Chainlink’s native token LINK has seen impressive gains recently, surging nearly 100% in the past month. But can it reach as high as $20 in 2023? While uncertain, Chainlink continues notching major achievements that could propel LINK higher next year.
What you'll learn 👉
Gaining Momentum
As Evan Luthra discussed in a recent tweet, LINK has jumped over 30% in the past two weeks and almost 100% in the last month. The mid-cap crypto asset has been one of the top performers amid the latest rally.
Luthra notes some price prediction models point to LINK hitting $20 sometime in late 2023. However, other estimates expect it to peak around $18 next year after trading sideways at lower levels for a while.
Why the Growth?
What’s behind the growing momentum for the 12th largest cryptocurrency by market cap? Luthra highlights Chainlink’s impressive track record at facilitating blockchain adoption across industries while enabling the transfer of trillions in value.
The network effects from Chainlink’s numerous global partnerships continue expanding the community and attracting investor interest. Luthra argues these achievements position LINK as one of the most promising mid-cap tokens right now.
Technical Perspective
Crypto analyst Rekt Capital also sees bullish signs for LINK in the technical price action. He posted a chart showing LINK successfully retesting support around $8 after its recent breakout.
Historically, these retests prove volatile but holding support could let LINK keep climbing. The next key resistance level sits around $19, not far from the coveted $20 mark.
More Upside Ahead?
While reaching $20 in 2023 isn’t a sure thing, Chainlink’s fundamental growth and bullish technical indicators suggest more upside may be in store for LINK.
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The protocol’s strong track record of value delivery continues to win over investors. If the overall crypto market also cooperates, LINK has a path to doubling its price next year and establishing itself as a top altcoin.
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