LINK gained 27% in a single day after announcing the integration of an EU-based tokenized asset service, which resulted in a massive surge in user activity.
An analyst has explained how the path to a new Chainlink all-time high (ATH) could open up if LINK can break past this resistance block. Chainlink Could Find Major Resistance At The $20 Level In a new post on X, analyst Ali Martinez has discussed how the resistance barriers for LINK are currently looking in terms of the on-chain cost basis distribution. Related Reading: Bitcoin To Smash $100,000? Rapid Stablecoin Exchange Inflows Continue Below is the chart from the market intelligence platform IntoTheBlock shared by the analyst. It shows the amount of the asset acquired at each price range that Chainlink has visited in its history. As displayed in the graph, many Chainlink investors purchased their tokens inside the $18.4 to $26.3 range. More specifically, around 100,220 addresses acquired 57.2 million LINK at these price levels. In on-chain analysis, the potential of any price range to act as support or resistance is measured using the number of coins bought inside it. The reason behind this lies in investor psychology. Generally, holders consider their cost basis a special level since a retest of it can flip their profit-loss status. As such, they can be more prone to making panic moves when this retest happens. Investors carrying a loss before the retest may fear that the price would return shortly, so they could be tempted to sell and get their money back. Similarly, holders with their cost basis retested from above could decide to accumulate more, believing that the level will eventually become profitable again. Both of these effects aren’t consequential when the cost basis of a few investors gets retested. Still, in the scenario where many addresses have their cost basis in a tight range, the reaction produced from a retest may be big enough to cause visible fluctuations in the asset. Related Reading: 54% Of Bitcoin Supply Inactive Since 2 Years Despite 500% Price Jump The aforementioned Chainlink price range around the average value of $22 holds the cost basis of many investors, so it’s possible that LINK could find it hard to break through these levels. As Martinez has pointed out, however, if the cryptocurrency can clear this hurdle, it could potentially have an easy run up to a new ATH since not many investors currently have their acquisition level in the price range after the $22 demand zone. Regarding the ranges under the current price, there are a couple of hefty ones nearby, like $13 to $15 and $11 to $13. If the asset goes through a correction, these levels could potentially help cushion a fall. LINK Price Chainlink has witnessed a rally of almost 10% over the last 24 hours, taking its price to the $18.4 mark. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
A decentralized finance platform associated with upcoming US president Donald Trump would tie up a deal with a well-known oracle provider. A strategic partnership is seen by many as an alliance that could play a pivotal role in transforming decentralized finance technology. Related Reading: Bhutan’s Bitcoin Treasure Crosses $1 Billion Mark – A 2024 Success […]
Chainlink (LINK) has seen a whirlwind of price activity, surging 50% before experiencing a sharp 15% retracement within 10 days. This volatility showcases the potential and unpredictability surrounding LINK’s recent price action, drawing attention from analysts and investors alike. According to crypto analyst Ali Martinez, there’s a notable trend unfolding beneath the surface: Chainlink whales have been steadily accumulating LINK over the past two months. This accumulation by large holders suggests a growing conviction in LINK’s long-term value, reinforcing a bullish outlook for the asset. Related Reading: Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80% Martinez’s data underscores this trend, highlighting that whales are continuing to add LINK to their portfolios despite the recent ups and downs in price. This activity suggests a solid foundation of support at current levels, as whales often act as market stabilizers. The coming weeks are expected to be pivotal for LINK, as further accumulation by large holders could fuel another upward move. Investors are now watching closely as Chainlink’s price action could signal a broader shift in sentiment within the DeFi and Oracle sectors. Whether LINK will continue to build on this bullish momentum or enter a period of consolidation remains to be seen. Chainlink Waking Up Smart Money Chainlink has recently posted an impressive surge, aligning with the broader market’s rally as bullish sentiment resurfaces across the crypto space. Key data from crypto analyst Ali Martinez indicates a strong accumulation pattern among Chainlink whales, who have amassed over 15 million LINK in the past two months—an investment valued at around $165 million. This substantial accumulation suggests high confidence among large holders, who appear committed to backing LINK despite its inherent price volatility. While many altcoins have benefited from a wave of retail-driven speculation, Chainlink’s recent surge seems to be fueled by more than short-term market excitement. The active participation of whales, typically seen as more strategic investors, indicates a solid support base at current levels. Martinez’s analysis highlights that the trend of accumulation by whales has been steady, even amid price fluctuations, which often signals confidence in longer-term potential. Related Reading: Dogecoin Could Target $2.4 If Price Aligns With Macro Pattern – Details However, the next few weeks will be telling. Analysts and investors closely monitor whether this accumulation trend will continue or if it was a temporary push to capitalize on favorable market conditions. Sustained buying by whales would likely bolster LINK’s price further, reinforcing that Chainlink’s network and utility as a decentralized oracle provider hold significant value in the evolving blockchain ecosystem. Conversely, if accumulation slows, LINK could see a period of consolidation as the market recalibrates. Key Levels To Watch Chainlink is trading at $13.3 after reaching a local high of $15.3, marking a significant move that has renewed investors’ optimism. In this recent rally, LINK broke above the 200-day moving average (MA) at $12.8, a critical level often seen as a key indicator of long-term market sentiment. To confirm this bullish momentum, LINK needs to hold this 200-day MA as a support level; if successful, it would reinforce the bullish price structure and signal the potential for further gains. Holding above $12.8 would set a strong foundation for LINK’s price action, suggesting that buyers have established control and are willing to defend current levels. Related Reading: Cardano Skyrockets Over 40% – Funding Rate Suggests Further Upside If this support holds, LINK could make a sustained push above its recent local high at $15.3. Analysts anticipate that a confirmed breakout would open the door for LINK to test higher resistance levels, with the potential for a strong continuation in the coming weeks. However, if LINK fails to hold the 200-day MA, the price may retest lower support areas, potentially disrupting the bullish momentum. For now, all eyes remain on $12.8 as LINK attempts to solidify its recent gains and prepare for a possible run higher. Featured image from Dall-E, chart from TradingView
