The Chainlink price has dropped by 1.5% in the past 24 hours, sinking to $19.01 on a day when the cryptocurrency market as a whole has made a very modest 0.3% gain.
Yet LINK has been on a role as of late, with the altcoin sitting on a 26% increase in a week and a 41% gain in a month.
It’s also up by 172% in the last 12 months, underlining a very successful year for Chainlink, which has witnessed substantial growth as a decentralized data network serving multiple blockchains.
And given that many analysts expect a bull market later this year, the Chainlink price could really some big gains in the not-too distant future.
Chainlink Price Prediction as Rally Extends to 22-Month High – Can LINK Reach $100?
Despite today’s fall, LINK’s chart continues to look very bullish, with its indicators still signalling plenty of momentum.
Its 30-day moving average (yellow) is still rising steeply beyond its 200-day average (blue), while its current price has rocketed beyond both averages.
This indicates considerable buying pressure, with LINK’s relative strength index (purple) also pointing to a high level of demand, given that it remains at the 70 level.
What’s also encouraging is that LINK’s trading volume remains above $1 billion, suggesting that investors are still very much interested in the token.
Indeed, we continue to see large transfers coming to and from exchanges, although some whales do appear to be taking advantage of LINK’s current price by selling.
🚨 🚨 🚨 🚨 🚨 🚨 7,949,999 #LINK (144,455,820 USD) transferred from unknown wallet to #Binancehttps://t.co/TK61fSXks1
— Whale Alert (@whale_alert) February 2, 2024
But even with some profit-taking, LINK appears to be in the middle of a strong expansionary phase, so more gains are likely soon.
Much of its strength comes from its fundamentals, with Chainlink currently attracting more usage as an oracle network, feeding data to and linking other chains.
For instance, it partnered with Circle last month, with the pair now working on cross-chain USDC transfers.
And Chainlink also partnered with Vodafone in October, demonstrating how blockchain has applications in international trade.
What’s crazy to me is the magnitude of use cases that $LINK enables
Let’s take the Chainlink + Vodafone announcement a few weeks back as an example
Vodafone used CCIP demonstrate to how it’s possible to transfer important documents securely
They transferred this legal receipt… pic.twitter.com/TcfoOGPx2K
— Crypto Moose🫎 (@MooseCryptos) November 7, 2023
Such developments underline how Chainlink is arguably one of the fundamentally strongest platforms in crypto.
In turn, they point to a steadily rising Chainlink price over time, with LINK potentially on course to reach $50 by the end of the year.
Alternative High-Potential Altcoins
Of course, LINK isn’t the only altcoin with potential at the moment, with the market replete with several highly promising new alts and presale tokens.
Probably the biggest presale happening right now belongs to Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised more than $10.3 million.
China’s latest crackdown on #Cryptocurrency mining signals a major shift in the regulatory landscape. 🇨🇳
Will this push towards energy conservation lead to a more sustainable future for #Crypto, or will it simply relocate mining operations elsewhere? 🌍#BitcoinMinetrix has… pic.twitter.com/3GkQeLND6F
— Bitcoinminetrix (@bitcoinminetrix) February 5, 2024
Once Bitcoin Minetrix launches in the coming weeks, its users will be able to mine Bitcoin (BTC)simply by staking the platform’s native token, BTCMTX.
Staking provides users with tokenized mining credits, with users then able to spend such credits on Bitcoin hashing power.
Once they do this, and purchase enough hashing power, users will receive a share in mined BTC.
On top of this, stakers receive a steady stream of new BTCMTX tokens, making Bitcoin Minetrix potentially one of the most profitable new platforms around.
This helps to account for why its presale has done so well, and with its platform also boasting a streamlined interface, it’s likely to be a success.
Interested investors can still join the presale by visiting the official Bitcoin Minetrix website, where they can buy BTCMTX at a price of $0.0133 per token.
The coin should then list on exchanges in the next one or two months, and with a limited supply of four billion, it could quickly find itself very much in demand.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
