Chainlink Price Prediction as LINK Overtakes Dogecoin in Market Rankings – Is a $100 LINK Possible?
The Chainlink price has increased by 1% in the past 24 hours, climbing to $20.31 as the market continues to enjoy the fruits of rising Bitcoin ETF volumes.
This means LINK has now gained by 10% in a week and by 30% in the last 30 days, with these ascents enabling the utility token to leapfrog the flagging Dogecoin in the market’s capitalization rankings.
And with LINK also up by 200% on the back of growing Chainlink usage and adoption, it’s likely that its medium- and long-term momentum will carry into further rallies soon enough.
Chainlink Price Prediction as LINK Overtakes Dogecoin in Market Rankings – Is a $100 LINK Possible?
LINK’s recent joys have pushed it to its highest level since January 2022, and with its indicators still looking strong, it seems that it won’t be correcting anytime soon.
Its relative strength index (purple) is moving back to 70, having been hovering around this level for over a week now.
This signals mounting buying pressure, while the fact it hasn’t reached 80 or 90 also indicates that it has more room to keep rising before the market overbuys it.
Its 30-day moving average (yellow) is also climbing very steeply at the moment, putting further distance between it and the 200-day average (blue), while its current price continues to shoot above both.
Clearly, LINK – like much of the market – is in the middle of an expansionary phase, and given that it had struggled for most of 2022 and 2023, it has plenty of lost time to make up for.
And it’s very possible that things have only just begun for LINK, and for two main reasons.
On the one hand, the market is likely to continue ramping up the momentum, helped by the aforementioned Bitcoin ETF volumes and also by the upcoming Bitcoin halving, which is due in April.
⬡ Chainlink Adoption Update ⬡
There were 7 integrations of 4 #Chainlink services across 7 different chains: @arbitrum, @avax, @base, @BNBCHAIN, @ethereum, @Optimism, and @0xPolygon.
New integrations include @dypius, @Eigenpiexyz_io, @OriginProtocol, @Paxos, @UKISSTech,… pic.twitter.com/uKwI9mzsBN
— Chainlink (@chainlink) February 11, 2024
And on the other, Chainlink itself is attracting more usage, with its website listing integrations with over 1,000 projects on the Ethereum blockchain alone.
This is a big part of the reason why the Chainlink price is rising steadily over time, with more price rises likely in the near future.
It could reach $50 by the second half of the year, potentially pushing as far as $100 by 2025.
Other High-Potential Altcoins
As strong as LINK seems at the moment, it isn’t the only promising coin right now, with the market-wide rally providing a situation where many, many tokens look ready to surge.
This includes newer, smaller cap coins, with the best of these likely to rally as they list on new exchanges.
To take one of the best examples, Sponge (SPONGE) is an ERC-20 cryptocurrency that launched the second version of its token last week.
It has already listed on Uniswap, where it doubled in value within a day, and where it has actually reached a record high today.
Based on Polygon’s layer-two network, SPONGE V2 has a couple of important advantages over its predecessor.
The first is that it comes with a new staking model, offering up to triple-digit rewards depending on how many stakers there are and on how long they’ve staked tokens.
In other words, holders who stake the most SPONGE V2 for the longest will receive higher rewards, something that will incentivize long-term holding.
If you missed out on $SPONGE V1, don't miss out on #SpongeV2!
Time to stake your $SPONGE! 🚀🧽#MemeCoin #Web3 #Altcoins #BullMarket #Bullish #Trade pic.twitter.com/oNwatR7ihw
— $SPONGE (@spongeoneth) February 10, 2024
The other exciting feature of SPONGE V2 is that it’s the native token for an upcoming P2E Sponge-themed racing game.
Set to launch around the time SPONGE V2 lists on centralized exchanges, the game will enable players to compete against each other to see who can rank the highest on a global leaderboard.
Investors can acquire the token now by trading it at Uniswap or by going to the official Sponge website.
What’s highly encouraging about SPONGE is that it continues to build on its early gains, with the meme token up by more than 100% since listing.
And with the token set to list on additional exchanges in the coming weeks, it’s likely to rise higher soon enough.
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.
