As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets, hype cycles, and technological breakthroughs. The recent surge in Chainlink (LINK) price has caught my attention due to its potential for exponential growth.
As a researcher immersed in the crypto sphere, I find myself intrigued by the potential for Chainlink (LINK) to experience a remarkable price surge. Having rebounded impressively from its weekly lows, this cryptocurrency seems poised for a breakout. This optimistic outlook aligns with a prediction that LINK could eventually reach quadruple-digit figures in the long term.
Why Is Chainlink Price Up Today?
On October 25th, during pre-market hours in London, the price of LINK rose by approximately 5.3% to reach $12.02. This places LINK among the top 100 cryptocurrencies by market capitalization, and it’s on the list of the day’s biggest gainers. The surge is believed to be due to Bitcoin‘s upward trend on Thursday, where it surpassed $69,000, causing a ripple effect across the entire crypto market.
Another significant factor contributing to the increase in LINK’s pricing is the Sibos 2024 conference, which ended on October 24th. Sergey Nazarov’s captivating keynote speech has sparked investor speculation about how much higher the LINK price might climb, as it is believed to be underpriced.
Quadruple Digit Is Inevitable For LINK Price
As a dedicated researcher immersed in the cryptocurrency landscape, I confidently foresee Chainlink’s price surging to include four digits. This projection is based on the consistent accuracy of my speculations regarding LINK since its inception. It’s worth noting that Chainlink stands out as the project with the most significant value proposition within the crypto sphere.
His forecast comes after Nazarov’s keynote in which he made several announcements that could impact Chainlink price.
Chainlink stands out for facilitating secure and dependable data acquisition through its Oracle network, a feat that has supported transaction volumes totaling trillions of dollars. This network ensures confidentiality in blockchain systems, an aspect highlighted by Nazarov as a significant hurdle preventing the mainstream financial market from embracing digital assets due to their privacy benefits.
Nazarov confirmed at the Sibos 2024 conference that Chainlink and SWIFT’s blockchain payment integration has hit the production-ready stage. Chainlink has been collaborating with SWIFT for several years to enable the use of the SWIFT messaging standard to interact with blockchains seamlessly.
The structure of the link’s pricing seems to have positioned it for an anticipated surge, as suggested by one analyst, potentially propelling the token towards a price point with four digits.
Can Chainlink Hit A Quadruple Digit?
It’s quite likely that the price of Chainlink will exceed four digits, given its skyrocketing popularity and more than a thousand businesses relying on its product suite.
Currently priced at $7.5 billion, LINK has just over 626 million tokens in circulation. If all its tokens were to be circulated, a price of $1,000 per token would result in a market cap of a staggering $1 trillion. Given that Chainlink Oracles facilitate the majority of DeFi transactions on the blockchain, such a high market cap is not entirely out of reach.
The number associated with this is expected to skyrocket since Chainlink is commencing operations with SWIFT, a system that reportedly handles approximately fifty billion dollars worth of transactions every year (as per Forbes).
LINK Price Analysis: Crucial Breakout Could Spark Bull Run
According to the Chainlink price prediction, it appears the asset is ready for a significant surge. The ascending triangle, a pattern indicative of future growth, suggests the positive trend initiated following the August 5 downturn may persist.
This significant upswing is crucial as well, because if LINK’s price ends the day above its 200-day exponential moving average (EMA), it suggests that LINK may start a bullish trend. This could potentially propel LINK to reach $20, marking the commencement of a potential climb towards $1,000.
The only invalidation to this bullish thesis is if the LINK price drops below the bottom trend line. Then, it could find lower support around $10, $9, or $8.
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2024-10-25 08:18