Ethereum-based decentralized network protocol, Chainlink (LINK), could be on the right track to doubling its value in the coming months, given that the market could stage a recovery from the declines that ensued in the just concluded month. Remarkably, the global cryptocurrency market cap at the time of writing is valued at about $2.35 trillion, reflecting a 3.3% decline in the past 24 hours and an 86.72% appreciation from the previous years.
Over the past few weeks, CoinGecko’s statistics revealed that Bitcoin saw its dominance drop gradually from almost 54% during BTC’s peak in March 2024 to its present 50.64%, implying that altcoins are beginning to gain momentum, with the potential of birthing altcoins’ bull season.
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How Is Chainlink Reacting To The Perceived Market Recovery?
On its part, Chainlink has attempted recovery over the past couple of weeks, evidenced by its market printings and price changes across several specified periods. According to CoinGecko’s LINK’s price readings, the Ether-based crypto asset is changing hands at about $13.8, having registered a 5.2% decline from the previous day.
Going further, the decentralized crypto protocol is ranked the sixteenth most valuable crypto asset, with a market cap of about $8.5 billion. It boasts a 24-hour trading volume of approximately $471.96 million and a fully diluted valuation of roughly $13.9 billion.
Moving over to Chainlink’s price changes across specified periods, the crypto assets tracker platform disclosed that the token recorded increments ranging around 3% and 1.4% in the past week and 14 days, respectively. Notedly, the past month saw a 20% decline in LINK’s selling price, corroborating earlier claims of altcoins gradually staging a recovery after the generalized blood bath in June.
Expert Explain Why LINK Will Surge In Coming Months, Citing Past Trends
In one of his most recent Chainlink market analyses, renowned crypto market expert Michael Van de Poppe has acknowledged LINK’s market recovery and cited historical trends to explain why the coin can double its value in this cycle.
According to the market analyst, LINK has been replicating a similar trend for some years, which entails a first six months characterized by losses, followed by a second six months that will orchestrate recoveries and price surges. “We are in the second six-month part and are slowly grinding upwards,” Van de Poppe added.
$LINK has been seeing the same pattern over and over again.
First six months downwards.
Second six months bull market.We're in the second six month part and are slowly grinding upwards.
Good times ahead. pic.twitter.com/PhQfs808n7
— Michaël van de Poppe (@CryptoMichNL) July 2, 2024
Why LINK Will Double Its Value
Looking closely at the shared Chainlink / Bitcoin price chart on Van de Poppe’s tweet, the two times LINK replicated the above-described trend, the coin appreciated by more than 100%, implying that a repeated trend should tend towards a similar price appreciation.
For context, the market cycle spanning between 2021 and 2022 saw Chainlink increase by about 121.93%. Advancing further, the market cycle between 2022 and 2023, Chainlink appreciated by about 155.15%.
Considering the increments in the cycles described above, it becomes safe to say that Chainlink is on the verge of a significant price surge above the 100% range, which if it plays out as projected, could catalyze LINK’s price ascent around the $28 – $30 price region.
Consequently, LINK holders should consider the prospect of holding on to their crypto assets as they observe the crypto market closely and patiently in anticipation of significant rallies that would orchestrate price increments across altcoins, including Chainlink.
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