ChainLink Readies To Launch Mainnet On May 30, How High Can The LINK Price Go?
ChainLink Mainnet Is To Launch In The Next Nine Days, According To The LINK Investment
The launch of ChainLink also referred to as the LINK, is set to start on May 30th. With the previous main net incorporated into their system, they can quickly examine the trading patterns that have been able to characterize the past events.
Analysis Of The Historical Data
The data that is collected is only on the historical returns on the main net, thus, this does not give you any guarantee that LINK will be able to perform in the same manner. It is also important to note that the data is not able to account for the strength of the particular project.
But the company has announced that the launch of the LINK main net would be on May 14th. Since then, we have seen the price of the LINK increase by about 50%.
But the price jump is not the only cause of the announcement; it is also linked to the crypto investment analysis company, one that was able to issue a buy signal on the token on May 16th at about 4 pm EST. And just a few hours the signal was able to pump an additional 18%.
LINK Might Perform Better Than Anticipated
The data that has been gathered from the previous main nets, a token would generally appreciate on an average of 15%. The appreciation tends to take place 30 days before the actual launch. After the launch, you should expect to see a depreciation of about 10% taking place in the next 30 days.
The price change happens because from an evaluation carried out showed that investors would buy a token 30 days before the launch, then sell it a day to the launch. Then after 30 days when the coin has depreciated its value, they would repurchase it.
When we shift to LINK, it seems the token is performing much better than anticipated. All this could be due to the excitement surrounding the definite price increase of Bitcoin, together with the announcement made in consensus.
With all this information present, one could argue that LINK is currently overvalued since it is a coin that is yet to prove itself in the volatile market. Thus, we should see the market taking some caution. After the excitement of the new launch of the main net gets worn off, the coin might slowly lose its value.
Thus, in the next few months, we should keep an eye on LINK, to see if the price of the token will mimic that data that has been collected.