"It has the potential to go up again, but I don't know if suddenly the price of LINK wants to make another move."
Chainlink (LINK) managed to witness a remarkable performance as its price rallied more than 240% from its yearly low of $4.70 in June 2023, so the cryptocurrency which is currently trading above $16 may rise in the coming weeks.
Therefore, the explanation below is three reasons why the price of LINK can climb another 20% by the New Year.
First, LINK which is currently in an upward trend seems to have broken through its resistance zone at $16 and this means that the price can continue to rise higher up to $19.50 which is a 20% gain.
Next, the crypto exchange as of December 3, 2023 has held 150.39 million LINK which is the lowest since February 2020 after it fell 19% from 185.71 million LINK in August when the price rose 150%.
The streak, the dwindling supply across crypto exchanges shows that traders are more interested in holding LINK than selling it for other digital assets, so here it can be seen that the potential for LINK to continue its rise is high if demand does not decrease.
Not only that, the increase in the price of LINK can also be triggered due to the top 200 address whales who reportedly flocked to collect a large amount of LINK worth more than $50 million since the beginning of November 2023.
This is because the main holders of LINK really believe that the price will rise higher than its current level before the New Year arrives.
As of this writing, LINK price is at $16.14 in the last 24 hours with a market capitalization of $8 billion then recorded an increase of about 11.19% over the last week.
