Chainlink (LINK), a decentralized blockchain oracle network, has been gaining traction recently due to innovative developments within its ecosystem. This momentum recently translated into a notable price increase, with LINK reaching a six-week high of nearly $18.
However, LINK recently faced a setback after encountering resistance. Currently trading 23% below its yearly high of $22.85 reached in March, analysts are debating whether this is a correction or the beginning of a new upward trend
To shed light on this, Finbold consulted artificial intelligence (AI) that leverages machine learning algorithms to predict LINK’s potential valuation at the end of the month.
LINK price prediction. Source: CoinCodex
AI algorithms predict a bullish future for LINK’s short-term prospects. CoinCodex forecasts a potential 15% increase in Chainlink‘s price to $20.50 by June 30th, despite a Greed Index of 73 indicating a potentially overheated market.
Fueling this bullish atmosphere further, discussions and positive sentiment surrounding Chainlink are trending on Reddit.
Analysts see long-term potential
Crypto analyst Poppe also sees bullish potential for LINK. His analysis suggests a possible 300% increase against Bitcoin (BTC) by 2025, with a key breakout point after LINK/BTC surpasses $0.000447.
#Chainlink woke up from the crucial area of support.Likely, there's going to be continuation and the low is in. From this point, I wouldn't be surprised with at 150-300% price increase. pic.twitter.com/ulweEUpAYV
— Michaël van de Poppe (@CryptoMichNL) May 27, 2024Additionally, Poppe predicts LINK could reach $25 or even $30 in the near future, although it may face resistance at $21 first.
As of press time, LINK was trading at $17.84, with a 24-hour decrease of almost 0.97%. Over the past month, the cryptocurrency has gained about 30%.
Overall, with bullish sentiments dominating LINK, the token’s bulls must sustain the price above the $17 support to realize steady upward momentum.
However, given the inherent volatility of cryptocurrencies, conditions can change rapidly. It is crucial for investors to perform comprehensive research and consider all factors before making any investment decisions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
