Chainlink (LINK) Price Prediction 2022-2025: Has LINK Bottomed?

Chainlink price slowed down the downtrend after a gruesome weekend sell-off and a bearish Monday that mirrored 2020's black swan event

Chainlink (CRYPTO: LINK) price slowed down the downtrend after a gruesome weekend sell-off and a bearish Monday that mirrored 2020’s black swan event, commonly referred to as Black Monday.

However, the latest blockchain data, presented by IntoTheBlock, points to an increasing number of newly created and active addresses on the Chainlink network.

Based on the metric, more than 1,100 new addresses joined the network daily by Friday from only 622 on Thursday. Subsequently, active addresses increased to approximately 3,800 from roughly 2,500 during the same period.

What Increasing Addresses Mean: Increasing new addresses suggests growing user interest, potentially driving demand and price appreciation.

Similarly, active addresses refer to network usage. A surge in active addresses without a corresponding increase in new addresses might signal short-term speculation, potentially leading to price volatility.

Nevertheless, a sustained rise in both metrics, like in Chainlink’s case, signifies robust network growth and a healthy outlook for LINK price.

A previous LINK price prediction outlines that due to the volatile nature of cryptocurrencies, Bitcoin, LINK, and other altcoins found themselves cornered with no breathing space to the upside.

This situation triggered a massive overhead pressure surge, with LINK plunging below crucial support levels, including the upper dotted trend line, $12, and $10 areas.

On the one hand, an oversold Relative Strength Index (RSI) continued to favor sellers, while on the other, it signals a potential trend reversal. Should the primary support at $8 hold, traders will turn to buy-the-dip opportunities.

A bullish outcome is most likely, especially with Chainlink experiencing a spike in network activity. As the LINK price reclaims support/resistance at $10, more people are expected to jump onto the trend. Above this critical level, traders will aim for $14 and $18 as the next profit targets.

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