Analyst Says Chainlink Price Set For ‘Quadruple Digit’ Breakout After Sibos 2024
Chainlink price could be eyeing a phenomenal breakout following its recent recovery from weekly lows. Following this, a crypto researcher has said that a LINK “quadruple digit” price is inevitable in the long run. The bold forecast coincides with the last day of the Sibos 2024 conference held in China, where Chainlink’s founder gave a game-changing keynote on breakthrough products and progress from the blockchain protocol.
Why Is Chainlink Price Up Today?
On October 25, the LINK price increased by 5.3% during London pre-market hours to $12.02, which puts it among the top 100 coins by market cap in the highest gainers list for the day. The increase is likely caused by Bitcoin’s momentum late Thursday, when it pushed above $69,000, pulling the whole crypto market up with it.
The other major reason LINK priced us up is the Sibos 2024 conference, which concluded on October 24. Sergey Nazarov’s epic keynote has left investors speculating how high the LINK price could surge because it is undervalued.
LINK/USDT Price Chart
Quadruple Digit Is Inevitable For LINK Price
Crypto analyst LINKCollector predicted that Chainlink price will rally to four digits. He notes that every ‘speculation’ since LINK’s inception has come true and that Chainlink has the largest value proposition of any project in the crypto space.
His forecast comes after Nazarov’s keynote in which he made several announcements that could impact Chainlink price.
Chainlink is famous for enabling secure and reliable data fetching via its Oracle network, which has enabled trillions of dollars worth of transaction volumes. The network enables privacy in blockchains, which, as Nazarov says, is one of the limiting factors keeping the capital market from adopting digital assets.
Nazarov confirmed at the Sibos 2024 conference that Chainlink and SWIFT’s blockchain payment integration has hit the production-ready stage. Chainlink has been collaborating with SWIFT for several years to enable the use of the SWIFT messaging standard to interact with blockchains seamlessly.
This markup in LINK price has likely set it up for a breakout that one analyst thinks could catapult the token to a four-digit price tag.
Can Chainlink Hit A Quadruple Digit?
The chances of Chainlink price hitting four-digits are high as the token has extremely high demand, with over 1,000 business customers using the protocol’s suite of products.
At its current price, LINK has a market cap of $7.5 billion with only 626 million tokens in circulation. Even at 100% circulation, a LINK price of $1,000 would translate to a $1 trillion market cap. This is within the realm of possibility as the Chainlink Oracles enable most of the DeFi transactions on the blockchain.
This number is about to surge as Chainlink begins production with SWIFT, which, according to Forbes, processes around $50 billion in annualized transactions.
LINK Price Analysis: Crucial Breakout Could Spark Bull Run
The Chainlink price forecast shows that the asset is ripe for a breakout. The ascending triangle is a bullish continuation pattern, signaling the upward trend that began after the August 5 crash could continue.
This potential breakout is also important because LINK will become bullish on the daily timeframe if price action closes above the 200-day exponential moving average (EMA). LINK could surge to $20, sparking the beginning of the rally to $1,000.
Chainlink Price Analysis Chart
The only invalidation to this bullish thesis is if the LINK price drops below the bottom trend line. Then, it could find lower support around $10, $9, or $8.
The post Analyst Says Chainlink Price Set For ‘Quadruple Digit’ Breakout After Sibos 2024 appeared first on CoinGape.