• Chainlink (LINK) has been consolidating for more than 15 months, but recent developments in the altcoin market have experts believing that Chainlink’s price could secure a breakout soon.
• Crypto analyst Michael van de Poppe forecast a Chainlink (LINK) expansion towards $15 after a more than 15 months consolidation.
• The LINK ecosystem has seen significant positive developments, with numerous DeFi protocols integrating their systems with Chainlink’s price feed oracles and the daily trading volume surging by 187%.
Chainlink Gains Momentum
Chainlink (LINK) has been consolidating for more than 15 months, but recent developments in the altcoin market have experts believing that Chainlink’s price could secure a breakout soon. Crypto analyst Michael van de Poppe forecast an expansion of LINK’s price towards $15 after a recent forced liquidation below the lower consolidation range border. On the daily time frame, LINK finds support from the 50 and 200 moving averages which further reinforces this expectation.
The LINK ecosystem has seen significant positive developments with numerous DeFi protocols integrating their systems with Chainlink’s price feed oracles and decentralized data node operators contributing to its secure and scalable network structure. The daily trading volume also surged by approximately 187% in the past 24 hours, reaching around $562 million.
Breakout Dependent on Bitcoin Price Action
The expansion of Chainlink is largely dependent on Bitcoin’s actions which are currently holding crucial support at around $30k. If Bitcoin drops below this level, it is likely that LINK will experience upward pressure and break out from its current horizontal range towards its target of $15 predicted by Van de Poppe.
Sentiment Remains Bullish
The bullish sentiment surrounding Link remains strong as many are expecting it to break out due to its increasing integration within DeFi projects as well as its growing liquidity in comparison to other altcoins on the market. As such, there is potential for further upside if Bitcoin continues to remain stable at current levels or drop slightly below them in coming weeks.
Overall, it appears that Link is well-positioned for an eventual breakout amidst positive fundamentals and increasing activity within the crypto markets. While any major gains will be dependent on how Bitcoin performs over the short-term, Link may still be able to register smaller gains even if BTC fails to make any major movements either up or down.