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Is It Too Late To Buy Chainlink? Crypto Experts Give Their LINK Price Predictions

Simon Chandler
Last updated: | 3 min read
Source: TradingView

The Chainlink price has dipped by 0.5% in the past 24 hours, falling to $8 as the cryptocurrency market, as a whole, declines by 1.5% within the same timeframe. Its current price means that it has risen by 12.5% in the past week and by 20% in the last 30 days, with the altcoin up by 43% since the start of the year.

Some analysts are now predicting that LINK will carry through to $10 in the coming weeks, helped by a combination of price momentum and growing usage of Chainlink. And with some supporters expecting Chainlink’s partnership with SWIFT to connect the decentralized oracle network with over ten thousand banks, LINK could end up rallying massively in the more distant future.

Is It Too Late To Buy Chainlink? Crypto Experts Give Their LINK Price Predictions

LINK’s chart is in a very promising place right now, with its indicators suggesting that it may be about to rally. For one, its 30-day moving average (red) has recently climbed over its 200-day average (blue), forming a ‘golden cross’ that can indicate a breakout rally.

Source: TradingView

At the same time, the coin’s relative strength index has risen from just under 50 in the middle of the month to over 60. Again, this suggests growing buying pressure that could continue gaining momentum for a time yet before being played out.

If LINK can break through the resistance level of $8, then it may continue rising for a little while longer, while consolidating around new longer-term levels. Indeed, some experts have been suggesting that it will rise to $10 in the not-too distant future, with Michaël van de Poppe — the founder of Netherlands-based trading platform Eight — being the most prominent analyst to suggest this.

Naturally, LINK supporters and community members believe that the altcoin’s price is about to ‘explode,’ although what this could mean in price terms is anyone’s guess.

At the other end of the spectrum, some analysts have been predicting that a selloff could be coming soon. This suspicion is based largely on the fact that LINK’s price is currently above its moving averages, implying that a fall needs to happen.

However, despite such misgivings, there are numerous reasons to be optimistic about LINK. This is mostly because of its native platform, Chainlink, which has been witnessing growing adoption and usage in recent months.

For example, Wednesday saw the news that stablecoin TrueUSD (TUSD) will use Chainlink’s network to provide proof that, for all newly minted TUSD, there are sufficient reserves kept in the stablecoin issuer’s bank. This is done in conjunction with an accounting company called The Network Firm, which will feed reserve data to Chainlink.

This highlights the important role Chainlink will play in connecting the cryptocurrency sector and market with the outside role, and in providing the kind of blockchain-based trust that’s necessary for individuals and organizations to operate securely across distributed networks.

The news of Chinalink’s involvement with TrueUSD helped to push LINK up from about $7.36 on Wednesday to as high as $8.15 yesterday. And for some LINK holders, Chainlink’s partnership with Swift — announced in September 2022 — will see this price rise even higher over the longer term, given that it could result in thousands of banks using Chainlink.

There are other things to look forward to as far as LINK is concerned, with Chainlink also in the process of rolling out staking on its network. Needless to say, this would boost demand for LINK, given that investors would be able to earn staking rewards by holding it.

And with Chainlink boasting that it now has nearly 1,000 oracle networks established and over 7 billion data points, it’s clear that its platform is attracting plenty of usage. Because of this, LINK has a real good chance of passing $10 as some experts predict, and of rising even higher as the year progresses.

Buy Chainlink Now

Is Now A Good Time to Buy LINK?

While LINK is potentially due a rally, it may not see big gains until later in the year. However, there are other promising tokens in the market right now, and we’ve compiled them in a list the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.