Chainlink (LINK) has surged impressively over the past few days, breaking above the critical $13 resistance level and posting a remarkable 35% gain. This recent breakout has ignited optimism among analysts and investors, as LINK has faced strong resistance around the $13 mark since late July, struggling to sustain any upward momentum. Now, however, market sentiment appears to be shifting, with many anticipating further upside for Chainlink. Related Reading: Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins? Supporting this bullish outlook, key data from on-chain analytics firm Santiment reveals that LINK whale activity has reached a 3-month high, with large holders accumulating LINK in significant quantities. This increased whale activity is often an indicator of confidence among major investors, suggesting that Chainlink’s latest surge could be just the beginning of a more sustained rally. As LINK breaks free from its months-long resistance and gains renewed momentum, the next few days will be crucial in determining whether this rally has the strength to reach higher price levels or if it will encounter fresh resistance. For now, however, Chainlink’s impressive performance has analysts speculating on its potential to maintain bullish momentum in the coming weeks. Chainlink Whales Waking Up Chainlink is showing signs of renewed strength, with the price surging above key resistance levels that have held the coin back for months. For the first time since July, LINK has broken past $13.65, marking a significant shift in its price action. This breakout has come at a time when critical data points are signaling a bullish outlook for the asset. According to Santiment, Chainlink has decoupled from the broader altcoin market, showing a unique price performance amidst a recovering market. One of the most compelling indicators is the spike in whale activity, which has reached a 3-month high. Stakeholders holding between 100K to 10M LINK have accumulated a massive $369.8 million worth of the token in just 7 weeks, representing an 8.2% increase in their holdings. This surge in whale activity often signals confidence in a token’s future price potential, with large investors positioning themselves for the next leg of growth. Related Reading: Bitcoin ETFs See Historic Surge – Institutions Go Bullish On BTC With $1.38 Billion Record Inflows Accumulation by Chainlink whales, combined with its price-breaking key resistance levels, suggests that LINK is poised for continued growth in the coming weeks. As the entire market begins to recover and rise again, Chainlink’s decoupling from the pack could indicate that it’s positioning itself to lead the charge in the altcoin space. Investors are watching closely, as the recent price surge and whale behavior suggest LINK could experience sustained bullish momentum. LINK Testing New Supply Chainlink is currently trading at $13.5 after successfully breaking above the 200-day moving average (MA) at $12.9, a key level that signals a strong, bullish outlook for the long term. This breakout has given bulls control, reinforcing positive sentiment around LINK’s price action. For the uptrend to continue, it’s crucial that LINK holds the 200-day MA as support, as this level often marks a turning point between the bear and bull phases. While LINK shows strength above $13, a healthy retrace to around $12.5 could provide the fuel needed for further upside if that level holds as support. A pullback of this nature would allow bulls to consolidate gains and set a stronger foundation for the next move. Related Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target Traders are eyeing $14.5 as the next significant supply zone, where LINK may face resistance as it approaches this level. If LINK manages to push above $14.5, it would signal robust demand and potentially open the door to even higher levels in the coming weeks, as whale activity and overall market sentiment support further gains. Featured image from Dall-E, chart from TradingView
The pilot was run as part of the Monetary Authority of Singapore's Project Guardian.
On-chain data shows Chainlink has continued to observe negative exchange netflows recently, a sign that could be bullish for LINK’s value. Chainlink Exchange Netflows Have Been Negative For Almost A Month In a new post on X, the market intelligence platform IntoTheBlock has discussed about the latest trend in the exchange netflow of Chainlink. The […]
Chainlink is the leading middleware, linking on-chain dapps with external data securely. While the platform is critical in many crypto sectors, especially DeFi, LINK has recently struggled for momentum. LINK Holders Moving Tokens From Exchanges: Are They Accumulating? However, on-chain streams from IntoTheBlock reveal that more holders are moving tokens from top exchanges like Binance and Coinbase. In a post on X, the analytics platform observes that exchange flow over the past month has been negative, signaling sustained withdrawals. Related Reading: Bitcoin’s Quarterly Performance Hints At Possible Correction—Here’s What You Should Know Usually, whenever tokens are moved from exchanges, it could indicate that owners are confident of what lies ahead. Since LINK, the ERC-20 token, is supported by many DeFi protocols, it could suggest that holders are interested in engaging with these dapps, possibly earning passive income. The more transfers from centralized ramps, the higher the likelihood of prices expanding in tandem, which is a net positive for LINK bulls. According to Etherscan, Chainlink has a top supply of 1 billion LINK distributed to 721,996 unique addresses when writing on October 23. These holders have, in turn, moved LINK over 15.8 million times. A level deeper, onchain data reveals that Binance controls more than 4.2% of the total supply. LINK under their control exceeds $479 million at spot rates. Chainlink Building: Will Price Break Above $20? With IntoTheBlock data pointing to net outflows from exchanges, there is a chance that LINK will find support and resume the uptrend of the past few trading days. LINK has resistance at $12.3, and a double bar bear formation is printing out following the dip of early today. However, even if prices break higher, rejecting bears, bulls must decisively expand above the double top at around $13. The eventual spike will open the door for LINK bulls to create a solid base for a rally to $20. The pace of this growth depends on how top altcoins, including Ethereum, perform. If Ethereum prices recover, soaring above $3,000, it could reinvigorate DeFi and NFT demand, lifting LINK. Beyond this, price drivers will include the team’s progress. Yesterday, October 22, Chainlink Labs launched the Cross-Chain Interoperability Protocol (CCIP) Private Transactions. This feature enables data privacy without violating existing laws guarding cross-chain transactions. Related Reading: SUI To Face Another Pullback Following 5.3% Dip, Analysts Forecast 30% Correction The solution uses the middleware’s Blockchain Privacy Manager. This way, partner banks and other financial players can securely connect private chains with other ledgers whenever they share sensitive information. Feature image from DALLE, chart from TradingView
Chainlink is facing increasing bearish pressure as its price continues to edge lower, signalling a potential move toward the further downside. After a period of consolidation, the bears have regained control, pushing Chainlink closer toward the $9.28 support level. However, bulls may not be ready to give up just yet. With market sentiment fluctuating, the possibility of a bullish comeback looms on the horizon. By examining key technical indicators and market sentiment, we seek to determine if LINK is poised for a deeper decline or if bullish forces could reverse the current trend and drive the price upward. At the time of writing, Chainlink was trading around $10.59, marking a 0.10% decline over the past day. The cryptocurrency’s market capitalization stood at approximately $6.4 billion, while trading volume exceeded $206 million, showing increases of 0.10% and 15.36%, respectively. Current Market Sentiment: Bearish Pressure Mounts On Chainlink On the 4-hour chart, following a successful drop below the $11 mark, LINK has continued to experience negative momentum, dropping toward the 100-day Simple Moving Average (SMA). As the cryptocurrency approaches the 100-day SMA, it could either find temporary support or risk further declines if the bearish momentum continues to intensify. Also, the Relative Strength Index (RSI) on the 4-hour chart, has dropped below the 50% threshold, now sitting at 42%. With the RSI attempting to move deeper into the oversold territory, it shows that bears are gaining control, and an extended decrease could be on the horizon if buying interest does not pick up soon. Related Reading: Is Chainlink (LINK) $12 Breakout Imminent? Data Reveals A Rising Open Interest On the daily chart, Chainlink is currently making a bearish movement, toward the $7.14 trading below the 100-day Simple Moving Average. This movement underscores strong selling pressure and negative market sentiment, signaling a heightened risk of further losses. Lastly, the 1-day RSI reflects increasing pessimistic pressure on LINK, as the indicator has fallen to 47% after briefly crossing above the 50% threshold. This drop highlights mounting selling activity and signals a stronger potential for additional downward movement. Will LINK See A Recovery Or Further Decline? As the cryptocurrency approaches the $9.28 support level, which could spark a potential rebound, technical indicators like the RSI still point to strong selling pressure. If LINK fails to hold this level, a break below could result in persistent declines, potentially testing the $7.14 support level and even lower thresholds. Related Reading: Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals However, should Chainlink manage to hold above this crucial support level, it could set the stage for a potential upward move toward the $11.10 resistance. A successful breakout through this resistance could ignite a significant rally, paving the way for the price to aim for the next key resistance at $12.44. If bullish momentum continues to build, Chainlink may even reach higher levels, extending the rally beyond current resistance points. Featured image from Medium, chart from Tradingview.com
