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Chainlink (LINK) Soars 9%: Crypto Analyst Predicts Next Big Target

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.

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.

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.”

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.”

Chainlink, LINK, LINKUSDT, crypto

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Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards

Chainlink (LINK) is now experiencing three weeks of robust positive price activity, putting it well ahead of the overall cryptocurrency market. LINK’s price has skyrocketed over 48% since January 25, surpassing $20 on February 11 for the first time since February 2022.

Amidst this price surge, which saw the cryptocurrency moving closer to Dogecoin in market cap rankings, on-chain data has revealed a consistent whale accumulation. One whale, in particular, has accumulated $83.6 million worth of LINK in the past five days.

Chainlink Overtakes Dogecoin In Market Cap

Chainlink’s price movement this year has been surprising, and current price action shows no intention of slowing down anytime soon. LINK, the decentralized oracle network’s token, recently overtook Dogecoin to become the 10th largest cryptocurrency by market capitalization.

At the time of writing, LINK’s market cap is $11.85 billion compared to DOGE’s $11.46 billion. The recent surge in LINK’s price and market cap seems driven by whales and investors accumulating the token.

According to data from IntoTheBlock, LINK whale transactions greater than $100,000 totaled more than $1.29 billion in the past seven days.

Notably, total exchange outflows in the same period have far outweighed inflows, indicating the current holding sentiment from LINK traders.

IntoTheBlock’s exchange metric shows that $282.6 million worth of LINK was withdrawn from exchanges in the past seven days, compared to an inflow of $154.89 million. 

chainlink linkusdt 2 link

One whale has been scooping up massive amounts of LINK from crypto exchange Binance in the past seven days. Blockchain data analysis platform Lookonchain has revealed that 4,556,684 LINK ($83.6 million) have been withdrawn from the exchange within the past five days and placed in 55 new wallets.

Although the outflow has gone into multiple wallets, the pattern of withdrawals suggests that one entity is carrying out the accumulation. 

What’s Next For LINK?

At the time of writing, Chainlink is trading at $20.21. Although still up by 9% and 36.13% in the past seven and 30 days, respectively, the price surge seems to be slowing down, and the crypto has since corrected 2% from a yearly high of $20.63 in the past 24 hours.

Chainlink LINK LINKUSDT

On the broader end, the crypto market seems to be catching up in gains, as most cryptocurrencies witnessed inflows led by Bitcoin last week. Dogecoin wasn’t excluded from this inflow, with its price spiking 7.3% from 0.0776 to 0.08327. Dogecoin is currently trading at $0.08046. 

LINK’s market cap currently stands above DOGE by $390 million. An increase in LINK accumulation by traders could continue to widen the difference between the assets. 

Chart from Tradingview

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Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here’s The Next Target

The Chainlink (LINK) price has been on an impressive rally over the last week that has brought its price to new yearly highs. As LINK bulls continue to hold firmly above the $18 support, the emergence of this bullish rally has continued to signal that the price surge is far from over.

Crypto Analyst Says Chainlink Bullish Flag Has Been Broken

In an analysis posted on the TradingView website, crypto analyst CobraVanguard explains why the Chainlink price is currently very bullish. According to the analyst, despite the altcoin showing very bullish signs, a lot of traders are failing to realize that this is the case.

They identified a flag pole that was created in the chart, and in this case, the flag for the LINK price was actually bullish. Even more interesting is the fact that the analyst revealed that the Chainlink price had successfully broken this flag, which they say is bullish for the price.

Chainklink price chart from Tradingview.com

“LINKUSDT is in a Bullish flag Patter,” the analyst said. “We can expect a bullish movement as much as the Measured Price movement (flag pole) to happen!” This further solidifies LINK’s entrance into its most bullish phase so far in 2024.

Another major factor that the analyst identifies for the LINK price at this level is that the price was testing the major supply zone at $18. At the time, the LINK price had not cleared this level. But at the time of writing, LINk has broken clean off this major supply zone and is now trending toward $19. “The Flag Is Broken,” the crypto analyst declared.

What Are The Targets For The LINK Price?

