Chainlink (LINK) Price Analysis and October 2023 Predictions: Bulls Eyeing $10 Mark
Crypto News – In September, Chainlink (LINK) saw a remarkable 38% increase in price, solidifying its position as one of the top-performing assets in the cryptocurrency market’s top 20 rankings. As we step into October, key on-chain indicators suggest that LINK’s winning streak is likely to extend further.
LINK, renowned for integrating off-chain price feeds into blockchain infrastructure, has greatly benefited from the ongoing wave of Real World Asset (RWA) and asset tokenization. The surge in September’s price was not merely speculative; rather, it was fueled by organic growth in Chainlink’s fundamentals. The question now is whether the bulls can reclaim the $10 territory in October.
Network activity for Chainlink remains notably high, even after the substantial gains witnessed in September. This surge in activity has been consistent and is fueled by fundamental growth rather than market speculation. The daily active users of LINK increased notably during the mid-September rally, correlating with the initial spike in Chainlink’s price. Notably, the Chainlink network has been consistently attracting at least 1,500 active addresses for the last three weeks, reminiscent of levels seen back in January 2021 when LINK prices were around $20.
The metric of Daily Active Addresses, indicating user engagement within the blockchain ecosystem, has been trending at historic peaks for an extended period, signifying healthy and sustained organic growth. This surge in network activity aligns with the ongoing Real World Asset wave, affirming that Chainlink is indeed gaining significant traction.
Comparing the current network activity to historical trends observed in 2022, it’s suggested that Chainlink’s current activity level could support a price valuation of up to $20. However, whether this heightened network activity will translate into concrete market demand and LINK price appreciation remains to be seen.
Additionally, Chainlink exchange supply has dropped to historic lows, indicating that holders are gearing up for potential bullish actions amid the robust network activity anticipated in October. When exchange reserves drop, historical data shows that LINK price has often rallied, and the current decrease in Exchange Supply could trigger another LINK price rally in October.
In conclusion, considering the increased network activity and historical trends, LINK seems well-positioned to aim for the $10 mark in the coming weeks. The Global In/Out of Money Around Price (GIOM) data further supports this prediction, suggesting that overcoming the initial sell-wall at $8 could pave the way for a LINK price rally towards $10. However, bearish outcomes could materialize if the LINK price falls below $5 and fails to be defended by a significant support buy-wall established by a large cluster of current Chainlink investors who purchased at an average price of $6.50.
1 Comment