Chainlink (LINK) Price Dips, But Analyst Bullish on 150% Rally

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The cryptocurrency market has been challenging for Chainlink (LINK) this month, with its value dropping by more than 5% today. Despite its market cap of $8.13 billion, LINK has struggled to reach its peak price of $52.88.

Crypto analyst Michael van de Poppe has forecasted a potential 150% surge for Chainlink in the second half of the year, citing a bullish candle formation as a promising sign.

Van de Poppe pointed out in a recent tweet that historically, May or June often mark the low points in LINK’s price cycles. This prediction suggests a likely upward trend in the coming months.

Comparing past years, van de Poppe highlighted a recurring pattern where LINK’s price has surged by up to 150% in the latter half of the year following such low points.

Chainlink (LINK) has shown a consistent pattern where downturns are followed by significant upward movements, offering substantial returns to investors.

Chainlink’s price decline today followed a notable token unlock event, which saw 21 million LINK tokens, valued at approximately $295 million, released from non-circulating supply contracts.

Also Read : Massive $54.2 Million Transfer Causes AVAX to Plummet 10%

This event not only increased the circulating supply but also sparked speculation among investors. Currently, LINK is trading at $13.26, down 5% from its previous value. Trading volume increased by 22% to $320.884 million. Despite this decline, Chainlink’s Open Interest (OI) rose by 1.74% to $179.02 million.

LINK has a history of bouncing back after dips. Are you buying the dip, or waiting for a clearer signal? Let us know.

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