In the chart shared in the analysis, the crypto analyst identifies two major points of interest in the Chainlink chart and these are the Supply Zone and the Target Price. The first, which is the Supply Zone, is at $18.3, and the LINK price has already broken above this level.

Given this, the next major point of interest is the Target Price, and CobraVanguard puts this at the $27 price level. However, there is no straight shot toward this level as the analyst’s chart also shows a correction below the $13 support before rallying onto its target.

If this analysis holds over the coming days/weeks, then the LINK price could see a sharp 20% correction as the first sign. Then from there, a complete 100% move upward to bring the price to the $27 price target.

At the time of writing, LINK bulls continue to show dominance after a sharp 7% move in the last day. On the broader chart, the LINK price is up 27% in the last week, bringing its market cap to $10.9 billion.

LINK price chart from Tradingview.com (LINK Crypto analyst)

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Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%

In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period. 

The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.

Chainlink Unveils Staking v0.2

Chainlink, recognized as the industry-standard decentralized computing platform, unveiled Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism. 

The Early Access phase has commenced, inviting eligible participants to stake up to 15,000 LINK tokens. This phase will last four days before transitioning into the General Access phase, enabling investors to stake up to 15,000 LINK tokens as long as the staking pool remains unfilled. 

Per the announcement, the upgrade introduces an expanded pool size of 45,000,000 LINK tokens, equivalent to 8% of the current circulating supply. This enlargement aims to enhance the accessibility of Chainlink Staking, enabling a more diverse audience of LINK token holders to participate. 

Staking forms an integral part of Chainlink Economics 2.0, which brings an additional layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking empowers ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.

While v0.1 served as the initial phase of the Staking program, v0.2 has been restructured into a fully modular, extensible, and upgradable Staking platform. Building upon the lessons learned from the previous release, the v0.2 beta version focuses on several key objectives. 

Chainlink is introducing several new features to enhance its staking program. These include a new unbinding mechanism that provides more flexibility for Community and Node Operator Stakers.

Additionally, security guarantees for Oracle services are being reinforced by slashing node operator stakes. A modular architecture is being adopted to support future improvements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external sources of rewards in the future, such as user fees.

Following the conclusion of the Early Access phase on December 11, 2023, the v0.2 staking pool will transition to General Access. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.

LINK Surges To New Yearly High

Given Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, experienced a significant surge of 12%, reaching a price as high as $17.305. 

This price level has not been seen since April 2022, signifying a new yearly high for the cryptocurrency. However, LINK has retraced slightly and is currently trading at $16.774.

Crypto analyst Ali Martinez has highlighted a critical support zone for Chainlink. Martinez noted that over 17,000 addresses purchased 47 million LINK tokens from $14.4 to $14.8. 

This accumulation by many addresses suggests strong buying interest in this price range, potentially acting as a support level for the token.

Chainlink

While the support zone may hold and trigger a rebound in the price of LINK, Martinez cautions that investors should remain vigilant. Any signs of weakness, such as a breach of the support zone or negative market sentiment, could prompt investors to sell their LINK holdings to avoid losses.

It remains to be seen whether LINK can maintain its position above these critical levels and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward movement witnessed in recent weeks. 

Such a retracement could potentially impact LINK’s price and lead to a test of the support above levels. On the other hand, the token faces immediate resistance at $17.483, $18.069, and $18.910. These represent the final hurdles to overcome before LINK reaches the $20 milestone.

Featured image from Shutterstock, chart from TradingView.com 

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Analyst Forecasts Chainlink (LINK) To Fall Below $10 Following Massive Price Surge

Chainlink (LINK) has emerged as one of the top cryptocurrencies in the last week following an impressive market performance which saw the token gain by 46.49% in the past seven days.

Even amidst whale movements, which suggest that investors are taking profit, LINK has managed to maintain its bullish momentum, gaining by 6.10% in the last day to above the $11 mark.

However, despite the positive sentiment that has currently overwhelmed the LINK market, some analysts believe the token may be due for a major retracement. 

LINK To Fall Below $10: Is The Bullish Run Over?

