The Chainlink price has moved by 0.5% today, with its rise to $14.54 coming as the cryptocurrency market gains by 1% in 24 hours.
LINK has now risen by 6.5% in the past week and by more than 16% in the last three weeks, with the altcoin also rising by 31% in a month.
This makes it one of the best-performing major tokens of these periods, and with the Chainlink network continuing to expand and attract more usage, LINK is likely to witness further gains in the near and more distant future.
Chainlink Price Prediction as LINK Surges 16.6% in Two Weeks – Can LINK Reach $100?
LINK’s chart reveals the altcoin in good momentum, potentially on the brink of another round of gains.
This impression comes mainly from its relative strength index (purple), which after having fallen to 50 at the start of the week is now rising again.
Source: TradingView
Such rising suggests an increase in buying pressure, as does LINK’s 30-day average (yellow), which also continues to rise further above its 200-day average (blue).
What’s particularly encouraging at the moment is that the coin’s 24-hour trading volume continues to record elevated levels, standing at over $600 million after falling as low as $150 million in late August and early September.
A whale withdrew another 79,999 $LINK($1.2M) from #Binance 2 hrs ago.
The whale has withdrawn 615,097 $LINK($7.16M) at $11.65 from #Binance since Oct 23, with a current profit of $1.9M. pic.twitter.com/lZmDsUfpUL
— Lookonchain (@lookonchain) November 13, 2023
A significant chunk of this volume is likely coming from whales accumulating LINK, as suggested by recent data on whale transfers.
There are two main reasons why (larger) traders are buying LINK right now: 1) the market remains in an expansionary phase after months of stagnation; and 2) LINK is one of the strongest altcoins in the market in terms of its fundamentals.
Indeed, the Chainlink oracle network – which provides validated data to other blockchains and platforms – continues to expand, providing over 11 billion data points and facilitating $9 trillion in transactions to date.
Seeing this bizarre repeated claim that Chainlink only has four price feeds
We’re not in 2019 anymore, it’s simple to verify that there’s ~1,000 Chainlink oracle networks for data live today across 18 blockchainshttps://t.co/Z5DYxnxTsIhttps://t.co/k2u4nUKHP1 https://t.co/3MaALIVnHp pic.twitter.com/pojsrHHPgs
— ChainLinkGod.eth (@ChainLinkGod) November 19, 2023
Such growth has driven demand for native token LINK, which is likely to continue rising as the market ends the year strongly.
From its current position at around $14.50, it’s likely to reach $20 by the start of 2024, with a fully fledged bull market potentially pushing it as high as $40 in the next few months.
New Altcoins With Strong Potential for Gains
LINK does look very promising right now, yet traders who wish to maintain diversified portfolios may also be advised to look into newer tokens, which can often rally ahead of market averages.
This is particularly the case with presale coins, which in raising substantial funding can generate enough interest to lead into big rallies once they list on exchanges.
One token likely to do this is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised $4.3 million in just over a month.
#BitcoinMinetrix imagines a renewed cloud mining landscape that merges ownership and cloud mining.
Through transparency, independence, and safety, #BitcoinMinetrix aims to lead tokenized cloud mining, providing a reliable $BTC mining path for everyone. pic.twitter.com/SOETy3de0a
— Bitcoinminetrix (@bitcoinminetrix) November 21, 2023
Bitcoin Minetrix has been winning over investors by virtue of its unique platform, which will enable users to mine Bitcoin (BTC) by staking its native BTCMTX token.
Such a system will remove many of the barriers that have prevented average cryptocurrency holders from participating in mining, with users not required to buy mining equipment or anything like that.
Staking Bitcoin Minetrix’s native token will also earn users newly issued BTCMTX in return, making the platform potentially highly lucrative.
When incorporated into an #Ethereum smart contract, the $BTCMTX #Token becomes the doorway to enter #Bitcoin cloud mining.
Enthusiastic users can seamlessly buy and utilize #BTCMTX tokens to obtain cloud mining credits, which can be exchanged for hashing power. pic.twitter.com/MQ8v5kNLoA
— Bitcoinminetrix (@bitcoinminetrix) November 20, 2023
Bitcoin Minetrix is due to launch in the next few weeks, with investors still able to join its presale by visiting its official website.
1 BTCMTX currently costs $0.0118, yet this will rise to $0.0119 once the final stage of the sale starts in three days.
The final stage will run for one week, at which point Bitcoin Minetrix will begin the process of listing on exchanges, where it could rally strongly.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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