Chainlink Price Prediction: Why is LINK Price UP so High?

Chainlink, the inherent token of the decentralized oracle network on the blockchain, is poised to maintain its upward trend following its recent announcement. In August 2023, Chainlink unveiled the second version of its staking mechanism. Let’s take a look at this Chainlink price prediction article in more detail and why is LINK price up so high. 

The LINK generated 6.86% weekly profits for its traders. The price of the cryptocurrency has more than doubled in the last month. The price of LINK is down about 5% on the day. Following the recent retracement, the cryptocurrency is preparing to restart its climb.

As of the latest update, the price of Chainlink (LINK) is approximately $14.97. Here are some additional details:

  • Market Cap: $8,335,619,285.83
  • Fully Diluted Market Cap: $14,969,237,187.99
  • 24-hour Trading Volume: $1,480,573,085.15
  • Circulating Supply: Approximately 556.85 million LINK
  • Total Supply: 1 billion LINK
  • Percent Change in 1 hour: +2.33%
  • Percent Change in 24 hours: -4.20%
  • Percent Change in 7 days: +33.62%
  • Percent Change in 30 days: +103.24%
  • Percent Change in 60 days: +154.90%
  • Percent Change in 90 days: +101.31%

The price of Chainlink has positioned itself as one of the top performers this quarter, experiencing a remarkable surge of 111% in the past 30 days, 45% in the last two weeks, 38% in the past week, and an impressive 13% increase in the last 24 hours. This surge has pushed its value to just over $14, marking its highest point since April 2022. Altcoins such as Chainlink (LINK), Solana (SOL), XRP, and Cardano (ADA) are once again capturing attention, rebounding into prominence after a period of dormancy during the extended crypto winter.


LINK/USD Weekly Chart- TradingView

The launch of Chainlink staking v0.2 is set for November. The decentralized blockchain protocol has declared that staking is a fundamental component of Chainlink Economics 2.0, introducing an additional layer of security to the network. This staking feature allows both node operators and community members to support and ensure the reliability of Oracle services.

Users have the opportunity to stake their LINK tokens and receive rewards for contributing to the security of the Chainlink network. The initial version of Chainlink Staking was launched in December. LINK is preparing to introduce a staking pool of 45 million, an increase from the 25 million pool in the first version. In this system, both community stakers and node operators can earn rewards by participating in the alerting system.

Per Chainlink’s recent announcement, the v0.2 beta upgrade will gradually open up access to the 45 million pool. The Priority Migration period for current v0.1 stakers is set to commence on November 28, 2023, at noon ET. Following this, General Access will be available starting from December 11, 2023, at noon ET.

LINK/USD Weekly Chart- TradingView

Chainlink successfully surpassed the $13 resistance level, a barrier that had been restraining bullish momentum since the previous week. Maintaining support levels at $12 and $10 respectively has bolstered trader confidence, fueling market optimism for potential gains exceeding $15 and possibly reaching $20.

Anticipating stronger support above the $15 mark would confirm the upward trend. Given the position of the Moving Average Convergence Divergence (MACD) above the neutral zone, it’s clear that the path of least resistance is notably upwards.

Several traders might opt to liquidate their positions once they surpass the $15 level, especially if they have been holding since the support level in October at $7. A period of consolidation, and potentially a slight pullback, could provide LINK with an opportunity to gather more liquidity in preparation for the next significant breakout.

On the other hand, investors who are confident in LINK’s long-term bullish potential might consider retaining their holdings at least until the token reaches around $17. Successfully breaking through and maintaining a position above this crucial resistance level could suggest that Chainlink’s price is entering a new phase of recovery above $20. This development could increasingly make the prospect of bridging the gap towards $30 more evident.

For those looking to buy LINK, Bitget is an excellent platform to consider. Known for its low transaction fees and user-friendly interface, Bitget facilitates an easy and efficient process for buying and selling LINK. Given the current positive trend in LINK price and the optimistic outlook of the cryptocurrency market, now might be a strategic time to consider adding LINK to your investment portfolio.