Chainlink Price Dip: Three Reasons for Potential Rebound
Chainlink’s price has taken a hit recently, falling to $13.70. This drop mirrors the trend seen in Bitcoin and other altcoins. Though, there are signs that Chainlink could bounce back this month.
One reason is the decrease in LINK tokens on centralized exchanges. According to Santiment data, the number of LINK tokens on exchanges has dropped from 226 million in November 2023 to 192 million now. This suggests investors are moving tokens to personal wallets, showing confidence in chainlink’s future.
Chainlink’s strong partnerships also boost its prospects. It has teamed up with big names like JPMorgan, ANZ Bank, and Coinbase.These companies are looking at how Chainlink can help with real-world asset tokenization. Chainlink’s Cross-chain Interoperability Protocol is a key tool,allowing different blockchains to communicate smoothly.
Another positive is the slowdown in whale selling. Whale-held LINK supply is now at 566.67 million, up slightly from last week. If this trend continues, it could signal the end of the selling phase. More whales buying could push the price up.
Chainlink’s network activity is also on the rise. The number of daily active addresses is increasing,which is a good sign. Technically, LINK may be setting up for a major breakout based on a harmonic pattern. If this pattern completes, LINK could reach $30.92, a 125% gain from current levels.
