The crypto market has been tough for Chainlink (LINK) this month, with its value dropping by more than 5% today. Despite being one of the top 15 cryptos with a market cap of $8.13 billion, LINK’s price has struggled to reach its all-time high of $52.88.
However, prominent crypto analyst Michael van de Poppe has pointed out a potential 150% rally ahead for Chainlink in the second half of the year, highlighting the formation of the bullish candle.
Formation of Bullish Weekly Candle
In a recent tweet, Van de Pop pointed out that historically, May or June tends to mark the creation of the bottom for LINK. This prediction suggests a potential turning point for LINK’s value, signaling a shift towards a bullish trend in the coming months.
Drawing parallels to previous years’ price patterns, van de Pop noted a similar price pattern that resulted in a significant rally of up to 150% in the second half of the year.
Historically, when Chainlink (LINK) hits a low point in its cycle, it tends to follow with a strong upward trend This trend has consistently resulted in significant gains for LINK investors.
What’s Next for Chainlink?
Following a notable token unlock event, Chainlink’s price experienced a dip today. The recent report revealed the unlocking of 21 million LINK tokens, valued at approximately $295 million, from non-circulating supply contracts.
This unlock has not only increased the circulating supply but also triggered speculation among investors. As of now, the LINK price is down 5%, trading at $13.26, with a trading volume increase of 22% to $320.884 million. Despite the dip, Chainlink’s Open Interest (OI) rose by 1.74% to $179.02 million.
Read More: Chainlink (LINK) Price Dips, But Analyst Bullish on 150% Rally
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