Chainlink Price Prediction: LINK Price Surges as Crypto Market Recovers – Bulls Target $20
Chainlink's price is booming, rising by over 25% in the last week. Due to its performance, Chainlink is outshining the overall crypto market, which is up by 2.3%.As of 8:29 a.m. EST, LINK is trading at $17.82, showing its strength among alternative coins.
Bullish investors are eyeing a significant $20 target. The surge is a positive sign for Chainlink, the top Oracle network on the blockchain. This performance indicates a strong recovery in the crypto market.
As such, investors are optimistic about LINK's potential for further growth.
Renewed Interest: Chainlink's On-Chain Activity Shows Investors Are Paying Attention Again, Will This Affect its Price?Experts say the rally has some clear reasons. The data provider, Santiment, found more action from wallets that were quiet before. This hints that investors are getting interested again.
Notably, Santiment used a metric called Age Consumed" to show investors' renewed interest in LINK.
network's circulation has likely contributed to the price jump. Additionally, the network had seen minor liquidations of wallets, which is often a sign of #FUD that can contribute to further price rises.
(Cont)
- Santiment (@santimentfeed) February 1, 2024
The metric counts how many days coins stayed still before moving. For Chainlink, this number skyrocketed to 5.38 billion - the highest it has ever reached.
This means more people who haven't moved their coins for a long time are now active, showing a new wave of interest in Chainlink. Further, Santiment's info shows that some wallets sold a bit of their stuff.
This usually happens when people are unsure or worried.Even though this can make prices jump up and down quickly, it could be a chance for smart investors to buy in. Also, there's news that big investors are gathering more Chainlink.
This accumulation adds to the positive feelings in the market, making people think prices will go up.
Crypto Analyst Shared Positive View About ChainlinkIn the past 24 hours, prominent crypto analyst Michael Van De Poppe has shown interest in Chainlink (LINK). Earlier yesterday (4:42 PM Feb 1, 2024), the crypto analyst identified a higher low" on $LINK. This indicates a positive trend in its price movement.
In technical analysis, higher low" refers to a situation where, during a series of price fluctuations, each low point is higher than the previous one. Further, Michael van de Poppe hinted that LINK could break out from its present level. Should this occur, he predicts LINK to reach a high of $25-$30 in the coming days.
Note that the analyst backed up his analysis with LINK's chart. Also, the analyst expressed a positive outlook and anticipation for the Chainlink ($LINK) in another tweet.
Good morning,$LINK starting up a new run is a good vibe.
This bull market is likely going to be more impactful than the previous one.
Let's get it!
- Michael van de Poppe (@CryptoMichNL) February 2, 2024
According to him, Chainlink starting a new upward movement (a run") is a good optimistic feeling. He added that the bull run will have more impact compared to the previous one. Meanwhile, the daily chart below will provide more insight into the next possible direction of the LINK token.
Chainlink Price Surge: Key Support at $12.9, Potential Pullback Ahead
Chainlink's LINK coin has recently been on a huge increase, pushing its price above the Bollinger Bands indicator. This shows extremely positive sentiment. However, based on price analysis, LINK may need to drop slightly to fill some open buy orders and balance out the market.
The MACD indicator is also signaling bullishness. It is above the signal line, and the histogram bars show green candles. LINK looks bullish but may see a minor pullback before continuing its uptrend.
The parabolic rise led to overbought conditions that need balancing out.
Some buyers probably have open orders waiting at lower prices. This will pull the market down. But even though the bearish forces take over, there is support around the $12.928 region, which could prevent further drops. In all, Chainlink remains in an uptrend, but a minor pullback looks possible in the short term.
If MACD stays positive, the bullish sentiment should persist. But failure at $12.9 would signal a bearish reversal. So, traders are advised to trade with extreme caution. The good news is that other alternatives, such as Sponge V2, exist to increase investors' chances of making short-term profits.
LINK Alternative to Consider: Sponge V2
People are talking a lot about the Sponge token ($SPONGE) because its value went up a lot in December and January.The reason for this rise is that the Sponge team wants to connect the coin to Sponge V2, a newer and better meme coin that actually has practical uses.
Investors are thrilled about the upcoming launch of Sponge V2, and because of this excitement, more people want to buy the token.
Sponge V2 Launch: Could it Jump 100x Like Sponge V1 Did in 2024?This new Sponge token aims to outdo the first one. This means that investors who missed the first now have another shot at big returns. The team introduced a cool Stake-to-Bridge model.If you have $SPONGE tokens, stake them to get $SPONGEV2 tokens later.
Newbies can buy it easily on the Sponge website using a card or swapping ETH or USDT tokens. Tokens you buy get staked automatically, letting you earn passive income at 245% APY.
Based on this, Sponge V2 has become very popular. In a few weeks, over $3.30 million of $SPONGE tokens were staked, totaling over 6.5 billion.
Note that, according to the team, the community has until February 5 (11 pm UTC) to transition their Sponge V1 to the new one. To keep things fun, Sponge V2 also has a new Play-To-Earn racer game for players to earn $SPONGEV2 tokens as rewards.
To learn about this token, visit its official page or X platform to get an update.
Happy Friday, #SPONGERS!
Remember to transition your #SPONGE V1 now before it gets discontinued on the 5th of February.
We strongly advise all holders to withdraw their $SPONGE from centralised exchanges and stake them on our website as soon as possible.
pic.twitter.com/Zy3AEHtknZ
- $SPONGE (@spongeoneth) February 2, 2024
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