Chainlink Stagnates Near $20: Can LINK Hit $30?

On Mar 8, 2024

Chainlink, a platform compatible with Ethereum and renowned for facilitating decentralized oracles, has been making significant progress. Currently, the native asset of the Chainlink network, LINK, is experiencing a trading range near $20 after surpassing the level recently.

According to the latest data from CoinGecko, LINK is up by 1.1% in price in the last 24 hours. LINK is currently trading at $19.92. With LINK stagnating near the $20 level, can it hit $30 next?

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Can Chainlink hit $30?

LINK has demonstrated remarkable performance throughout this year, positioning itself as one of the top-performing assets in January. In the past 30 days alone, this altcoin has recorded a 6.5% increase in its price. Despite being 62% below its previous all-time high of $52.70, the prospect of it reaching double-digit values is more attainable than ever before.

Cryptocurrency experts at Changelly have given their price predictions for Chainlink. According to the analysts, LINK is forecast to hit $30 by May 2025. For March, LINK is forecast to reach a minimum of $19.38 and a maximum of $23.56. Furthermore, the average price of LINK is expected to be $21.47

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However, the market can be quite surprising and could go in either direction depending on the overall market sentiment.

Crypto trader Michaël van de Poppe recently observed that the valuations for the crypto oracle project Chainlink (LINK) remain low compared to Bitcoin. Poppe suggests that the current technical position could indicate the beginning of a potential bullish cycle.

Poppe argues that as Bitcoin shows indications of a macro reversal, the pace for altcoins like LINK, which underperformed in early 2023, is likely to increase. Given that the current valuations are significantly lower than the peak cycle levels, he believes there is considerable potential for multiple exponential price movements.