Chainlink’s potential extends far beyond a single month. The increasing adoption of blockchain technology and the ever-growing demand for secure, reliable oracles bode well for Chainlink’s future. Technical analysis projects a possible range of $10 to $19.99 for 2024, showcasing a potential for significant growth.

Like any investment, Chainlink carries its own risks. The cryptocurrency market is inherently volatile, and unexpected events can drastically affect prices. Investors should conduct thorough research and understand their risk tolerance before committing.

Chainlink’s secure and efficient oracle network positions it as a key player in the evolving blockchain landscape. With its impressive technical capabilities, established partnerships, and promising short-term and long-term projections, Chainlink presents a captivating investment opportunity for January 2024 and beyond. However, careful consideration and risk management remain crucial for any crypto-venture.

LINK Up 15% Following Chainlink Integration With Circle’s CCTP

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Chainlink (LINK) has managed to maintain a steady price amidst a general market downturn, experiencing a notable 15% surge in the weekly chart. Despite other digital assets feeling the pressure, LINK reached $15.87 today, hovering just below last week’s peak at $16. This remarkable performance has propelled LINK to the forefront as one of the top-performing coins in the industry, boasting a nearly 30% increase from its lowest point this year.

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CoinMarketcap

Cross-Chain Innovation Propels Chainlink (LINK) Rise

The driving force behind this surge can be traced back to the official integration of Circle’s Cross-Chain Transfer Protocol (CCTP) with Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This announcement has proven to be a game-changer for the industry, elevating LINK’s standing among cryptocurrencies.

The CCTP by Circle, the issuer of the widely adopted stablecoin $USDC, plays a crucial role in attesting to the burning of $USDC on a source chain through an off-chain API. In tandem, the CCIP by Chainlink securely relays these burn event attestations on-chain, triggering the minting of $USDC on a destination chain. 

The result is a seamless and secure cross-chain transfer of native $USDC, abstracting away backend complexities and ensuring reliable execution even in the face of destination chain gas spikes.

The integration is a significant unlock for developers, providing support for $USDC, one of decentralized finance’s (DeFi) most widely adopted stablecoins. CCTP introduces advantages like heightened security through the Risk Management Network, enhanced functionality via programmable token transfers, and more.

Chainlink expressed excitement about the integration in a press release. Sergey Nazarov, Co-Founder of Chainlink, highlighted the platform’s commitment to supporting the adoption of stablecoins across diverse cross-chain use cases. Nazarov emphasized the importance of CCIP’s advanced risk management features, especially in light of historical exploits and losses in user funds due to insecure cross-chain infrastructure.

With Chainlink’s proven track record of security and reliability, the integration of Circle’s CCTP is poised to open up new possibilities for developers, enabling the creation of secure and capital-efficient cross-chain applications. This move reinforces Chainlink’s position at the forefront of secure and reliable cross-chain interoperability in the blockchain industry.

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BitPay Diversifies: Unveils Support For Uniswap, Chainlink, & BNB In Payments

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To increase accessibility and ease of use in cryptocurrency payments, BitPay, initially a Bitcoin payments startup, has announced support for “dozens” of additional cryptocurrencies. The Atlanta-based company, founded in 2011, has been gradually expanding its platform to include various digital assets, moving beyond its initial focus on Bitcoin.

At its peak in 2020, BitPay processed 90% of its payments in Bitcoin. However, the recent developments indicate a strategic shift towards diversification. BitPay has successfully raised over $70 million in funding from notable firms such as Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth, underscoring the growing interest in the cryptocurrency space.

Recently, Litecoin (LTC) has emerged as a frontrunner in BitPay’s payment processing service, constituting an impressive 38.25% of all transactions, according to data released by the Litecoin Foundation. This development coincides with Litecoin hitting a new all-time high, further solidifying its prominence in the crypto payment ecosystem.

BitPay Customers Splurge On Gucci, Ralph Lauren, & AMC Theatres

BitPay CEO Stephen Pair emphasized the company’s commitment to making crypto payments accessible to a broader audience. In a statement, Pair said: “These updates and all of the newly supported assets mark an invitation to crypto customers: pay for what you need and splurge on what you want.”Customers of BitPay can currently utilize various cryptocurrencies to purchase goods from renowned merchants such as Gucci, Ralph Lauren, and AMC Theatres.

