Chainlink Price Eyes a Potential Breakout Amid Recent Recovery from Weekly Lows
October 25, 2024 – Chainlink’s (LINK) price is showing signs of a potential breakout after recovering from recent weekly lows, with a crypto analyst suggesting that a “quadruple-digit” LINK price is within reach for the long term. This bullish outlook aligns with Chainlink founder Sergey Nazarov’s impactful keynote at the Sibos 2024 conference in China, where he revealed a series of advancements and future-focused products for the blockchain protocol.
Why Is Chainlink’s Price Up Today?
On October 25, LINK saw a 5.3% increase during London’s pre-market hours, reaching $12.02. This surge positioned LINK among the top gainers in the crypto market by market cap for the day. Analysts attribute this rise to Bitcoin’s recent momentum, as BTC surpassed $69,000 late Thursday, lifting the entire crypto market. Additionally, excitement surrounding the conclusion of the Sibos 2024 conference, where Nazarov delivered his highly anticipated keynote, has fueled speculation that LINK remains undervalued and poised for growth.
Why a Quadruple-Digit Price May Be Achievable for LINK
Crypto analyst LINKCollector has forecasted a long-term price target of four digits for LINK, pointing to the consistent accuracy of past predictions for the token. According to LINKCollector, Chainlink’s value proposition is one of the strongest in the crypto space, positioning it for significant future gains.
Nazarov’s recent announcements have added fuel to this outlook, especially as Chainlink’s Oracle network supports secure data transactions on the blockchain and has enabled trillions of dollars in transaction volume. Privacy, one of the limiting factors in digital asset adoption in capital markets, is central to Chainlink’s offerings.
In a notable announcement during Sibos, Nazarov confirmed that Chainlink and SWIFT’s blockchain payment integration is now production-ready. This collaboration, which has been years in development, allows for seamless interaction between the SWIFT messaging network and blockchain technology, a milestone that could propel LINK price to new heights.
Will LINK Achieve a Four-Digit Price?
The path to a quadruple-digit price for LINK may not be as far-fetched as it seems. Currently, Chainlink has more than 1,000 business customers using its products, which indicates substantial demand for its services. At a market cap of $7.5 billion and a circulating supply of 626 million tokens, a LINK price of $1,000 would yield a $1 trillion market cap—a feasible target as Chainlink’s Oracle network underpins much of the DeFi space. This demand could intensify with the production-stage integration of Chainlink and SWIFT, which, according to Forbes, processes roughly $50 billion annually in transaction volume.
LINK Price Analysis: Crucial Breakout Could Signal Bull Run
Technical analysis suggests that LINK may be on the verge of a breakout. The current ascending triangle pattern—a bullish continuation indicator—suggests that the upward trend that began after the August 5 market crash could extend further. Achieving a daily close above the 200-day exponential moving average (EMA) would cement LINK’s bullish outlook and could push the price toward the $20 mark, setting the stage for an eventual rally to $1,000.
The bullish scenario would only be invalidated if LINK falls below its bottom trend line, where it could find lower support levels near $10, $9, or $8.
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