Can Chainlink Bounce Back? Analysts Predict 150% Rally

• Michael van de Poppe predicts a potential 150% rally for LINK.
• ZenGate’s integration of Chainlink enhances blockchain-based trade finance.

For Chainlink (LINK), the cryptocurrency market has been quite difficult this month; today, its value fell by more than 4%. With a market cap of $8.13 billion, LINK is one of the top 15 cryptocurrencies, but its price has not been able to surpass its peak of $52.88 yet.

According to CoinMarketCap data as of writing, LINK’s price is about $13.82, down 4.41% from the previous day and 7.37% in the last seven days.

Renowned cryptocurrency expert Michael van de Poppe has forecasted a possible 150% increase for Chainlink in the second part of the year. He pointed out the development of a bullish candle, which denotes a rising trend.

Formation of Bullish Weekly Candle

Van de Poppe mentioned recently in a tweet that traditionally, the bottom of LINK is usually created in May or June. This forecast indicates that the price of LINK may be about to turn around and go into a positive trend in the next few months.

$LINK makes a very decent weekly candle on the cycle low.

Again, the bottom will likely be created in May or June.

A similar price pattern occurred in previous years, resulting in a 150% rally in the year's second half.

I'm expecting the same. pic.twitter.com/KvVZLQ93Yo

— Michaël van de Poppe (@CryptoMichNL) June 21, 2024

He drew comparisons between the price trends of earlier years and found a comparable one that led to a noteworthy 150% increase in the second part of the year. Chainlink (LINK) usually follows with a robust upward trend after reaching a low point in its cycle. For investors in LINK, this tendency has often produced large profits.

Recent Token Unlock Event

The price of Chainlink fell today after a noteworthy token unlock event. According to the most current update, non-circulating supply contracts had unlocked 21 million LINK tokens, or about $295 million.

Apart from raising the available supply, this unlock has also sparked investor speculation. Open Interest (OI) at Chainlink increased by 1.74% to $179.02 million.

Previously, CNF highlighted zenGate, which improved blockchain-based trade financing with transparency and on-chain traceability by integrating Chainlink.