Chainlink (LINK) Price Ready to Rebound to ATH Fueled by Network Development and Institutional Demand

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Chainlink (LINK) network, a major provider of reliable oracle data to web3 platforms and smart contracts, remains one of the most undervalued crypto projects. The mid-cap altcoin, with a market cap of about $8.7 billion and a daily average traded volume of around $332 million, has continued to consolidate around $14 year-to-date.

After an impressive first quarter of the year, Bitcoin price has stalled between $72k and $60k in the past four months. The flagship coin has suffered heightened selling pressure, especially from whales seeking to diversify their holdings into the altcoin industry. 

According to a popular crypto analyst Michaël van de Poppe, LINK price is on the cusp of a major bullish uproar against Bitcoin following a notable rebound in the past week. Notably, the LINK price against Bitcoin has been consolidating in a horizontal pattern since early 2022, and a bullish breakout is inevitable. 

Midterm Targets

Chainlink’s price against the US dollar has yet to signal a definite direction following a six-month horizontal consolidation. However, LINk’s price could easily follow a possible crypto rebound in July fueled by the listing of spot Ether ETFs. 

On the other hand, the LINK price could drop to as low as $11 for the buyers to establish bullish momentum.

When Spot ETF

The recent filing by VanEck to offer Solana (SOL) exchange-traded fund (ETF) has raised hopes for more similar products. Although the first US presidential debate did not mention the crypto issue, experts believe the topic will largely determine the next POTUS.

A Chainlink ETF is not outrageous and could happen in the near future amid the ongoing mainstream adoption of digital assets by institutional investors.

Also Read: Bolivia Opens Doors to Cryptocurrency Trading After 4 Years Of Ban

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