In a post on X on Friday, crypto analyst Altcoin Sherpa shared a prediction that LINK may soon experience a price dip, falling as low as $9.50. 

However, Altcoin Sherpa notes that this potential price loss may not spell the end of LINK’s bullish phase. In fact, the analyst describes the token’s price coming down as “healthy.” 

According to Sherpa’s prediction, LINK’s slide below $10 could simply be a price recorrection before the token resumes its upward trajectory. If this forecast proves true, many traders could view this $9.50 region as a great entry zone.

Interestingly, Cryptonary, another analyst on X, has recently shared a similar price prediction.

In a post on Thursday, Cryptonary called for much caution in the LINK market, stating the crypto asset may not sustain its current high price levels for long. 

To back up this forecast, the analyst states the Relative Strength Index (RSI) shows that Chainlink is currently in the overbought zone, which indicates a price pullback lies on the horizon.

Although many traders have opened long positions on LINK as indicated by the market’s positive funding rates, Cryptonary has advised investors against “joining the crowd”

Similar to Altcoin Sherpa, the analyst predicts LINK’s price to fall to $9.67 for a short-term retracement. However, with strong selling pressure, Cryptonary states that LINK could trade as low as $8. 

At the time of writing, LINK trades around $11.54 with a 0.25% gain on the last day. Meanwhile, the token’s trading volume is up by 8.01% and valued at $824.92 million. 

Chainlink Records Partnership Streak

In other news, Chainlink recently shared with the crypto community its streak of collaborations with major traditional brands in promoting the adoption of blockchain technology.

In a thread posted on X on Friday, the blockchain highlighted its partnership with the Swift payment company aimed at facilitating the seamless transfer of tokenized assets across multiple chains using Chainlink’s Cross Chain Interoperability Protocol  (CCIP). 

In addition to Swift, Chainlink also discussed its partnership with the Depository Trust and Clearing Corporation, the Australia and New Zealand Banking Group Limited, and Vodafone Digital Asset Breaker (DAB).

Chainlink

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LINK Price Primed For Meteoric Rise: Analyst Predicts 130% Rally To $18

The LINK price is no stranger to bullish rallies, and in September alone, the token has gone from a low of $5.8 to a peak of $7.9. Even now, bullish momentum among enthusiasts has not waned, especially with a 130% price increase prediction from a crypto analyst.

LINK Price Prediction Ahead Of October

In the analysis posted to TradingView, pseudonymous analyst Babenski explains the reasoning behind the $18 surge presented in their chart. First, it points to the $5.8 low that was recorded back in mid-September which is identified as the accumulation range.

This is not out of the ordinary given the massive buying that took place when the LINK price fell to $5.8. This accumulation was the reason behind the support that was generated shortly after, which served as the lift-off point for the rally toward $8.

Despite already seeing a nice 35% jump from its September lows, the analyst sees further upside. Putting the peak of the rally at $18 means that the LINK price could rise another 130% if it plays out as expected.

LINK price chart from Tradingview.com crypto analyst

The first roadblock is a retracement that was placed just above the $8 level, and LINK is already seeing a similar retracement after almost touching $8. Going by the analyst’s chart, the price could decline a bit further before picking up once more and then shooting straight to $18.

There is no timeframe added for when the LINK price would reach this price. But with September drawing to a close, October-November is more likely.

LINK Whales Take Initiative

The accumulation trend pointed out above has been mainly mounted by the LINK whales. Crypto analyst @ali_charts shared a chart on X (formerly Twitter) that showed that whales holding between 10,000 and 1,000 coins have been the main buyers.

According to Ali, these whales bought up more than 7.5 million tokens in a matter of weeks which translated to about $53 million spent buying LINK. As the LINK price has risen, these holders are seeing profit on their purchase, which could explain the downward correction in the LINK price in the last day.

Nevertheless, the digital asset remains bullish, especially with the whales still holding more than 206 million coins. This suggests that they are not tempted to sell into the present rally and could be holding on for higher prices.

LINK has been an impressive performer so far this week. It is up 15% on the 7-day chart, making it the best performer of the top 20 cryptocurrencies by market cap.