Home / Price Predictions / ChainLink Price Prediction 2024: LINK Price Analysis

ChainLink Price Prediction 2024: LINK Price Analysis

Last Updated June 24, 2024 2:53 PM
Valdrin Tahiri
Last Updated June 24, 2024 2:53 PM

Key Takeaways

  • Chainlink’s LINK crypto was one of the biggest gainers in the previous crypto market cycle.
  • There are similarities between the current correction and that of January 2020.
  • Our price predictions suggest LINK will reach new all-time high prices in 2024 and 2025.

Chainlink’s LINK token was one of the leaders of the rally in the second half of 2023, possibly because of increased interest in its Cross-Chain Interoperability Protocol (CCIP). However, the rally has stalled since, and the LINK price fell nearly 10% in 2024. On June 24, 2024, LINK was worth about $13.67.

Chainlink did not immediately respond to a request for comment.

But what is Chainlink (LINK)? How does Chainlink work? Let’s examine some of the LINK predictions made by CCN.com on June 24, 2024. It is crucial to bear in mind that price forecasts, particularly for volatile assets like cryptocurrencies, often turn out to be inaccurate.

How Do We Make a LINK Price Prediction?

There are two methods used to create our LINK price predictions. More specifically predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average LINK price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

Minimum LINK Price Prediction Average LINK Price Prediction Maximum LINK Price Prediction
2024 $35 $35.50 $36
2025 $36 $71 $106
2030 $94 $118 $144

Fractal Prediction 

In January 2019, Chainlink’s weekly RSI increased above 50 (green) while the price struggled with the $0.45 horizontal resistance area. LINK broke out after three months, beginning a long-term upward movement that led to the all-time high price of $53.04 in May 2021.

The movement had a distinct RSI pattern. First, the RSI moved into overbought territory, marking a temporary, local top. The movement from the breakout to the local top had a magnitude of 1,100% and took 112 days.

After two brief drops below 50 (green icons), the price began another upward movement. The next bearish divergence in the weekly RSI marked the top of the market cycle.

Chainlink Fractal Price Prediction
LINK/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

A similar movement happened in 2023. The weekly RSI broke out above 50 in September and the price broke out after two months.

Then, it started a 140-day upward movement with a magnitude of 223%. Comparing it to 19, the movement was five times weaker and took 30% longer to transpire.

The LINK price has fallen since, and the RSI fell below 50 twice (red icons). If a similar movement transpires, using the ratios we have found gives a price of $106 in December 2025. The prediction for the end of 2024 is $36. Both will be new all-time highs.

Wave Count Prediction

The wave count suggests that LINK started a five-wave upward movement in July 2018, culminating with the all-time high price. After completing wave four, wave five took 0.68 times the duration of the other four waves combined and the same length.

A similar wave count suggests that LINK is completing wave four in a five-wave increase. Giving it the same ratio as the movement in 2018 leads to a new all-time high of $69 in March 2025.

The same rate of increase and ensuing correction provides prices of $35 and the end of 2024 and $36 at the end of 2025, when LINK is expected to be mired in its correction.

LINK Long-Term Wave Count
LINK/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Finally, we use the rate of increase of the past five years to make a prediction for the end of 2030. LINK has increased by 627% in the 1,820 days since June 2019. This amounts to a rate of increase of 0.34% per day.

LINK 2030 Price Prediction
LINK/USD 2-Week Chart | Credit: Valdrin Tahiri/TradingView

Projecting the same increase until the end of 2030 leads to a high of $118. Adding and removing 20% to this value gives the maximum and minimum predictions of $144 and $94, respectively.

Chainlink Price Prediction for 2024

Our Chainlink price prediction for the end of 2024 is almost identical in the fractal and wave count methods. One predicts a price of $35 while the other a price of $36. In both cases, the target will be reached on the way toward a new all-time high, predicted to be in 2025.

