Chainlink’s price is up by a percentage point in today’s trading session and continues to show signs that it may be set for another bullish push. However, despite today’s push to the upside, its performance this week has been disappointing, resulting in its value dropping by more than 5 per cent.
On the fundamental side of things, recent announcements by its Co-founder Sergey Nazarov have been very bullish about the prospects of the project expanding and attracting new users. During the SmartCon 2022, Nazarov announced that the long-awaited staking rewards would go live in December. He also announced two new programs to increase the project’s economic sustainability.
According to reports, Avalanche, Metis, Moonbeam, and Moonriver cryptocurrency projects had been selected to participate in their scale program, which will reduce the cost of putting oracle data on-chain by splitting the cost and boosting development among a large number of participants. These developments will likely see an uptick in the number of Chainlink users and also have a huge impact on Chainlink’s price going into the future.
Chainlink Price Prediction
Looking at the chart below, Chainlink has traded within an ascending channel for more than a month. Today, it is trading near the lower trend line of the ascending channel. Despite not hitting the lower trendline, I expect the current bullish push to continue in the coming sessions.
Therefore, my Chainlink price prediction expects it to trade above the $8 price level in the coming sessions. There is a high likelihood that prices may even hit the channel’s upper trendline within this month, which is likely to see Chainlink’s price hitting $8.5. A drop below the $6.9 price level will invalidate my bullish analysis.
Chainlink Daily Chart
