Chainlink (LINK) is one of the most promising cryptocurrencies in the altcoin sector at the moment, with its prices rising by 170% in the last 90 days.
The currency is taking advantage of Bitcoin’s rally to recover some of the lost ground during the 2022 bear market, and it seems ready to transition into a new phase of a bull trend.
I Chainlink Marines, or supporters of the cryptographic oracle ecosystem, are so optimistic that their crypto is outperforming the benchmark since the beginning of the year, with graphics performance surpassing that of the king BTC.
The $20 threshold is now just a matter of time for LINK.
Let’s try to get a complete picture of the situation and see what the short, medium, and long-term forecasts are for the crypto.
All the details below.
Summary
The crypto Chainlink (LINK) soars in conjunction with the rise of Bitcoin
While Bitcoin today marks a +3.5% increase, brutally breaking the psychological level of $40,000, the crypto Chainlink (LINK) shows its strength and returns above $16, ready to mark another bullish leg up.
The cryptographic project, which promises to bring trillions of dollars into the crypto sector thanks to its products in the field of RWA, is making headlines like in 2020 when it went from just over 1 dollar to 20 dollars in no time.
Today we can see how, the recent collaborations with SWIFT, the launch of the Cross-Chain Interoperability Protocol (CCIP) and the start of native staking v.02, have brought back all the optimism of 3 years ago.
In the last 90 days Chainlink (LINK) is up 170% against the US dollar, marking one of the best performances in the entire altcoin sector since the beginning of the year.
Even against the benchmark, namely Bitcoin, the crypto cleans up by recording a +70% in the last 3 monthly candles.
Just think that until a few months ago LINK was positioned as the 22nd cryptocurrency by market capitalization in the CoinMarketCap ranking, while today it is in the 11th position with a market cap of 9 billion dollars.
The trend, still strongly bullish for the crypto, sees the next price target at $20, which is very likely to be reached by the end of the year or shortly thereafter.
The Supertrend indicator also signals the presence of a fertile territory for the continuation of new value increases.
Despite the very positive situation for crypto, we must remember that there is also a bearish hypothesis: in fact, the resistance of $16.6 in the short term could absorb some attempts of bullish incursion and push prices towards the daily EMA 50 set at $12.75, especially if BTC registers a drop in the near future.
All eyes, however, are focused on a completely positive scenario: with the overall market cap back above $1.5 trillion and BTC prices above $40,000, we can only glimpse a bright future for Chainlink and its LINK coin in 2024.
Future price forecasts and altcoin market analysis
The most speculative traders are betting on a return to $20 for Chainlink (LINK) in the short term, with a high probability of a continuation of the bullish trend that is underway.
The $20 level is a very important level for the crypto as it represents the local top reached in August 2020 after a +800% rally in the previous 4 months, as well as a support reached in February 2022 during the bearish market.
If it were to break, with a worthy accompaniment of volumes both on the spot front and in the derivatives one, it could almost certainly say that prices in the coming months will also reach around $28, where several sell orders converge.
Then we find as main resistances those of $35, $40, and finally $50.
The odds are in favor of a likely break of all these levels during 2024, with forecasts that see a much higher value for Chainlink (LINK), which could even exceed $80 if the mainstream narrative of Real Word Asset Tokenization (RWA) were to take off.
Speaking of optimistic forecasts, we remember that LINK in the previous bull market was one of the coins that first saw an increase in its value, managing to anticipate even the rises of BTC.
In fact, LINK also saw its value grow enormously in 2019, even while the rest of the market was not showing encouraging trends.
If this time the crypto were to grow before the market king, it could see a new all-time high as early as mid-2024, with a scenario that would give Chainlink traders the opportunity to rotate gains into sectors with higher growth margins.
Obviously, the graph of Bitcoin Dominance plays a fundamental role in all of this, currently marking a value of 53.80%.
Usually, in fact, altcoins like Chainlink offer the best performances while the dominance index of the market’s number 1 cryptocurrency is decreasing, in conjunction with the so-called altcoin season.
Considering the recent strength shown by BTC in the last few months, we could expect a further phase of growth for BTC.DOM, which could pave the way for a very violent drop in the future, opening the door to the explosion of speculative assets like LINK.
In this sense, we expect that cryptocurrencies like the one analyzed today will offer their best starting from the second quarter of 2024.
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