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- Chainlink is poised for a new uptrend according to top market analysts.
- Active ecosystem development and collaborations will fuel this bullish ride.
Michael van de Poppe, a prominent crypto analyst has expressed bullish sentiments, suggesting that decentralized oracle provider Chainlink (LINK) could soar by more than 90% from its current value.
Analysts’ Predictions for Chainlink (LINK)
Michael van de Poppe, followed by a large audience on X, pointed out that Chainlink seems ready for further gains after a recent dip. According to his analysis, as long as LINK remains above the $13.50-14.25 range, the momentum is likely to push it towards the $25 to $30 levels.
Looking at his chart, the analyst anticipates LINK to surpass $16 in the near term, experience a brief dip below $15, and then rebound beyond the $18 level.
$LINK seems ready for continuation after sweeping the lows.
As long as it stays above $13.50-14.25, everything is likely continuing towards $25-30. pic.twitter.com/lZ0OwXWjgX
— Michaël van de Poppe (@CryptoMichNL) January 16, 2024
Notably, Chainlink has been a strong performer, boasting over 140% gains in 2023. As of the latest update, LINK is trading at $15.46, with a trading volume of $722.5 million, showing a remarkable 22% increase in the last 24 hours.
Analysts, including Ali Martinez, anticipate further rallies as well, with projections indicating a potential surge to $34 in 2024. Martinez highlights robust demand for LINK in the price range of $14.8 to $15.2, attracting attention from 17,650 addresses and resulting in the acquisition of 85.12 million LINK tokens.
Martinez emphasizes technical indicators supporting the bullish sentiment around Chainlink. The TD Sequential, a widely-tracked trading indicator, has hinted at a buy signal on the 12-hour chart, aligning with LINK’s positioning along the lower boundary of a parallel trading channel. This suggests the potential for a price rebound to levels of $15.2 or even $17.3 if the buy signal is validated.
A notable on-chain activity involving whales may have also influenced Chainlink’s price movements. Recent withdrawals of approximately 1,287,492 LINK tokens, valued at $17.5 million, from Binance in recent times indicate insider confidence or advanced knowledge of positive developments within the Chainlink ecosystem.
Recent Developments on Chainlink
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has integrated Circle’s Cross-Chain Transfer Protocol (CCTP), making it easier for users to transfer USD Coin (USDC) across several blockchain networks. This connection improves the creation of cross-chain use cases via CCIP, allowing for frictionless USDC transfers for applications such as payments and Decentralized Finance (DeFi) interactions.
Sergey Nazarov, co-founder of Chainlink, has expressed enthusiasm for supporting stablecoin adoption across diverse cross-chain use cases. The integration with CCTP showcases the robust security infrastructure of CCIP, featuring multiple layers of decentralization, valued by developers working with USDC.
In addition, Chainlink celebrated Vodafone Group as a node operator on the Chainlink Network. With over 350 million customers, Vodafone is a strategic partner capable of accelerating the adoption of the network in the future. As the crypto market evolves, Chainlink appears to be poised for substantial growth, attracting the interest of both traders and investors.
