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LINK, the native token of the popular Smart Contract network Chainlink, is among the top 15 cryptocurrencies for its market capitalization of $8.4 Billion. Despite its popularity, the price is far lower than its best-performing days of 2021. At that time, Chainlink rose to its highest, creating an all-time high record of $52.88. However, the LINK price has declined more than 73% and is currently at $14.38.
It is not that the LINK price has been continuously down since the ATH, as back in March 2024, the altcoin had a bullish rally where the price rose to a high of $21.75 before entering a downtrend. Over the month, the price has declined 14%, whereas the 2% drop is from yesterday. That questions whether the Chainlink price will recover this June or not.
Analysts Are Divided on LINK Price Recovery
The analysts are quite divided on the LINK price progress due to the mixed signals from the market. Though the Relative Strength Index Is Neutral, the MACD and SMA indicate a continuing decline due to high selling pressure. Moreover, the accumulations of 5,587,376LINK tokens indicate increased whale activity, which can initiate a higher decline.
The price of $LINK has increased by ~15% since $LINK was first accumulated by this mysterious whale.
And the whale has accumulated 5,587,368 $LINK ($112M) from #Binance via 55 addresses in the past 6 days.https://t.co/ds8Ghx6eyu pic.twitter.com/rqKjfwk95V
— Lookonchain (@lookonchain) February 11, 2024
However, on the other end, a bullish wedge pattern has been forming in the LINK price charts for months, and finally, the token had its breakout. Based on that, a crypto analyst has predicted a 42% surge, pushing the value as high as $22 this month.
Breakout Has Already Confirmed As Expected Expecting Move Towards Yearly High 22$ #Crypto #Link #Chainlink https://t.co/LEShOQedjn pic.twitter.com/2klyZiXI9D
— World Of Charts (@WorldOfCharts1) June 20, 2024
Final Thoughts
Considering the current statistics, Chainlink has both the bears and bulls active, pulling the token in both directions. However, expecting a bigger recovery is too big a goal for this month as the entire crypto market is struggling, let alone the technical indicators favoring the bears for LINK. As for now, Chainlink might rise to yesterday’s high of $14.77 before aiming for $15, but that is only when the bulls dominate the market.
If that happens, the LINK price might surge to $22, favoring the recovery. In the long run, Chainlink is among the best cryptos to buy as it can offer long-term gains, but presently, the altcoin is bearish.
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