Chainlink (LINK) has surged over 10% in the past few hours, pushing its price to $11.39 at the time of writing. This significant gain comes after two weeks of sideways consolidation, signaling a potential shift in momentum. Related Reading: Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating As LINK rallies, data from Santiment, a leading crypto data intelligence platform, reveals that some daily traders are already taking profits, capitalizing on the recent price increase. This profit-taking activity highlights investors’ cautious optimism as LINK’s price gains momentum and reaches technical resistance in the 4-hour timeframe. LINK’s On-Chain Transaction Volume Showing Profit-Taking LINK’s daily profit-to-loss transaction volume has reached its highest level since July 14, with the ratio at 5.986. This means there are nearly six transactions in profit for every transaction in loss, signaling that short-term holders are actively taking profits following the recent move up. Such a high ratio indicates that investors are capitalizing on a significant price increase or relief rally, locking in gains as the market tests key levels. This profit-taking trend reveals the dynamics prevailing among traders, even as LINK’s price continues to gain momentum in the market. With the token testing local supply around the $11.40 mark, the market sentiment is one of careful anticipation. Traders are keenly aware of the delicate balance between further gains and potential pullbacks. Investors will watch for signs of a sustained breakout or a potential reversal as LINK approaches this threshold. The outcome at this level could set the tone for LINK’s price action in the coming days, making it a critical juncture for traders and investors alike. Technical Details: LINK Price In Critical Level LINK is trading at $11.31 after breaking a local high of $10.83 set on August 8, confirming an uptrend on the daily time frame. The price rally paused at $11.40, right at the 4-hour (4H) 200 exponential moving average (EMA), underscoring the significance of this technical indicator in lower time frames. This indicator acts as a dynamic support or resistance level, often indicating the trend in lower time frames. For LINK, reclaiming this level is crucial to confirm bullish momentum. For LINK Bulls to maintain momentum, the next crucial step is to retake the 4H 200 EMA and aim for $13. Conversely, if LINK fails to consolidate above this indicator, it could lead to a retest of the previous resistance at $10.83 and potentially a dip to the higher low around $9.90. Related Reading: Analyst Says Chainlink Price Could Climb To $19 — Here’s How Despite some day traders locking in profits, this activity should be seen as a sign of healthy profit-taking after a modest rally. The current price action reflects a market in consolidation, with traders closely watching for the next move. As LINK hovers near critical levels, the coming days will be pivotal in determining whether the uptrend continues or if a pullback is on the horizon. Cover image from Dall-E, Charts from Tradingview
The community for Chainlink (LINK) has hope thanks to Alan Santana, a famous cryptocurrency expert, who says that the token may soar in the next few months. Even though there are some negative signs as we speak, Santana believes that LINK’s price will go up a lot during the next bull market, possibly hitting an all-time high. Related Reading: Bitcoin NVT Golden Cross Gives Bottom Signal: What Happened Last 2 Times Santana’s prognosis is hinged on LINK’s key acquisition period, which preceded the 2021 bull market. He calls 2023 a “recovery year,” with numerous cryptocurrencies tallying decent price gains but not a bull market. The analyst predicts a “huge” bull run by 2025 that could push LINK above $135. At the time of writing, LINK was trading at $10.60, up 6.1% in the last 24 hours, but sustained a 15.4% drop in the weekly frame, data from Coingecko shows. ✴️ ChainLink Pre-2025 Bull-Market Accumulation Zone & Strategy Hello my dear friend, Notice the huge difference between the bullish wave in 2021 vs the bullish wave in 2023! This is why I dubbed 2023 the “recovery year.” Last year many Altcoins produced a nice wave, a recovery… pic.twitter.com/DTF977g5yT — Alan Santana (@lamatrades1111) August 8, 2024 Current Market Conditions Despite the fact that Santana is hopeful about the future, the present state of the market indicates that this is not the case. In comparison to the previous day, the price has decreased by 3.44%, and it is now trading at $10.04. The 50-day and 100-day Exponential Moving Averages (EMAs) are currently coming up at $13.072 and $14.071, respectively, which suggests that technical indicators point to a significantly more bearish situation than the current price. Analyst Advocates ‘Buy And Hold’ Approach In light of these contradictory signals, Santana has recommended a “buy and hold” strategy to LINK investors. In times of market depression and uncertainty, he suggests, it is the perfect time to start, as he stresses patience above complex technical analysis. Santana claims that these are the times when long-term investors could protect their holdings before the market becomes euphoric and greedy. This approach is especially pertinent considering Santana’s forecast that the prolonged accumulation period for LINK will filter out short-term investors. Once the next bull market starts, he thinks this screening process will set the stage for exponential expansion. Near-Term Trend Looking Up More information comes from the crypto prediction platform CoinCheckup. It shows that LINK will go up soon. The platform says that there could be a big 89% growth in the next six months, even though the market price is 3.15 % lower than what it predicted would happen in the next 30 days. This prediction is based on rising demand and positive developments in the Chainlink environment. Related Reading: ARB Surges Nearly 10% As Franklin Templeton Launches Fund on Arbitrum Looking forward, CoinCheckup also projects an 87.57% increase for LINK over the next year, which reflects ongoing investor confidence as the wider crypto market develops. The underperformance in the short term, however, points to possible volatility—probably either from market swings or investor profit-taking. Featured image from Pexels, chart from TradingView
Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana and Cardano also posted sharp losses. LINK Holders Accumulating, Outflows From Exchanges Spike However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock data on August 6, yesterday, there was a marked increase in the number of active LINK addresses, rising to levels not seen in roughly three months. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? The uptick in active addresses coincided with a spike in outflows from exchanges. This development suggests that users were more keen to accumulate LINK, not sell, despite falling asset prices. Outflows from centralized exchanges like Binance and Coinbase are usually considered net positive. With users controlling coins via their non-custodial wallets, they can’t readily sell for other liquid coins or stablecoins. Over the years, prices tend to recover steadily afterward whenever there is extreme fear, especially among LINK holders. Like the events of March 2020, when crypto prices flash crashed due to a COVID-19-led collapse, aggressive investors can consider such drops an opportunity to buy. In March 2020, LINK fell by a whopping 70%. However, months later, as the money printers were powered on, crypto prices rose, lifting LINK by nearly 35X at its 2021 peak. Similar to what happened then, the drop in prices coupled with outflows from exchanges and accumulation among entities makes it likely that LINK will bounce back strongly. Most Holders Are In Red, But Partners Are Interested In Chainlink Solutions So far, IntoTheBlock data reveals that 65% of LINK holders are in losses, and only 32% are in green. Encouragingly, though, most LINK holders are “diamond hands” and have been holding their stash for over a year. The more long-term holders or addresses holding the coin or token for over 155 days, the more resilient prices are in the wave of liquidation. Besides price action, optimism is high among LINK holders. Chainlink is a leading decentralized oracle provider offering services to DeFi and NFT protocols. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem At the same time, Chainlink Labs, the middleware developer, continues to strike quality partnerships. Recently, 21Shares integrated Chainlink’s Proof-of-Reserve on Ethereum to enhance transparency. Feature image from DALLE, chart from TradingView
Chainlink (LINK), one of the major players in the decentralized finance space, is currently facing increased bearish pressure in the market. As LINK’s bearish momentum continues to build, key technical indicators are signaling the potential for further loss toward the critical support level at $12 for the cryptocurrency. With this current price movement, Chainlink could continue to decline, testing lower support levels in the near future, unless there is a significant reversal in market sentiment. This article provides an in-depth analysis by evaluating the current market sentiment around Chainlink, examining key technical indicators, and identifying critical support levels along with their implications for LINK’s price stability. As of the time of writing, it had a market capitalization of over $7.7 billion and a trading volume of over $243 million.LINK was down by 3.75%, trading at around $12.82. In the last 24 hours, both the asset’s market cap and trading volume have declined by 3.72 and 1.67, respectively. Assessing Current Market Sentiment Around Chainlink Considering the asset’s price movements, it seems the current market sentiment around LINK is still negative. The price, currently, is actively trading below the 100-day Simple Moving Average (SMA), heading toward the $12 mark on the 4-hour chart. This suggests that the bearish trend might continue. With more selling pressure, this position indicates that Chainlink is likely to decline further as long as it remains below the SMA. The 4-hour Relative Strength Index (RSI) signal line has successfully dropped below 50% into the oversold zone. This suggests that selling pressure is growing, and the asset might experience further downward movement towards the $12.44 level. On the 1-day chart, LINK’s market sentiment is also negative, with the price trading below the 100-day SMA. LINK is showing a bearish trend as it moves toward the $12.44 support level, having formed two bearish candlesticks. If the price breaks below this key level, it could signal further bearish momentum and potentially drive the price toward other support levels. Finally, the 1-day RSI has also dropped below 50%, which further supports the possibility of further price drop. This decline suggests that bearish pressure is rising, as sellers are still active and influential in the market. The fact that sellers are still active implies that LINK will probably continue to decline. Identifying Critical Support And Resistance Levels Chainlink is currently on a bearish path, heading toward the $12.44 support level. If the price breaks and closes below the $12.44 support level, it may continue its bearish movement toward the next support range at $11.10 and possibly even lower levels. However, if the digital asset encounters resistance at $12.44 and fails to break below, it could lead to a potential upward move, reaching the $15.25 resistance mark. Should the price rise above this level, further gains could occur, targeting the $17.96 resistance point and beyond. Featured image from YouTube, chart from Tradingview.com
In recent months, the Chainlink price hasn’t quite been able to replicate the bullish strength it showed at the start of the year. And the past week was a prime example of the coin’s recent struggles, as the bulls failed to completely stamp control over the last seven-day period. However, it appears that the LINK price inconsistencies might be coming to an end soon, as a popular crypto analyst has identified a bullish pattern on the token’s price chart. How LINK Price Could Soar 48% To Reach $19 Prominent crypto analyst Ali Martinez has shared — via a post on X — an exciting prognosis on the future trajectory of the Chainlink price. According to the crypto pundit, the cryptocurrency, which has largely struggled, could be set for a price turnaround over the next few weeks. Related Reading: Analyst Says XRP Remains Strongest Compared To Bitcoin And Ethereum, Here’s Why The rationale behind this bullish projection is the formation of an inverse head and shoulders pattern on the LINK four-hour price chart. The inverse head and shoulders formation is a technical analysis indicator that features a head (a lower low) in between two shoulders (usually a lower low and a higher low). This chart formation — whether in the normal or inverse form — is a significant indicator for identifying trend reversals. Specifically, the inverse head and shoulder pattern suggests a shift from a bearish to a bullish trend when the price breaks the neckline, an imaginary line that runs through the peaks of the troughs. Martinez noted in his post on X that the price of Chainlink could make a run towards the $19 mark over the next coming days. However, the cryptocurrency must break above the neckline around the $15 level, as shown in the chart above. A rally to the $19 mark would represent an almost 50% price leap from the current price. And a return to this price level would be most welcomed by the altcoin’s investors, having spent the last two months beneath it. Chainlink Price At A Glance As of this writing, the Chainlink price has jumped slightly above $13.5, reflecting a 3.6% increase in the last 24 hours. However, this price gain is not significant enough to wipe the token’s loss over the past seven days. Related Reading: Toncoin Under Pressure As TON Price Falls Below 100-Day SMA, $6 Looms According to data from CoinGecko, the LINK token experienced a 3% decline in value in the past week. Nevertheless, the cryptocurrency still ranks among the top 20 largest assets in the sector, with a market cap of more than $8.2 billion. Featured image from Unsplash, chart from TradingView
On-chain data shows Chainlink has just seen a level of decline in its exchange reserve that last led to a massive rally for the cryptocurrency. Chainlink Exchange Supply Has Dropped By 1.6% In The Past Month According to data from the on-chain analytics firm Santiment, Chainlink has observed significant outflows from exchanges recently. The indicator of interest here is “Supply on Exchanges,” which, as its name suggests, keeps track of the percentage of the total circulating LINK supply that’s currently sitting in the wallets of all centralized exchanges. Related Reading: Last Resistance: Bitcoin Now Testing Final Short-Term Holder Cost Basis When the value of this metric rises, it means these platforms are receiving a net amount of deposits right now. As one of the main reasons why investors may transfer to exchanges is for selling-related purposes, such a trend can have bearish implications for the asset. On the other hand, the indicator registering a decline implies a net outflow of coins is occurring from the exchanges. Holders generally withdraw their coins to self-custody when they plan to hold into the long term, so this kind of trend can be bullish for the cryptocurrency’s price. Now, here is a chart that shows the trend in the Chainlink Supply on Exchanges over the past year or so: As displayed in the above graph, the Chainlink Supply on Exchanges has witnessed a sharp drawdown recently. More specifically, investors have withdrawn around 