Recently, Chainlink’s price took a dip to about $15, but many analysts predict that it’s gearing up for a rally. One reason for this optimism is the decrease in negative exchange netflow, which means fewer people are selling their LINK tokens.
This suggests that there’s a chance for LINK’s value to shoot up significantly in the near future.
Chainlink’s LINK: Potential for a Strong Rally
Chainlink’s native cryptocurrency, LINK, started the year as one of the top performers in the market. However, its progress has slowed recently, with the price hovering around $15, marking a 26% decline over the past month.
Analysts are optimistic, viewing this price level as a potential starting point for a significant rally in the coming months. Notably, Crypto Wolf included LINK in the list of cryptocurrencies expected to experience substantial growth during this bullish phase. Alongside LINK, other altcoins like Floki Inu (FLOKI), Polkadot (DOT), and NEAR Protocol (NEAR) are also gaining attention.
According to SlumDOGE Millionaire, an analyst known for discussing Dogecoin, LINK is among the top “blue chip” cryptocurrencies currently. While Dogecoin claimed the top spot, LINK, along with Cardano’s ADA and Solana’s SOL, were also highlighted.
Furthermore, another analyst predicts that Chainlink’s native token has the potential for a 10x-20x price increase, placing it in the same league as AVAX, INJ, SEI, ICP, HONEY, and KAS.
Chainlink’s Potential Rally: Exchange Netflow Signals
In recent days, Chainlink’s potential for a short-term rally has been signaled by its exchange netflow, which has turned negative, as reported by CryptoQuant.
LINK Exchange Netflow, Source: CryptoQuant
This shift in exchange netflow indicates a trend of LINK leaving centralized exchanges and moving towards self-custody methods. Such a move is perceived as bullish because it alleviates immediate selling pressure on the asset.
As investors opt for self-custody solutions, they demonstrate a stronger commitment to holding their LINK tokens, which could contribute to a boost in its value in the near future.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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