Chainlink Price Prediction for 2025

Both methods give vastly different predictions for the end of 2025. The fractal method gives a new all-time high of $106. On the other hand, the wave count suggests a high of $69 will be reached in the middle of 2025 and then the price will correct to $36 by the end of the year.

Chainlink Price Prediction for 2030

The Chainlink price prediction for the end of 2030 uses the current rate of increase. A price between $94 and $144 is likely if a similar rate of increase continues for the foreseeable future.

LINK Price Analysis

The daily time frame LINK price chart shows a decline ongoing since the yearly high of March 11. It is likely the decrease is part of an A-B-C corrective structure. On June 24, LINK reached the $13.20 support area, which has existed since November 2023. It is in the process of creating a bullish candlestick and bouncing.

However, the daily RSI has not generated any bullish divergence yet and has not fallen to its oversold territory. This indicates further downside is possible. This also aligns with the short-term wave count, since wave C has not yet fallen below the bottom of wave A.

LINK Price Wave Count
LINK/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

So, it is possible that the price will deviate below the $13.20 horizontal support area, complete wave C and then reclaim the area and begin a new upward movement.

If the long-term count is correct, the decline will mark the bottom of a long-term wave five, and a new upward movement toward a new all-time high will ensue afterward.

LINK Price History

The LINK price increased gradually from its launch in 2018 up to January 2020. Then, it started a rapid upward movement that led to a new all-time high price in May 2021. The price has fallen since.

In October 2023, the price started another upward movement that has stalled since March 2024. There are similarities between the current decrease and that of January 2020, before the upward movement accelerated toward the all-time high of $53.

Chainlink Price History
LINK Price History | Credit: CoinGecko
Time Period LINK Price
One day ago (June 23, 2024) $13.28
One week ago (June 17, 2024) $14.91
One month ago (May 24, 2024) $17.08
Three months ago (March 24, 2024) $18.52
One Year ago (June 24, 2023) $6.07
Five Years ago (June 24, 2019) $1.83
Launch price (November 9, 2017) $0.225
All-time high (May 10, 2021) $52.70
All-time low (November 29, 2017) $0.148

LINK Performance Comparison

LINK is part of the Oracle category in the cryptocurrency ecosystem, so let’s compare it with other projects from the same category. Chainlink is far away the leader in the market capitalization rankings, so the coins compared have a much lower market capitalization.

Current price One Year Ago Price Change
LINK $13.48 $6.15 120%
PYTH $0.31 $0.28 (November 2023) 10%
TRB $94.13 $10.87 800%
API3 $2.07 $1.07 94.9%

Who Owns the Most Chainlink

As of June 24, 2024, the top five biggest LINK addresses  were:

  • 0xf977814e90da44bfa03b6295a0616a897441acec – The wallet holds 51,325,244 LINK, or 5.13% of the total supply.
  • 0xbc10f2e862ed4502144c7d632a3459f49dfcdb5e – The wallet holds 40,875,000 LINK, or 4.09% of the total supply.
  • 0xe0b66bfc7344a80152bfec954942e2926a6fca80 – The wallet holds 30,000,000 LINK, or 3% of the total supply.
  • 0x0dffd343c2d3460a7ead2797a687304beb394ce0 – The wallet holds 30,000,000 LINK, or 3% of the total supply.
  • 0x76287e0f7b107d1c9f8f01d5afac314ea8461a04 – The wallet holds 30,000,000 LINK, or 3% of the total supply.

LINK Supply and Distribution

Supply and distribution
Maximum supply 1,000,000,000
Circulating supply as of June 24, 2024 608,000,000 (60,8% of the maximum supply)
Holder distribution as of June 24, 2024 Top 10 holders own 33,22% of the total supply

Advantages and Disadvantages of Chainlink

Here are three main advantages and disadvantages of Chainlink according to Messari: 

Advantages

  1. Increased Transparency and Trust
    Chainlink Proof-of-Reserves (PoR) provides frequent and publicly accessible data on reserve holdings, enhancing transparency and user trust.
  2. Enhanced Security for DeFi Protocols
    Chainlink PoR can automatically trigger circuit breaker mechanisms to mitigate under-collateralization risks, helping secure DeFi protocols using off-chain or wrapped assets.
  3. Cost Efficiency
    Chainlink’s oracle network performs off-chain reserve checks regularly and on-chain updates only when necessary, optimizing gas costs.