1.6% of the asset’s entire supply in circulation over the past month. This is a very notable decrease and suggests there is some strong demand from the whales for accumulation. The last time the metric saw a significant drop was in the early part of the year. This last decrease of 1.1% led to a LINK price rally of around 10%. In December, a similar trend was observed, with withdrawals equivalent to 0.7% of the supply resulting in a 26% jump in the coin. Both of these instances, though, saw outflows of a smaller degree than what LINK has seen recently. From the chart, it’s visible that the last time a similar percentage of supply exited these platforms was between 15th of September and 14th of October. What followed this withdrawal spree was a massive 123% surge in the Chainlink price over the next four weeks. As a similar decline has occurred again in the indicator with the exchange supply dropping from 23% to 21.4%, it’s possible that LINK could end up seeing a bullish effect this time as well. Related Reading: Solana Cooling Off After 16% Surge? TD Sell Signal Goes Off It only remains to be seen, though, if any resulting rally would be of a similar scale as that other instance, or if only a small increase will happen, like after the last two outflow streaks. LINK Price At the time of writing, Chainlink is trading around $13.9, down more than 2% over the past 24 hours. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
One very promising crypto asset that is performing very well today in the crypto market is Chainlink (LINK). Many experts have noticed LINK’s price path as current market circumstances offer a combination of volatility and stability. Under a background of restrained market movement, Chainlink’s technical patterns suggest a bright future. Related Reading: ‘Early Signs Of Breakout’ – Solana To Explode By 900%, According To Analyst Technical Analysis Shows Promise According to new technical examinations, Chainlink is currently trading at $14.10, but a rise may be around the corner. It has been going down since it climbed recently. However, a well-known crypto expert, Ali Martinez, has seen a pattern form on the 4-hour chart that may just turn things around in LINK’s favor. #Chainlink appears to form a head-and-shoulders pattern on the 4-hour chart. A sustained close above $14.7 could send $LINK to $18.3! pic.twitter.com/v566HWIIrR — Ali (@ali_charts) July 21, 2024 Usually, this pattern – called the head and shoulders – indicates a negative trend reversal. Martinez points out, nevertheless, a major discrepancy in this situation. There are three peaks in the head-and-shoulders configuration; the centre peakᅳthe headᅳis tallest. The two adjancent peaksᅳthe shouldersᅳhave almost the same elevation. Usually, a decline below the necklineᅳwhich right now is at $14.63ᅳwould indicate a bearish change. Martinez advises, however, that Chainlink may ward off these negative consequences by keeping a price over $14.70, thereby paving the ground for a significant price rise to $18.3. Chainlink (LINK) Price Projection Based on the most recent analysis by CoinCheckup, Chainlink is selling around 90% below its projected value for next month. This notable undervaluation implies that LINK is presently going through a period of reduced price in relation to its expected future worth. Technical signs and market circumstances point to a positive future with projections of a 35% rise over the next three months. This expected increase suggests a possible trend of stabilisation and recovery. Longer-term forecasts seem much more positive. Forecasts of a 140% rise over the following six months reflect significant positive momentum and a potential recovery trend. The one-year projection of the platform supports this encouraging view even more by implying a 76% increase at the end of the year. Such forecasts highlight Chainlink’s prospects for significant appreciation, which makes it an interesting choice for those looking for long-term profits. Market Conditions And Levels Of Resistance More general market dynamics have shaped Chainlink’s recent pricing swings. Over the weekend, the market for cryptocurrencies showed modest volatility marked by a neutral candlestick development in Bitcoin. Related Reading: Terra Classic Poised For 280% Rally On ‘Major Recovery Strength’ – Analyst The technical signs are looking positive. The fact that the asset is now trading higher above both the 20-day and the 50-day moving averages is a highly encouraging indicator. As an additional point of interest, the average directional index (ADX) is decreasing and is currently at 25%, which indicates that the downward trend is beginning to slow down. This indicates that the price of LINK may increase in the near future. Featured image from Pixabay, chart from TradingView
For Chainlink (LINK), the waters of the bitcoin market are moving in its favor. Inspired by recent accumulation from big investors and forecasts of an upward trend, the asset is exhibiting signs of life following a period of slow performance. Nonetheless, the path to recovery might be a meandering one as experts have conflicting projections for the next years. Related Reading: Mass Adoption? NEAR Protocol Sees 17 Million Unique Addresses In 30 Days Whales Build Chainlink During Crisis Market observers are fixated on the behaviour of “whales,” or heavily weighted investors. Renowned crypto analyst Ali Martinez claims that these whales have been on a purchasing frenzy, grabbing an amazing 6.2 million LINK tokens valued $76.88 million during the most recent price drop. According to this “buy-the-dip” approach, whales find promise in LINK and think the present low price offer a good purchase possibility. For his part, crypto expert Michael van de Poppe sees a seasonal pattern of “finding bottoms in June of every year.” According to him, most likely than not, such patters are having the same bottoming procedure so far this year, and will “start to crawl upwards from hereon.” $LINK has been getting a seasonal pattern of finding bottoms in June of every year. Very likely, it’s having the same bottoming procedure in 2024 and will start to crawl upwards from here. pic.twitter.com/5T4GikNrFa — Michaël van de Poppe (@CryptoMichNL) July 8, 2024 Forecasts From Analysts: An Ocean Of Possibilities Analyst opinions on LINK’s future course vary. With LINK hitting $14.92 by July 15th, a surge of 12%, CoinCheckup, a crypto trading site, projects a quite calm ride ahead. Forecasting a 30% jump in the following seven days followed by a notable 154.88% growth within a year, CoinCheckup, a price prediction tool, presents a more clearer picture and links the altcoin to a price of $32.83. Not everyone, meantime, is raising a positive flag. Another crypto analyzer tool, CoinCodex, presents a more wary image. By August 9th, their projection points to a 66.07% increase that will bring $21.39. Their technical indicators, however, show a “bearish” attitude towards LINK; the Fear & Greed Index ticks around 28 (the fear zone). Network Evolution And Regulatory Headwinds Although optimistic forecasts and whale activity point to good things ahead, LINK’s road forward is not without difficulties. Regulatory obstacles still brings forth issues as governments all over struggle with how to monitor the always changing bitcoin terrain. Also of big importance for LINK’s future direction will be changes in networks and more general market trends. Related Reading: Polygon Records Over 1 Million Active Addresses – Impact On MATIC Price Foggy Road Ahead For Chainlink? Regarding LINK, the existing circumstances offers investors a typical “wait and see” scenario. Thought the very recent hike in the price and whale activity give some promises, varied analyst forecasts and constant regulatory worries make it hard to see a clear road forward Featured image from Pexels, chart from TradingView
Fidelity International and Sygnum have partnered with Chainlink to bring Net Asset Value (NAV) data on-chain, as announced on July 3. This partnership marks showcases the potential advancement through tokenized assets, enhancing transparency and accessibility for fund data. Specifically, it will support Sygnum’s on-chain representation of units of Fidelity International’s $6.9 billion Institutional Liquidity Fund, […]
The post Chainlink to handle on-chain NAV for Sygnum’s $50 million tokenized Matter Labs treasury appeared first on CryptoSlate.
