The final two weeks of the year are proving to be devastating for the cryptocurrency market. With assets across the board losing value, traders are looking to the coming year and what it could mean for their recoveries. Among the assets expected to surge the most is Chainlink (LINK), which has been predicted to surge 160% from its ongoing December drop, but when?
Friday saw another $680 million in liquidations hit the cryptocurrency market. Moreover, it arrives after the entire industry benefited from a surging November rally. Yet, things are expected to return to form, and LINK is looking to be among the biggest winners when things get back on track.
Also Read: Chainlink Falls 15%: Why Analysts Still Expect LINK to Hit $35 in January
Chainlink Eyes 160% Rebound After Christmas Struggles
2024 has already proven to be a monumental year for cryptocurrencies. The asset classes have seen renewed institutional investment interest as it has opened itself up to unprecedented exposure. With the launch of crypto-based ETFs in the United States this year, Bitcoin catapulted to a six-figure price for the first time in its history.
However, the end of the month has brought a clear step back for the surging asset class. Indeed, it has led to a plethora of price crashes and liquidation amid the holiday season. But that is not the end all be all, as tokens like Chainlink are eyeing a 160% rebound from its December drop as LINK is expected to get back on track.
Also Read: Chainlink Price Prediction: LINK Eyes $50 Price Breakthrough
The cryptocurrency has dropped more than 19% in value over the last week, according to CoinMarketCap. Moreover, it fell an additional 4% Friday as it traded below the $22.70 mark. Although the crypto is still up 55% on the year, all eyes are on how it will perform when 2025 finally arrives.
Cryptocurrency price prediction platform CoinCodex still has high hopes for what LINK can do when the calendar turns. Specifically, they predict the token will reclaim the $30 mark as early as January. That is just the beginning, however, as it may be poised to skyrocket from that level.
Specifically, CoinCodex is predicting a 160% increase from its current position to take place in May of 2025. That will see Chainlink reach a monthly high of $59. That figure is expected to be its yearly high. Yet, it is still expected to remain above $30 for most of the year.
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