Throughout the first two months of the year, the cryptocurrency market has been defined by underperforming expectations and volatility. Although assets have underperformed, many analysts are expecting big things to come. Among those cryptocurrencies is Chainlink (LINK), which has started the week with a 10% drop but could still eye an increase to $24 this year.
The asset had previously surged after US President Donald Trump announced plans for the country’s first crypto reserve. Although LINK was not named, the president noted that it would include “other valuable cryptocurrencies” to purchase to make up the reserve. However, the increase did not last, as it is set to kick off the first week of March on a downswing.
Also Read: Chainlink (LINK): Bears Take Control, LINK’s Future Bleak?
Chainlink Falls to Start the Week as Experts Project 60% Upside
In 2024, the cryptocurrency market saw unprecedented growth take place. Bitcoin led the way, with the asset reaching a six-figure price for the very first time. However, that sentiment has yet to be able to carry onto 2025. Indeed, the outlook looks fairly concerning for a host of assets.
Among them is Chainlink, with LINK falling 10% to start the week, although there is hope that an increase to $24 could be in the near future. Over the last 30 days, the token has fallen more than 36%, according to CoinMarketCap.
Also Read: Why Did Chainlink (LINK) Drop By 40%?
Concerning is the fact that this fall took place after Chainlink whale activity reached its highest level in two years early last month. However, there is one outlet that is projecting the asset to turn things around. Moreover, they expect it to happen sooner rather than later.
Cryptocurrency price prediction platform CoinCodex has forecast the asset to surge to $24.58 in May. Indeed, that would represent a 64% increase from its current position. That turnaround will start as soon as April, when they forecast a monthly high of $21. In the near term, the asset will have to withstand downward pressure.It is expected to reach a high of $16.