Chainlink (LINK) , the oracle network powering the decentralized world, has been stirring up excitement after a recent surge past a critical resistance level. Analysts are now predicting a potential price explosion, with some even charting a course for the moon. However, lurking beneath the bullish sentiment are shadowy movements by large investors, injecting a dose of uncertainty into the mix. Related Reading: Can Terra Classic Rise From The Ashes? Analyst Foresees 1,500% Price Increase Chainlink Escapes The Triangle, Eyes Set On The Sky After a period of decline, LINK has shown signs of life, decisively breaking above the $13 resistance level. This bullish move has sparked a wave of optimism, with many analysts predicting a sustained uptrend. Morecryptoonl, a renowned crypto analyst, identified a significant Elliott Wave pattern in LINK’s price action. According to this analysis, LINK is currently undergoing a consolidation phase within a triangle pattern. While this pattern can indicate a period of sideways movement, a breakout above a key resistance level of $14.85 could signal a significant shift in momentum. $LINK: Wave (B) in white could unfold as triangle pattern but the price, in this case, has to stay below the yellow line at $14.85. A break above this line will indicate that a larger corrective rally in yellow wave (B) is unfolding.#chainlink #LINK #altcoins pic.twitter.com/eGngNm0eEH — More Crypto Online (@Morecryptoonl) June 25, 2024 Bullish forces are further emboldened by the current Relative Strength Index (RSI) sitting at a neutral 43. This suggests that LINK is neither overbought nor oversold, leaving plenty of room for potential growth. Technical indicators aside, World of Charts is predicting a “sustained bullish trend” if LINK can definitively break free from its current consolidation pattern. Their optimistic forecast paints a picture of LINK reaching lofty heights between $22 and $25. Whales Stir The Waters: Selling Spree Or Strategic Shuffle? A recent wrinkle in the bullish narrative has been the movement of large amounts of LINK by whales, entities holding significant crypto holdings. Over 18 million LINK tokens were recently transferred to exchanges, raising concerns about potential selling pressure that could dampen the current rally. Related Reading: Solana Trading Plunges 93% In 24 Hours: Where Did The $100 Billion Go? However, some analysts caution against jumping to conclusions. They argue that such movements are not uncommon and could be part of a larger investment strategy, not necessarily a prelude to a selloff. A Bumpy Ride Ahead? While the future looks bright for LINK, investors should be prepared for a rollercoaster ride. The cryptocurrency market is notoriously volatile, and LINK is no exception. While the current technical analysis paints a bullish picture, unforeseen events or market fluctuations could quickly derail the positive momentum. Featured image from Pexels, chart from TradingView
The cryptocurrency market witnessed severe bearish pressure over the past week, and the price of Chainlink (LINK) wasn’t an exception. The altcoin has continued to struggle with its torrid form, losing nearly 10% of its value in the last seven days. Interestingly, the bears seem to still be in control at the moment, with the latest on-chain revelation suggesting that there might be further downside for the LINK price over the next few days. Are Chainlink Investors Offloading Their Assets? Popular crypto analyst Ali Martinez revealed in a post on the X platform that huge amounts of the Chainlink token have made their way to centralized exchanges in the past day. This on-chain observation is based on Santiment’s “Supply on Exchanges” metric, which tracks the amount of a particular cryptocurrency being held on centralized exchanges. Related Reading: Little-Known But Important Dogecoin Indicator Goes Off, How High Can It Drive Price? When this metric’s value increases, it implies that investors are making more deposits than withdrawals of a cryptocurrency (Chainlink, in this case) into centralized exchanges. A decrease in the metric’s value, on the other hand, indicates that holders are moving their coins out of the trading platforms. According to data from Santiment, more than 18.77 million LINK (worth roughly $256.2 million) were transferred to cryptocurrency exchanges in the past day. This substantial transfer represents one of the largest single-day movements for the Chainlink token in recent months. Interestingly, a report from SpotOnChain revealed that 21 million tokens were unlocked from Chainlink’s non-circulating supply contracts on Friday, June 21. Specifically, the contract transferred 2.25 LINK tokens were sent to the multi-sig wallet 0xD50f More notably, 18.25 million LINK tokens were sent to Binance, the world’s largest cryptocurrency exchange. This significant token unlock presents a case of supply inflation, which can impact the value of the token especially if a sell-off occurs. Moreover, these fund movements can precipitate an increase in market volatility and possibly lead to price fluctuations. Given the magnitude and destination of these transfers, there is a greater likelihood of increased selling pressure, which can drive down the price of LINK. Is A Return To $12 On The Cards? As of this writing, the price of Chainlink is barely holding above $13.6, having declined by more than 3% in the past day. Meanwhile, the altcoin slumped 9% from about $15 to $13.5 over the past week, according to data from CoinGecko. If the recent selling pressure continues, then further decline might be on the horizon for LINK’s price. This could see the cryptocurrency make a return to around the $12 price zone for the first time in more than a month. Related Reading: Toncoin Transfer Volume Hits $10 Billion, Social Appeal Soars Nevertheless, the Chainlink token ranks amongst the top 20 largest cryptocurrencies in the sector, with a market capitalization of over $8.27 billion. Featured image from Binance Academy, chart from TradingView
Chainlink (LINK), the oracle network powering decentralized applications (dApps), has been making waves in the crypto market. After a successful surge, the digital asset is now setting its sights on even higher ground, with analysts predicting a bullish run and price targets as high as $33. At the time of writing, LINK was trading at $16.27, down 6.4% and 11.0% in the daily and weekly timeframes, data from Coingecko shows. Related Reading: Crypto On Watch: Will ECB Rate Cut Fuel Bitcoin Rally? Support Levels And Re-accumulation Signal Bullish Trend LINK’s recent price action has analysts excited. The token decisively broke through a key resistance level on the daily timeframe, a bullish indicator suggesting buyers are in control. Even more promising, the price then revisited this level, not as resistance, but as a new support zone. This “flip” from resistance to support strengthens the uptrend’s validity. Adding fuel to the fire, LINK’s price has grown a healthy 25% in the last month. This significant gain reflects growing investor confidence in Chainlink’s potential. The overall sentiment surrounding the project seems to be shifting towards optimism. $LINK Ready for a Retest!