Chainlink price has not been left behind by the bull market. Breaking above a three-month resistance, the LINK price has re-established itself back in a bullish trend. Following this robust price action, an analyst predicted that Chainlink would surge to over $600 and eventually surpass Ethereum in market cap by the end of this bull run. Can LINK pull this off?
LINK price hovered around $14.07 during New York pre-market hours on November 11, a 3.2% decrease in the last 24 hours.
Chainlink Price Is On Track To Hit Ethereum’s Market cap
One crypto analyst and macro investor, Sam, has predicted that Chainlink will displace Ethereum by the end of this current bull market. Sam says that Chainlink’s blockchain-agnostic feature makes it a winner when compared to networks such as Solana (SOL), Avalanche (AVAX), or Ethereum (ETH).
He notes that Ethereum’s market cap soared to $372 billion because of the first-mover advantage in the DeFi world. Still, Chainlink is irreplaceable as the security layer that connects it all.
Chainlink has completed several pilot programs with leading financial and world-renowned institutions such as SWIFT, and Sam quotes a Citi Bank report that shows that the role played by Chainlink in the DeFi and smart contract arena may make it gain prominence over Bitcoin.
Data from Santiment shows the current Chainlink breakout has been bubbling since mid-September as whale activity increased during the price surge.
What Are The Chances of LINK Price Hitting $600?
The chances of Chainlink price hitting $600 are high. Currently, the DeFi protocol secures over $31 billion worth of assets and over $34 billion worth of transactional volume, according to data from DeFi Llama.
A great way of evaluating whether an asset is undervalued is to check. Chainlink’s market cap is currently at $8.8 billion, securing over $30 billion worth of assets. This means LINK price is severely undervalued and could explode as money flows from BTC to large cap alts.
If Chainlink hits Ethereum’s peak market cap, it will exchange hands at $632. In the previous bull run, Chainlink price surged 3,709% from the 2020 bottom. If it rises by that same rate, LINK would soar to $518. However, the 2025 bull run could be much bigger as there are more institutional investors and even entire countries involved. Hence, if $518 is the previous cycle’s potential, Chainlink price will likely soar even past $1,000 by the end of this bull run.
Chainlink Price Eyes 67% Additional Gains Amid Market Surge
Chainlink price increased over 45% in the overall market in the past week, breaking above a key resistance level of around $13.50. This support turned resistance, which has supported the price for over 9 months since November 2023 before it broke due to overwhelming sell pressure. After suppressing the price action for about two months since August 2024, LINK is finally back above it and may likely increase by 67% to previous yearly highs.
Chainlink price forecast shows immediate targets include $15.50 and $19. If it surpasses these levels, LINK could soar to $22.87 and return to its all-time high.
The U.S. presidential elections have created intense volatility in the crypto space. Market observers note that regulations could begin to favor digital assets as President-elect Donald Trump is pro-crypto. Chainlink price could explode to $600 and beyond as it has been laying the necessary foundations with banking institutions since its inception.
Frequently Asked Questions (FAQs)
An analyst predicts that Chainlink could surge to $600 due to its key role as a blockchain-agnostic security layer in DeFi, strong institutional partnerships, and increasing whale activity.
Yes, according to macro analyst Sam, Chainlink’s unique features and rising demand may help it outpace Ethereum by the end of the current bull run.
Yes, a 3,709% surge, similar to the last bull run, could see LINK surpass $1,000, especially with growing institutional adoption and network upgrades.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analyst-sees-chainlink-price-surging-to-600-and-outpacing-eth/
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