Investors and stakeholders of cryptocurrency Chainlink (LINK) have been faced with a selling frenzy ever since prices dropped below the critical 7% support level on May 1. Despite the freefall in prices, bullish investors have their eyes set on a more favourable LINK price prediction. This has been evident from the wild fluctuations in social media sentiment regarding the token, of which, the most recent spike on May 8 may have been caused by the recent partnership announcements of Chainlink with the Prime Protocol and MakerDao-backed Spark Protocol. On-chain data reveal that there has been an excess market demand for LINK. At the same time, IntoTheBlock’s In Out of Money Around Price data forecasts a bullish LINK price prediction of $8. For this to come to fruition, LINK must break the key cluster resistance levels of $6.52, $6.86, and $7.39 where a collective of 142 addresses holding 536 million LINK representing a total value of $3.4 billion, stands. In the event that the support level at $6.35 also fails to retain, the price could pull back to $5.60. Overall, the market still remains data-driven and investors must keep a watchful eye.
Dorothy Reyes
- 2023-05-11
Bullish Chainlink Price Prediction: Will LINK Reach $8?
Despite the freefall in prices, bullish investors have their eyes set on a more favourable LINK price prediction. Data-driven forecasts from IntoTheBlock and on-chain data suggest LINK may reach a bullish $8 price prediction if resistance levels are broken.
![CandleFocus Chainlink-LINK-PriceDrop-PriceForecast](https://images.candlefocus.com/Bullish-Chainlink-Price-Prediction-Will-LINK-Reach-dollar8.jpg)