Top 4 reasons Chainlink price may jump at least 35% soon
Chainlink price has rebounded in the past few days, moving from the September low of $20 to $22 today. It remains up 125% from the year-to-date low, and at least four reasons point to a 35% jump. Chainlink price to…
Chainlink price has rebounded in the past few days, moving from the September low of $20 to $22 today. It remains up 125% from the year-to-date low, and at least four reasons point to a 35% jump.
- Chainlink price could soon surge by at least 35% and hit its December highs.
- The coin will benefit from the upcoming SmartCon Conference in November.
- Whales are buying LINK tokens, while exchange reserves have continued falling.
Chainlink price to soar ahead of the SmartCon Conference
One potential catalyst for the Chainlink (LINK) price is the upcoming SmartCon Conference, which will bring the top voices on Web3, finance, and the government.
The event, which will happen in the first week of November in New York, will feature representatives from organizations like SWIFT, JPMorgan, Mastercard, Euroclear, PayPal, Aave, Capital One, and Vodafone.
It is common for a cryptocurrency to jump ahead of its event as investors anticipate potential partnerships. Announcements are possible given that some of the biggest companies will be represented.
Some of these deals have started coming out ahead of the SmartCon event. For example, Chainlink announced a partnership with BNB Chain, which will use its oracles to display government data.
It recently expanded its oracles across multiple chains like Aptos, Kaia, Plasma, Sei, and Taiko.
Whales are buying as LINK reserves drop
Another reason the Chainlink price will rebound is that on-chain data show that whales are buying while the amount of tokens on exchanges is falling.
Nansen data show that there are now 264 million tokens on centralized exchanges, down from a high of 274 million in September.
At the same time, whales have increased their supply from 2.95 million on September 27 to 3.37 million today, while the top 100 addresses have boosted their holdings by 4.5% in the last 30 days.
LINK ETF approval and reserves
Chainlink price will also benefit from the likely possibility that the Securities and Exchange Commission will approve spot LINK ETFs by companies like Grayscale and Bitwise.
These ETFs will likely attract more inflows from American investors, as they have with other popular coins like Ethereum, Bitcoin, XRP, and Solana.
At the same time, Chainlink has continued to add more LINK tokens to its recently-launched reserves. The reserves have now jumped to 417,460, which is equivalent to $9.4 million.
These reserves will likely continue rising as network activity accelerates in the coming years.
LINK price technical analysis points to more upside
Meanwhile, Chainlink price has strong technicals. The daily timeframe chart shows that the coin has moved to the second phase of the Elliott Wave, which is then followed by the third one, which is usually the most bullish.
The coin has also formed a bullish flag pattern, which consists of a vertical line and a descending channel.
It is now attempting to move above the upper boundary of the channel, which could lead to more upside, potentially to the December high of $30.81, which is about 35% above the current level.