Additionally, the platform enables users to make essential payments like car and mortgage payments, expanding the practical applications of cryptocurrency in daily life. The company has also announced upcoming support for Cronos and Basic Attention Token, signaling its continuous efforts to stay at the forefront of the evolving crypto landscape. This move aligns with a broader trend observed among web3 companies, which are actively working to simplify the accessibility and utilization of tokens beyond Bitcoin.

BitPay’s expansion to include support for a diverse range of cryptocurrencies reflects the industry’s ongoing efforts to overcome barriers and make digital assets a mainstream means of transaction. Last year, the Bitcoin payments app Strike similarly broadened its horizons by incorporating support for Tether’s USDT stablecoin, underscoring the dynamic nature of the crypto payments sector.

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Chainlink’s Potential: Analysts Predict 10x Surge In Upcoming Bull Run

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As 2024 shapes up to be a pivotal year for the cryptocurrency market, analysts are busy identifying potential winners that could experience substantial gains in the anticipated bull run. One standout contender, according to prominent crypto analyst Crypto Rover, is Chainlink (LINK), with predictions of a remarkable 10x surge in the near future.

Analyst Ali weighed in on the potential upswing, pointing out that Chainlink’s TD Sequential is signaling a buy on the 12-hour chart, with LINK currently hovering around the lower boundary of a parallel channel. If this signal holds true, analysts suggest that it could see a significant rebound, potentially reaching levels of $15.2 or even $17.3.

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Chainlink: Analyst Rekt Capital Warns Of Breakdown

However, recent developments have added a layer of uncertainty to LINK’s trajectory. Crypto expert Rekt Capital took to X yesterday, reporting that $LINK has confirmed a breakdown from the Rising Wedge pattern. The asset is now teetering on the edge of a breakdown from a red demand area, with the daily close below the red marking the initiation of the breakdown process.

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Rekt Capital outlined the potential scenario where rejection from the current levels could turn the red box bottom into a new resistance, adding further challenges for Chainlink’s price action. The technical analysis suggests that Chainlink needs to reclaim the bottom of the red box as support to avoid further downside.

In the latest update from Rekt Capital, it was emphasized that Chainlink has confirmed the breakdown not only on the daily timeframe but also on the weekly. The weekly closure below the red box indicates a potential shift, with the red zone possibly transforming into a formidable resistance on the weekly time frame as well.

Enthusiasts are closely monitoring the developments, eagerly awaiting signs of a reversal or a sustained recovery as Chainlink navigates these critical technical levels. However, the coming weeks will likely provide more clarity on whether Chainlink can overcome the challenges posed by recent breakdowns and position itself for a substantial surge in the upcoming bull run.

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Chainlink’s Bullish Pennant: $17.2 Breakout Signals Path to $34

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Chainlink (LINK) is currently under the spotlight as renowned crypto analyst Ali shares insights on LINK’s potential price movement. According to Ali’s X post, Chainlink is exhibiting signs of a bull pennant formation, hinting at a potential bullish breakout on the horizon. The key level to watch, as highlighted by Ali, is the $17.2 mark. A decisive close above this threshold could serve as the much-anticipated catalyst for LINK’s breakout, potentially sending the digital asset soaring toward the $34 mark. 

This development has sparked excitement among crypto enthusiasts and traders alike, as Chainlink has been consolidating within a range in recent weeks. The bull pennant formation, a technical chart pattern characterized by a small symmetrical triangle followed by a strong price movement, is often considered a bullish continuation pattern. 

Despite the optimistic outlook, cautious traders are being reminded by Ali to keep a keen eye on the $14.2 level. A drop below this critical support level could swiftly invalidate the current bullish scenario for Chainlink, leading to a reevaluation of the overall market sentiment.

Decoding Chainlink’s Market Dynamics

The recent market dynamics of Chainlink have been nothing short of intriguing. Since November, LINK has been navigating within a higher timeframe range, following a substantial rally in October. Despite these gains, a key metric, the Network Value to Transactions (NVT) Ratio, has been on a declining trend since September. 

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The NVT Ratio, which assesses a token’s valuation by measuring the market cap against on-chain transaction volume, indicates a potential undervaluation of LINK. This decline also suggests robust user adoption, sparking questions about whether this is a precursor to an imminent surge.

The journey of Chainlink since late July 2023 has been marked by notable fluctuations. After dipping below $5, its lowest point since the all-time high, a larger uptrend took hold. By December 9, LINK reached its highest point at $17.20, signifying a remarkable 250% increase. 

