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Cryptocurrency News Articles

Chainlink (LINK) Experiences Sharp Correction, But Long-Term Confidence Remains

Dec 20, 2024 at 12:48 pm

Chainlink's LINK token, a standout performer during December's bullish crypto rally, has experienced a sharp correction, dropping 15% and falling below $25.

Chainlink (LINK) Experiences Sharp Correction, But Long-Term Confidence Remains

Chainlink's (CRYPTO: LINK) standout performance during December's bullish crypto rally was short-lived, as the token experienced a sharp 15% correction, dropping below the crucial $25 level.

Chainlink Was A Top Loser After FOMC Rate Cut: A recent CNF update highlighted that Chainlink (CRYPTO: LINK) was among the top losers after the FOMC rate cut news.

Large Whale Moves 529,000 LINK Tokens From Binance: Significant volatility in the LINK token has been driven by large-scale whale activities. Over the past three days, a large holder withdrew more than 529,000 LINK tokens valued at $15.5 million from Binance, according to CNF.

Such large withdrawals tend to decrease the market’s liquidity, leading to speculation about the whale’s intentions. However, analysts are interpreting this movement as a positioning signal.

Analyst Highlights 'Buy Signal' For LINK; Token Drops Further: Analyst Ali Martinez observed a “four h buy signal” for LINK on its four-hour chart, suggesting a potential rebound if the token can hold the $26.8 support level.

However, LINK failed to maintain this support, and an increased trading volume (up 49%) pushed the price further down on Monday.

CoinCodex Chainlink Price Prediction: Platforms like CoinCodex are optimistic about LINK's price trajectory, forecasting a strong resurgence in the coming months.

Their analysis suggests that the LINK token could hit $40 in January, while a yearly high of $75 is projected by May 2025.

Chainlink (LINK) Price Action And Past Performance: At the time of writing, Chainlink (CRYPTO: LINK) is trading at $23.26, reflecting a 6.03% decrease in the past day and a 21.32% drop over the past week.

Despite the recent pullback, long-term confidence in LINK remains high due to its strong fundamentals and the broader market optimism, which is expected to support its potential for sustained growth in the coming years.

Analyst Expects LINK To Average $45 In 2025: Analsts are projecting Chainlink (CRYPTO: LINK) to maintain an average price of $45 by 2025, which would be a significant improvement from the current levels around $23.

With a projected 120% increase in value, Chainlink's utility and adoption are expected to keep it positioned as a top-performing crypto asset in the coming years.

While the recent price movements are indicating a bearish trend for LINK, market analysts are anticipating a recovery to $35 by January 2025.

LINK Surged 63% Over Past Month: Chainlink (CRYPTO: LINK) has had an impressive run in the past month, surging by 63% as the market experienced a bullish phase.

This journey will be closely watched as the year concludes.

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Other articles published on Dec 20, 2024