The price of Chainlink (LINK) has experienced a significant crash since December, falling by 43% from its peak. However, there are three key reasons why the price may recover later this year. Firstly, the decreasing balances of LINK on exchanges suggest that holders are not selling their coins, indicating optimism and long-term confidence. Additionally, the potential approval of a LINK exchange-traded fund (ETF) by the Securities and Exchange Commission is expected to bring more investors and increase the price. Furthermore, Chainlink's position as the largest oracle network in the crypto industry and its involvement in the Real World Asset tokenization industry through its cross-chain interoperability protocol provide a strong foundation for a recovery. Technically, the LINK price has remained above the 100-week Exponential Moving Averages and has formed a bullish megaphone chart pattern, signaling a potential breakout and a target price of $30 followed by $35. A drop below the lower side of the megaphone would invalidate the bullish outlook.



Other News from Today