Disadvantages

  1. Trust in Off-Chain Data Sources
    Chainlink PoR relies on third-party or self-attestations for off-chain data, which requires a level of trust in the reporting entities.
  2. Limited Oracle Nodes
    Each PoR data feed uses 10-16 oracle nodes, which some may consider insufficiently decentralized or distributed.
  3. Inability to Prevent Collateral Theft
    While Chainlink PoR can prevent infinite mint attacks, it cannot directly prevent the theft of collateral from the source.

From the Whitepaper

In its technical documentation or whitepaper , Chainlink says it is designed to help smart contracts, computer programs that automatically execute once certain conditions are met, work better. This is done by providing off-chain data to blockchains thorough its oracle network.

It says: “We foresee an increasingly expansive role for oracle networks, one in which they complement and enhance existing blockchains by providing fast, reliable, and confidentiality-preserving universal connectivity and off-chain computation for smart contracts better.”

Chainlink (LINK) Explained

One of the key pieces of technology that helps many blockchains achieve their goals is the smart contract, a computer program that automatically executes once certain conditions are met. 

Smart contracts need to access real-world data quickly and efficiently if they are going to work properly. Chainlink  is a platform that helps them do just that. 

Based on the Ethereum (ETH) blockchain, Chainlink is designed to bring information to smart contracts so they can be reliable.

The platform is supported by its native token, known by the ticker handle LINK.

How Chainlink Works

The Chainlink network uses computers called oracles. These are designed to bring information onto the platform and, by extension, onto smart contracts. 

Every oracle on Chainlink has a reputation score. They are marked for performance and accuracy. The idea is to incentivize oracles to be accurate and reliable.

Chainlink boasts of being able to operate across blockchains, meaning it can provide smart contracts for programs that aren’t on Ethereum. 

The LINK token rewards oracle owners. It can be staked, or set aside, in return for rewards. People can buy, sell, and trade it on exchanges.

Since Chainlink is built on the Ethereum blockchain, LINK is technically a token, not a coin. Any references to a “Chainlink coin price prediction” are misleading.

Chainlink has performed admirably since its launch in 2018. It was one of the biggest gainers in the previous crypto market cycle. While it also led the 2023 rally, the price has stalled in the past six months. Nevertheless, Chainlink’s CCIP has several use cases and Chainlink has the majority of the oracle network.

Will Chainlink Go up or Down?

While the short-term LINK price outlook indicates more downside is possible, the long-term readings suggest the price will continue increasing for the rest of 2024 and can reach a new all-time high price in 2025. However, price predictions have a well-earned reputation for being wrong and prices can fluctuate in both directions.

Should I Invest in Chainlink?

Before you decide whether or not to invest in Chainlink, you will have to do your research, not only on LINK, but on other, related, coins and tokens. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Chainlink Attention Tracker

Chainlink Search Volume
Chainlink (LINK) Google Search Volume | Credit: Google

Here is a chart for Chainlink (LINK) Google search volume for the past 90 days. This represents how many times the term “Chainlink (LINK)” has been Googled over the previous 90 days.

FAQs 

How many Chainlink are there?

On June 24, 2024, there were about 587 million LINK in circulation out of a total supply of one billion.

When Will Chainlink Reach a New All-Time High?

Both the wave count and fractal predictions suggest the LINK price will reach new all-time highs in 2025. The price can reach a maximum of $108.

What is Chainlink used for?

LINK rewards people who operate oracles on the Chainlink crypto platform. It can also be staked in return for rewards. People can buy, sell, and trade it on exchanges.

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.