#LINK broke the resistance on the Daily timeframe and is probably going to retest it as support. This would be considered bullish if the support holds. Perfect and Healthy Price Action for #Chainlink pic.twitter.com/EaxDBpVK2T — Crypto Yapper (@CryptoYapper) June 6, 2024 Analyst Sees LINK Soaring Market sentinels are taking notice of LINK’s bullish momentum. Crypto Yapper, a popular analyst in the crypto space, believes a retest of the new support level is imminent. If the price holds firm at this point, it would be a strong confirmation of the ongoing uptrend. Yapper emphasizes the importance of this potential support in establishing a positive long-term outlook for LINK. LINK Price Prediction Meanwhile, based on the latest forecast, the price of LINK is projected to rise by 30%, reaching $21.71 by July 7, 2024. However, despite this optimistic price target, several technical indicators suggest caution. The current market sentiment for Chainlink is bearish, indicating short-term pessimism among investors. Related Reading: VanEck Predicts Explosive Ethereum Growth: Could ETH Reach $2.2 Trillion? Additionally, the Fear & Greed Index, which measures market emotions, stands at 77, reflecting “Extreme Greed.” Such a high level often signals that investors are overly confident, potentially preceding a market correction. Over the past 30 days, Chainlink has shown a 50% rate of green days and a 10.73% volatility rate, indicating a balance between gains and losses but also a moderate level of price fluctuations. The Road Ahead For LINK With all eyes on Chainlink, the next few weeks will be crucial in determining the validity of the bullish predictions. If LINK can overcome the technical hurdles and reach its price targets, it could be a sign of a resurgent market for the entire cryptocurrency industry. Featured image from calheartmedical.com, chart from TradingView
A crypto analyst has highlighted the Chainlink remarkable resilience amidst market volatility, predicting that the cryptocurrency is getting ready to witness a 300% surge against Bitcoin, the world’s largest cryptocurrency. Chainlink Poised For 300% Increase Against Bitcoin Chainlink, a decentralized blockchain oracle network has been gaining traction recently, bolstered by the innovative developments within its ecosystem. Popular crypto analyst, Michael van de Poppe has expressed optimism about Chainlink’s native token, LINK, predicting a major bull rally for the cryptocurrency. Related Reading: Dogecoin Whales Buy $112 Million Worth Of DOGE As Crypto Investors Turn Their Attention To Meme Coins Sharing a price chart depicting Chainlink (LINK)/ Bitcoin (BTC) price movements from 2021 to 2025, Poppe forecasted in an X (formerly Twitter) post that LINK is on track to witness an exponential increase between 150% to 300% against BTC. As of writing, the price of Bitcoin is trading at $67,623, according to CoinMarketCap. The cryptocurrency has fallen below key support levels of around $70,000 and reflects a slight decline of 1.05% in the last 24 hours. Poppe has revealed that he would not be surprised if Chainlink reaches this price milestone, underscoring his confidence in the cryptocurrency’s price fundamentals and future potential compared to Bitcoin. In the chart analysis, the crypto analyst pinpointed a critical resistance level for LINK/BTC around $0.000448, indicating that this point could trigger strong breakouts upward for Chainlink. In an earlier post, Poppe identified Chainlink’s next resistance zone at $21, predicting that the cryptocurrency could see its price trading between $25 and $30 in the coming months. For this to happen, the crypto analyst explained that Chainlink will have to establish a higher low on the weekly time frame. Poppe’s optimistic outlook on Chainlink comes after the blockchain platform has initiated several strategic partnerships. Chainlink has collaborated with Circle, a peer-to-peer payments company, to expand developer usage of USDC and Euro Coin (EURC). Additionally, the blockchain platform recently allied with SWIFT, an interbank messaging system, to accelerate the adoption of Distributed Ledger Technology (DLT). These innovative developments may serve as a catalyst for a potential price increase for the cryptocurrency, driven by enhanced network utility and increased adoption from new users. LINK Price Update Amidst broader market conditions, Chainlink has been performing better than expected, experiencing consistent price increases since the beginning of the year. Over the past month, Chainlink has risen by 45.01%, underscoring the cryptocurrency’s growing demand and interest from investors. Related Reading: Bitcoin Enters Dreaded ‘Chop Season’ – What Does This Mean For Price? CoinMarketCap’s data has also shown that Chainlink has surged by 3.32% in the last 24 hours and 7.79% over the past week. This bullish performance can be said to be attributed to Chainlink’s ongoing development initiatives in its ecosystem alongside the recent approval of Spot Ethereum ETFs by the United States Securities and Exchange Commission (SEC). As of writing, the price of Chainlink is trading at $18.53, reflecting a 24-hour increase of 14.86% in its daily trading volume. Featured image created with Dall.E, chart from Tradingview.com
LINK’s double-digit rally is backed by increasing network activity and a bullish technical setup.
Chainlink’s LINK price is gaining bullish momentum above $16.50. The price could continue to move up if it clears the $17.50 resistance zone. Chainlink price is showing bullish signs and eyeing more gains above $17.00 against the US dollar. The price is trading above the $16.50 level and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair (data source from Kraken). The price could start another increase if it clears the $17.50 resistance zone. Chainlink Price Eyes Additional Upsides In the past few days, Chainlink remained in a positive zone above the $15.00 level, like Bitcoin and Ethereum. There was a move above the $16.50 and $17.00 levels. A high was formed at $17.45 before there was a downside correction. The price dipped below $16.50 and tested $15.35. A low was formed at $15.34 and the price recently attempted a fresh increase. There was a move above the $16.50 level. It even jumped above the 50% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low. Besides, there was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair. Chainlink is now trading above the $16.50 level and the 100 simple moving average (4 hours). Immediate resistance is near the $16.90 level or the 76.4% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low. The next major resistance is near the $17.50 zone. A clear break above $17.50 may possibly start a steady increase toward the $18.20 level. The next major resistance is near the $18.80 level, above which the price could test $20.00. Another Decline In LINK? If Chainlink’s price fails to climb above the $17.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $16.65 level. The next major support is near the $16.20 level, below which the price might test the $15.50 level. Any more losses could lead LINK toward the $15.00 level in the near term. Technical Indicators Hourly MACD – The MACD for LINK/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. Major Support Levels – $16.65 and $16.20. Major Resistance Levels – $17.00 and $17.50.
