Chainlink’s native cryptocurrency LINK saw a remarkable surge earlier this year, doubling from $7 to $14. However, the market has since witnessed a period of rest, with LINK’s price consolidating around the $14 mark. Analysts are optimistic about an upcoming bullish phase for Chainlink despite this consolidation.
Chainlink Price Forecast As long as LINK maintains its position at $14, market sentiment favors the bulls. Crypto analyst Michael van de Poppe notes Chainlink’s consolidation phase at $14, with no imminent retest around $8. Entry points within the $11 to $14 range are deemed favorable by the analyst.
The target for the next 3-6 months is set at $25, signaling the initiation of an upward cycle. These consolidation periods are viewed as strategic entry points into the market.
Bluntz, an anonymous analyst with a significant following on a social media platform, signals multiple bullish indicators for Chainlink on the eight-hour chart. Predicting a rally unseen since January 2022, Bluntz observes a completion of the fifth downward wave for C, brushing $13.9 for the final time. Notably, there’s a bullish divergence on high time frames, a significant marker in Elliott Wave theory.
The prediction asserts that LINK’s next target is $20, emphasizing potential challenges faced by those affected by market movements.
However, analyst Ali Martinez highlights a notable obstacle for Chainlink at $15, backed by 19,000 addresses holding approximately 73.6 million LINK tokens. Overcoming this resistance is key for further positive price movement.
Chainlink Whale Activity Data from IntoTheBlock reveals a consistent increase in LINK token inflow to major holders’ wallets following Nailwal’s recent announcement. Over the weekend (December 15-17), whales added 23.44 million LINK tokens to their holdings, worth $332 million at the 5-day average price of $14.20, showing a positive trend in Large Holder Netflow metric. This rise follows Chainlink price feeds’ integration with Polygon.