However, as of the latest data, the Chainlink price is hovering at $15.49, with a 24-hour trading volume of $332 million. In the last 24 hours, LINK has witnessed a modest 1.39% increase. Chainlink currently holds the #14 position on CoinMarketCap, boasting a market cap of $8 billion. With a circulating supply of 568,099,970 LINK coins and a maximum supply capped at 1,000,000,000 LINK coins, the cryptocurrency continues to captivate the attention of investors and analysts alike.

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CoinMarketcap

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Chainlink Surges 15% Weekly With Whales Scooping Up $105M In LINK

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Chainlink (LINK) has experienced a remarkable 15% surge in its weekly chart, signaling a renewed sense of confidence among major players in the cryptocurrency market. This surge comes on the heels of Analyst Ali’s report that Chainlink whales have engaged in a substantial buying spree, acquiring approximately 7 million $LINK tokens valued at over $105 million within the past week.

As of the latest data from CoinMarketCap, Chainlink is currently trading at $16.28, boasting a 24-hour trading volume of $737 million—a staggering 150% increase. The cryptocurrency is up by 10.85% in the last 24 hours, securing its position as the 14th largest cryptocurrency with a market cap of $9 billion.

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Source: CoinMarketcap

Breaking a six-week consolidation period, the Chainlink (LINK) price reached a new yearly high of $17.68 earlier today. Despite this achievement, LINK continues to trade within a long-term horizontal resistance area, leaving investors wondering if a breakout is on the horizon before the year concludes. 

The recent positive momentum follows LINK’s journey from a low of $4.90 in June to overcoming challenges such as a long-term descending resistance trend line in September. The subsequent upward movement led to a peak of $16.58 in November, with a temporary slowdown before the surge to $17.68.

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Source: CoinMarketcap

 Chainlink (LINK) Price Prediction For New Year

Changelly’s projection for Chainlink indicates a bullish market sentiment of 93%, as reflected by technical indicators. The Fear & Greed Index stands at 73 (Greed), further affirming positive sentiment among investors. However, despite the current enthusiasm, experts anticipate the LINK price will settle at $16.20 by the end of 2023.

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Looking ahead to the new year, cryptocurrency experts forecast Chainlink’s performance in January 2024. experts predict a minimum trading cost of $16.20, with a potential maximum reaching $21.13 during the month. The average expected value for Chainlink in January is estimated at around $18.67, suggesting a possible return on investment (ROI) of 36.7%.

However, the crypto community eagerly awaits whether the bullish momentum will persist and whether LINK will break free from its long-term resistance, shaping its trajectory in the coming year.

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Chainlink: Unlocking the Millionaire Code, Navigating LINK at $50

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Chainlink (LINK) has emerged as one of the top-performing cryptocurrencies in 2023. Since the beginning of the year, LINK’s value has experienced a remarkable surge of over 170%, surpassing the performance of Bitcoin (BTC), which saw a gain of approximately 160% during the same period. Despite facing challenges earlier in the year, LINK struggled until mid-October when it initiated a notable rally.

This upturn in LINK’s fortunes in October is attributed to SWIFT’s successful experiment with Chainlink in September. Additionally, the Depository Trust & Clearing Corporation expressed interest in exploring LINK’s Cross-Chain Interoperability Protocol (CCIP) for facilitating the interoperability of tokenized assets. Both of these developments have significantly enhanced the optimistic outlook for the Chainlink project, consequently driving up its price.

Calculating Chainlink Riches: The Path to Millionaire Status at $50

If LINK were to reach $50, this would represent an increase of nearly 230% from its current value. To accumulate a million dollars in LINK at a price of $50 per coin, one would require 20,000 tokens, totaling approximately $304,000 at the current price. The key question, however, is when Chainlink (LINK) might achieve this $50 price point.

Changelly suggests that LINK could potentially reach $50 around November 2026, roughly two years from the present. By November 2027, the platform predicts LINK could surpass $75. To become a millionaire at the $75 mark, an individual would need about 13,333.33 tokens, equivalent to approximately $202,666.66 at current prices. This anticipated price surge represents a growth of over 390% from existing levels.

Chainlink (LINK) has ambitious plans for expanding its Cross-Chain Interoperability Protocol (CCIP) adoption in capital markets and real-world assets (RWAs). The project also aims to broaden support for additional chains and tokens. Furthermore, LINK intends to enhance its Data Streams functionality, with a focus on fostering a low-latency decentralized finance (DeFi) ecosystem. These developments have the potential to propel LINK’s price faster than originally anticipated.