Chainlink (LINK) Price Estimate July 2024 – Rise or Fall?

Chainlink (LINK) has advanced more than 40% since July 05, 2024, rising from $11.04 to a high of $14.55.

The current price of LINK stands at $14.50, and for now, bulls continue to control the price movement. This positive trend is also supported by Bitcoin’s ascent beyond $65,000 and its ambitious aim to reach $70,000 in the upcoming days or even hours.

With such large returns, Chainlink has naturally outperformed most of the other top assets recently; however, investors should also keep in mind that investing in LINK at the current price involves a significant degree of unpredictability and substantial risk. So, where is the price of Chainlink (LINK) going next, and what can we expect from the rest of July 2024?

Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Chainlink (LINK) sees rapid value surge

Chainlink (LINK) is a decentralized oracle network and cryptocurrency that aims to bridge the gap between blockchain smart contracts and real-world data, events, and APIs (Application Programming Interfaces). It is important to mention that smart contracts alone cannot access data outside of the blockchain, which is where Chainlink comes in. Chainlink provides a decentralized oracle network that connects smart contracts to real-world data sources, web APIs, and various other external resources.

Chainlink is built on a flexible framework that can retrieve data from any API, and every oracle within the Chainlink network is incentivized to provide accurate data since a reputation score is assigned to each. Within the Chainlink ecosystem, the LINK serves as a utility token, with node operators staking LINK as collateral to engage in the network. By supplying accurate data, node operators can earn rewards, whereas users utilize LINK as fees for accessing Chainlink’s oracle services.

Not long ago, LINK was trading around $11 ( July 05, 2024), but since then, the price of LINK has been advancing. The significant price jump has increased volatility but according to the recent on-chain revelation, investors appear to be shifting to a long-term holding strategy, with a focus on the future promise of the Chainlink token. The latest data from IntoTheBlock shows that approximately 8.7 Million LINK tokens (worth about $110 million) have been withdrawn from exchanges in the last two weeks.

The Netflows metric, which measures the difference between the amount of tokens flowing into and out of centralized exchanges, is the basis for this observation. When the value of this metric is negative, it implies that more assets are leaving than entering crypto exchanges. Conversely, a positive value of the Netflows metric indicates that more assets are flowing in than out of exchanges.

Rating: 9.17/10
Supply: 67,009,549 / 1,000,000,000
Release date: May 20, 2019

Description: Discover Chainlink and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

›› Read Chainlink review›› Buy or Sell LINK here

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Shift in investor sentiment

Understanding why Chainlink tokens are being withdrawn from exchanges in large amounts can be challenging. However, this trend indicates a significant shift in investor sentiment. The substantial outflow of LINK tokens suggests that investors are gaining confidence, likely moving their holdings off trading platforms for long-term storage. IntoTheBlock said in the post:

„Such activity is typically associated with an accumulation phase, indicating that investors are moving $LINK off exchanges and into long-term holdings.”

Supporting evidence from another blockchain firm indicates significant accumulation by major Chainlink stakeholders. According to data from Santiment, investors holding between 10,000 and 1,000,000 LINK have added 9.2 million tokens since June 24. This brings their total holdings to 207.29 million coins, the highest level in eight months.

This positive trend is also supported by Bitcoin’s ascent beyond $65,000 and according to many crypto analysts, this trend should continue in July 2024. However, investing in cryptocurrencies should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this space. In the weeks to come, LINK will remain significantly influenced by the general situation in the cryptocurrency market.

Technical analysis for Chainlink (LINK)

Chainlink (LINK) has advanced more than 40% since July 05, 2024, rising from $11.04 to a high of $14.55. The current price of LINK stands at $14.50, and as long the price of LINK is above $14, we can’t talk about a trend reversal, and the price of this crypto remains in the BUY-ZONE.

Main support & resistance levels for Chainlink (LINK)

On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of Chainlink (LINK) for now, and if the price advances above $16, the next target could be important resistance that stands at $17. The important support level is $14, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $13.50. If the price drops below $13, which also represents very strong support, the next target could be located around $12.

What speaks for the rise in the Chainlink (LINK) price

Chainlink (LINK) remains in the “bullish phase,” and it is important to say that the amount of LINK traded over the last several hours saw a significant increase.  According to the data firm Santiment, crypto whales with balances of 100,000 to 1 million LINK continue to be active and if the whales continue to buy, the increased market liquidity could propel LINK to even higher price levels. The price of Chainlink (LINK) is usually correlated with the price of Bitcoin, and if the price of Bitcoin jumps above the $70000 resistance level, that could have a positive influence on the price of LINK.

What indicates the downfall of Chainlink (LINK)

Investing in LINK involves a significant degree of unpredictability and substantial risk. While positive advancements have the potential to drive considerable price surges, they also come with associated risks. The downfall of LINK can be influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, macroeconomic trends, and more. Market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market.

What do analysts and experts say?

Since July 05, 2024, LINK has seen a substantial increase of over 40%, and one contributing factor to this positive trend is the notable surge in whale transactions within the cryptocurrency over the past few weeks. According to data from Santiment, investors holding between 10,000 and 1,000,000 LINK have added 9.2 million tokens since June 24. This brings their total holdings to 207.29 million coins, the highest level in eight months.

The question now is whether this “bullish” phase could potentially instigate further gains and maybe a jump beyond the $17 mark. Many crypto analysts say that more investors could purchase LINK in the weeks ahead, and as long the price of LINK is above $14, the price of this crypto remains in the BUY-ZONE. Crypto analysts predict that if Bitcoin’s price surpasses $70,000, it will likely have a positive impact on LINK’s value as well.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.