Chainlink (LINK) has enjoyed a sharp surge of more than 21% over the past 24 hours. Here’s what data suggests could be behind this rally. Chainlink Has Surprised Crypto Market With Breakout In The Past Day While most cryptocurrency sectors have seen flat or small green returns over the last 24 hours, Chainlink has shown a decoupling as it has observed some sharp bullish momentum in this window. Related Reading: Bitcoin Still Has “A Lot Of Room To Run Before Reversal,” Says Top Analyst Here is a chart that displays how LINK’s recent performance has looked like: With this sudden burst, Chainlink has touched the $16.7 mark for the first time since the crash during the first half of April. While the asset has now retraced a major part of this plunge, it still hasn’t made a full recovery. Should LINK’s bullish momentum continue, though, it may not be too long before the cryptocurrency can reclaim the $17.8 level it was trading at just before the crash. As for where Chainlink stands in the wider market, the table below shows that, based on market cap, it’s currently the 15th largest coin. LINK isn’t too far off from Polkadot (DOT) now, so it’s possible that if the price rise continues, the coin will dethrone DOT and take over the 14th spot on the list. Now, what could be the reason for Chainlink’s sudden decoupling from the rest of the market? Data from the on-chain analytics firm Santiment may perhaps provide some hints. The Total Number Of LINK Whales Is At A 6-Month High Now As pointed out by Santiment in a post on X, Chainlink investors holding 100,000 tokens or more of the asset in their balance have recently seen their address count increase. This cutoff is equivalent to around $1.67 million at the current LINK exchange rate. Investors with holdings this large are popularly referred to as whales. Whales can be influential entities in the market because they can move a large amount of volume in a short span of time. As such, their behavior may be worth monitoring. From the graph, it’s visible that Chainlink’s total number of whale addresses has hit 564 after the latest rise, which is the highest the metric has been since October of last year. This increase in the number of whales on the network may be partially behind the surge that LINK has just seen. In the same chart, the analytics firm has also attached the data for another indicator: social dominance. This metric tells us about the share of cryptocurrency-related social media discussions that LINK occupies right now. Related Reading: XRP & Cardano Whales Load Up Bags: Preparation For Altcoin Rally? This indicator has shot up alongside this rally, implying the interest around the coin has spiked. Historically, such a rise in attention has been a bearish sign for the asset, so it remains to be seen if these high values will be maintained. “If social dominance calms and FOMO doesn’t take over, bullish conditions are ahead,” notes Santiment. Featured image from iStock.com, CoinMarketCap.com, Santiment.net, chart from TradingView.com
Chainlink’s LINK price retested the $12.00 support zone. The price is now eyeing a recovery wave above the $13.50 and $15.00 resistance levels. Chainlink price is showing bearish signs below the $15.00 resistance against the US dollar. The price is trading below the $14.20 level and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could start a decent increase if it clears the $15.00 resistance zone. Chainlink (LINK) Price Eyes Steady Increase In the past few days, Chainlink saw a major decline from well above the $18.00 level. LINK price declined below the $15.00 pivot level to enter a short-term bearish zone, like Bitcoin and Ethereum. The price tested the $12.00 support zone. A low was formed at $11.92 and the price is now attempting a recovery wave. There was a move above the $12.50 level. It even jumped above the 23.6% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low. LINK price is still trading below the $14.20 level and the 100 simple moving average (4 hours). Immediate resistance is near the $13.50 level. There is also a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair. Source: LINKUSD on TradingView.com The next major resistance is near the $15.00 zone. A clear break above $15.00 may possibly start a steady increase toward the $16.00 level or the 61.8% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low. The next major resistance is near the $18.00 level, above which the price could test $20.00. More Losses? If Chainlink’s price fails to climb above the $13.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $12.80 level. The next major support is near the $12.00 level, below which the price might test the $10.80 level. Any more losses could lead LINK toward the $10.00 level in the near term. Technical Indicators 4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level. Major Support Levels – $12.80 and $12.00. Major Resistance Levels – $13.50 and $14.00.
Chainlink (LINK) has performed strongly over the past week, with the token’s price increasing 21.3% in the last seven days. Some analysts have shared their predictions and thoughts on LINK, suggesting keeping an eye on the token and its long-term performance. Related Reading: Hold Onto Your Seats: XRP Primed For 90% Rally, According To Top Analyst What Is LINK’s Next Steppingstone? Recently, Chainlink announced its partnership with blockchain platform Avalanche and the Australia and New Zealand Banking Group to connect the Avalanche and Ethereum blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP). As reported by NewsBTC, the partnership aims to facilitate the “access, trade, and seamless settlement of tokenized assets across networks in different currencies in a process called Delivery vs. Payment (DvP).” The crypto community appeared to receive the news well. X users expressed their positive sentiments towards the collaboration and Chainlink’s token. The sentiment has seemingly translated to LINK’s performance, as the token’s price soared 9% in the last 24 hours. Crypto analyst and trader The Lord of Entry shared his prediction for LINK. In the X post, the trader highlights that the token’s performance in the past day had been strong as it broke above the $18.5 resistance level. Chainlink’s LINK unsuccessfully tested the resistance zone over the past week after falling below it on March 18. $LINK 4hr – #LINK has been strong today, but now banging into some resistance – if it can flip this into support your next big target is around 28#LINKusdt pic.twitter.com/YlCDRDOFTq — @TheLordofEntry (@thelordofentry) March 26, 2024 The token continued the upward trajectory throughout the day after successfully rising above the $18.5 price. In the early hours of Tuesday, LINK surged above the $20 mark but faced resistance near the $20.5 range. According to the trader, if the token can break above this level and turn it into a support zone, the next big target for LINK would be the $28 price range. As of this writing, LINK tested this new resistance level, which has been rising above it twice in the past hour. The token reached $20.6 in the first attempt and briefly surpassed the $20.7 price range during the second attempt. However, the token momentarily failed to flip the resistance zone and fell below $20.5 again. Chainlink’s “Very Strong” Long-Term Performance Despite the failed attempts, LINK’s price surged 9% in the past 24 hours. Interest in the token has seemingly risen in the same timeframe as its market activity increased by 55.19%, reaching a daily trading volume of $539.9 million. Its market capitalization also increased by 8.16% in the past day, reaching $12.02 billion. Chainlink is the 14th-largest cryptocurrency by this metric, according to CoinMarketCap data. Moreover, LINK has shown a remarkable 182.6% performance in the last year. As a result, crypto analyst Altcoin Sherpa shared some notes on LINK, suggesting that it shouldn’t be actively traded. Sherpa stated that the token is a better fit to “buy and hold” as it is a “safe coin that is going to do strong numbers.” $LINK: A few notes w. this one- -you shouldn't be actively trading this. Loads more volatile coins (though this has nice liquidity) -Better to buy and hold, this is a safe coin that is going to do strong numbers -Still fundamentally v. strong, 1 of the best. -still expecting… pic.twitter.com/NeJAm2ixXj — Altcoin Sherpa (@AltcoinSherpa) March 25, 2024 The analyst considers LINK fundamentally “very strong” and one of the best tokens based on its long-term performance. Ultimately, Sherpa predicts the price will “consolidate for a bit longer before its next move.” Related Reading: Ethereum Price Momentum Reignites As The Bulls Aim For $4K Chainlink hits $20.6 in the 3-day chart chart. Source: LINKUSDT on Trading.view.com Featured Image from Unsplash.com, Chart from TradingView.com
The blockchain-oracle project's "v0.2" staking program expanded the capacity to 45M LINK tokens from 25M, and the portion reserved for the community quickly filled up. The LINK token surged in price.