Chainlink of the Oracle network as of 2024 $24.2continues to attract the attention of investors. During this time, the token rose multiple times but failed to surpass its all-time high from four years ago. However, the current technical structure predicts an uptrend for LINK with a target of $50.
Technical Analysis and Price Predictions
Following the upward performance of the Chainlink token, investor interest increased. Crypto analyst Michael van de Poppe described Chainlink as a blue chip, highlighting its long-term growth potential. Other analysts predict that this token could reach $32, 35 or even $50. LINK, which is currently among the top cryptocurrencies, is traded at $ 24.30 and its market value is at $ 15.5 billion.
Crypto analyst Ali Martinez detected a bull flag formation and stated that the Chainlink price could reach $50 in the long term. According to Martinez, a falling wedge pattern on a four-hour price chart usually indicates a breakout. “The price breakout will be confirmed at $24.47 and then head towards $27.18 and $30.36,” he said.
“If the uptrend continues, Chainlink price may rise to $37.61, 41.80, 50.93 and eventually as high as $58.63.”
However, there is a possibility that the price will drop to the $20.45 level and it may find support at this level.
Market Dynamics and Investor Confidence
Rumors of a partnership between Chainlink and BlackRock increase investors’ positive perception of the token. According to the CoinGape article, such a partnership could see the LINK price reach a new all-time high. Additionally, the trading volume of large investors increased from $35.6 million to $185 million in a week.
According to the IntoTheBlock report, interest from major buyers is increasing and this supports the price increase. Chainlink’s transaction volume hovers around $1 billion, and this high volume contributes to the rise in price.
Chainlink’s CCIP v1.5 update and partnerships with BTguru are also helping adoption.
Chainlink’s price is constantly rising with increasing adoption and investor interest. Many crypto analysts offer a positive outlook for the token, with names like Ali Martinez suggesting targets of $50 and above. However, these estimates are based on available data and market uncertainty may alter price course.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
