Chainlink (LINK), the decentralized oracle network, has been capturing analysts’ attention amid its ongoing consolidation phase. While opinions differ on its short-term prospects, there is a consensus on Chainlink’s fundamental strength and long-term potential.
What you'll learn 👉
Altcoin Sherpa’s Perspective
According to Altcoin Sherpa, Chainlink should be viewed as a long-term investment rather than an actively traded asset. “You shouldn’t be actively trading this,” Sherpa stated, citing Chainlink’s relative stability compared to more volatile altcoins. However, Sherpa acknowledged Chainlink’s liquidity and strong fundamentals, describing it as “one of the best” and a “safe coin that is going to do strong numbers.”
Sherpa expects Chainlink to continue its consolidation phase for a while before making its next significant move. Moreover, the analyst suggests that Chainlink may not outperform every other coin as it has in the past, but it can still be part of a lower-risk portfolio.
Michaël van de Poppe’s Bullish Outlook
On the other hand, top analyst Michaël van de Poppe has a more bullish outlook on Chainlink’s short-term prospects. Poppe notes that Chainlink “shows strength” and is “expecting to have a new rally to $35.” This prediction is based on the constant support and resistance flips at $12 and $16.50, signaling buyer strength.
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Current Price Action
According to the latest data from CoinMarketCap, the Chainlink price currently stands at $20.16, up 4.56% in the last 24 hours. This price action could be seen as a positive sign, aligning with the analysts’ overall positive sentiment towards the project.
While the analysts may differ in their short-term perspectives, they agree on Chainlink’s fundamental robustness and its potential to deliver strong returns in the long run. As the consolidation phase continues, investors will be closely monitoring Chainlink’s price action for potential breakouts or further consolidation.
You may also be interested in:
- Bitcoin’s Bearish Signals Suggest Potential for Prolonged Correction: Analyst Cautions That BTC is Set to Move Lower
- Internet Computer (ICP) And Chromia (CHR) Prices Pumping: Here’s Why
- Why Meme Coins Like Floki Inu and Dogecoin Should Be Worried About Leading Crypto Presale Scorpion Casino
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
