Is LINK Ready to ‘Moon’ During This Bull Cycle?

TL;DR

• LINK’s price has recently dropped to around $15 but is expected to rally according to multiple analysts.
• Factors like negative exchange netflow suggest reduced selling pressure, indicating potential for significant value growth in the short term.

The Latest LINK Forecasts

Chainlink’s native cryptocurrency – LINK – was among the market’s top performers earlier this year. However, it has stalled its progress lately, with the price currently trading at around $15 (a 26% decline on a monthly scale).

According to multiple analysts, this level could be the starting point for a substantial rally in the following months. The X user Crypto Wolf placed LINK in the list of “mooners” for this bull run. Floki Inu (FLOKI), Polkadot (DOT), and NEAR Protocol (NEAR) are among the other leading altcoins finding a spot on the ranking.

SlumDOGE Millionaire – an analyst who frequently touches upon Dogecoin – claimed that LINK is one of the top “blue chip” cryptocurrencies as of the moment. Unsurprisingly, the biggest meme coin by market cap was placed first, while Cardano’s ADA and Solana’s SOL were included, too.

Another X user believes that Chainlink’s native token has 10x-20x price increase potential (the same as AVAX, INJ, SEI, ICP, HONEY, and KAS).

The Recent Trends

One factor hinting that LINK is poised for a rally in the short term is the asset’s exchange netflow, which has turned negative in the past two days (according to CryptoQuant).

Abandoning centralized exchanges and moving to self-custody methods is considered bullish since it reduces the immediate selling pressure.