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Chainlink’s (LINK) Outlook Grows Bleak: Signals of Bearish Continuation Surface

Chainlink’s LINK price is struggling to surpass the $13.80 resistance. The price could continue to move down if it breaks the $13.00 support.

  • Chainlink price is showing bearish signs below the $14.00 resistance against the US dollar.
  • The price is trading below the $13.60 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 $13.80 resistance zone.

Chainlink (LINK) Price Turns Red

In the past few days, Chainlink saw a steady decline from well above the $13.80 level. LINK price declined below the $13.50 support level to enter a short-term bearish zone, like Bitcoin and Ethereum.

The price tested the $13.10 support zone. A low was formed at $13.07 and the price recently attempted a recovery wave. There was a move above the $13.50 level. It even jumped above the 23.6% Fib retracement level of the downward move from the $14.30 swing high to the $13.07 low.

However, the bears were active below the $13.80 resistance and the 50% Fib retracement level of the downward move from the $14.30 swing high to the $13.07 low. LINK price is still trading below the $13.80 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.

Chainlink (LINK) Price

The next major resistance is near the $13.80 zone. A clear break above $13.80 may possibly start a steady increase toward the $14.00 level. The next major resistance is near the $14.35 level, above which the price could test $15.50.

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 $13.10 level.

The next major support is near the $12.80 level, below which the price might test the $12.20 level. Any more losses could lead LINK toward the $11.50 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 – $13.10 and $12.80.

Major Resistance Levels – $13.50 and $13.80.

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LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level

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.

LINK Price

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.

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LINK Price Regains Strength, Why Chainlink Could Surge Over 10%

Chainlink’s LINK price is moving higher above the $20.00 resistance. The price is now up over 5% and might aim for a move toward the $25.00 resistance.

  • Chainlink price is showing positive signs above $20.00 against the US dollar.
  • The price is trading above the $20.50 level and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $20.00 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
  • The price could rally further if it clears the $22.00 resistance zone.

Chainlink (LINK) Price Eyes More Upsides

In the past few sessions, Chainlink bulls were able to send the price above a few key hurdles at $18.50. Earlier, LINK price formed a base above the $16.75 and started a fresh increase.

There was a break above a key bearish trend line with resistance near $20.00 on the 4-hour chart of the LINK/USD pair. The bulls pumped the pair above the $22.00 level. A new multi-month high was formed at $22.85 before the price started a downside correction.

There was a move below the $22.00 level. The price declined below the 23.6% Fib retracement level of the upward move from the $16.75 swing low to the $22.85 high.

LINK is now trading above the $20.50 level and the 100 simple moving average (4 hours). The price is up over 5% and outpacing both Bitcoin and Ethereum. If the bulls remain in action, the price could rise further. Immediate resistance is near the $21.80 level.

LINK Price

Source: LINKUSD on TradingView.com

The next major resistance is near the $22.00 zone. A clear break above $22.00 may possibly start a steady increase toward the $23.00 and $24.20 levels. The next major resistance is near the $24.80 level, above which the price could test $25.00.

Are Dips Limited?

If Chainlink’s price fails to climb above the $22.00 resistance level, there could be a downside correction. Initial support on the downside is near the $21.00 level.

The next major support is near the $20.00 level or the 50% Fib retracement level of the upward move from the $16.75 swing low to the $22.85 high, below which the price might test the $18.80 level. Any more losses could lead LINK toward the $17.65 level in the near term.

Technical Indicators

4 hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

Major Support Levels – $21.00 and $20.00.

Major Resistance Levels – $22.00 and $23.00.

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Chainlink Open Interest Sitting At Record Levels, What This Means For Price

Chainlink has seen its open interest spike significantly in the month of February, so much so that it has reached new all-time highs. This trend has not waned despite the decline in the price of the cryptocurrency, which could paint a rather bullish picture for the LINK price going forward.

Chainlink Open Interest Crosses $450 Million

The Chainlink open interest ended the month of January on a high note and carried this trend into the month of February. A major jump was seen between January 31 and February 3 when the open interest went from below $250 million to more than $320 million.

In the days following this, the open interest continued to rise, and eventually hit a peak of $533 million. This was significant because it was not just the highest point for the year but it is the highest that the open interest has ever been for the asset.

Chainlink Open interest

As expected, the price would quickly rise to keep up with the open interest as investors continued to place their bets on the price. There has been a retracement in the open interest. However, Chainlink has continued to maintain more than $450 million in open interest since February 12.

Currently, Coinglass data shows that the Chainlink open interest is $456 million as of February 23, continuing to maintain a high level. Given this, it might be prudent to look at how the LINK price has reacted in the past when open interest remained elevated.

Historical Performance Of The LINK Price

While the Chainlink open interest is at record levels, there have been times in the past where the open interest had been elevated for a period of time like it is now. So, how the price reacted during those periods could provide a pointer for how it might perform now.

The last time that the open interest was this elevated for a long period of time was back in October-November 2023 when open interest more than doubled. It would maintain this elevated level for almost a month, but at the end of it, the LINK price would react positively and saw a price surge from $11 to $15, which was a 36% increase in price.

If this scenario were to repeat now, then a 36% increase would send the LINK price to $24. This is not particularly hard to believe, given that the LINK price had topped out at $52 in the last bull market. So, such a move would still leave it 50% below its all-time high levels.

On the flip side of this, the open interest levels could also taper off, as was seen in November 2023. This could see the LINK open interest lose its hold on the $450 million that it maintained in February and fall toward $400 million before recovering again.

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Chainlink Bulls Brace For Explosive Growth Following $216 Million Whale Accumulation

Chainlink (LINK), the oracle network powering smart contracts across the crypto landscape, is making waves with a recent surge in whale activity. Data reveals $216 million worth of LINK tokens withdrawn from the Binance exchange by a staggering 83 separate wallets, sending the token price on a parabolic trajectory.

Whales On A Feeding Frenzy

On-chain analytics platform Lookonchain paints a fascinating picture of the ongoing accumulation binge. Their findings suggest a coordinated effort, with distinct wallets withdrawing massive amounts of LINK. While the possibility of a single entity pulling the strings remains unconfirmed, the sheer volume of tokens amassed hints at a major shift in institutional participation within the Chainlink ecosystem.

This coordinated accumulation, especially the withdrawal of such a significant sum from a major exchange like Binance, raises intriguing questions, some analysts say. It could reflect growing institutional confidence in Chainlink’s long-term potential, particularly with initiatives like the Cross-Chain Interoperability Protocol (CCIP) expanding its reach.

Adding fuel to the fire, IntoTheBlock data reveals an additional $129 million stacked up by whales over the past 24 hours alone. This relentless buying pressure has translated directly to price action, with LINK experiencing a meteoric rise of 6% in the past week and a staggering 20% in the past month.

Chainlink Fundamentals Shine

While whale activity often grabs headlines, Chainlink’s underlying fundamentals paint an equally compelling picture. As the leading oracle provider in the Web3 space, Chainlink acts as a bridge between smart contracts and real-world data, enabling them to access secure and reliable information off-chain. This critical role fuels countless DeFi projects, positioning Chainlink as a cornerstone of the burgeoning decentralized finance landscape.

Moreover, Chainlink boasts a relentless development team, consistently rolling out new features and upgrades. Notably, the recent introduction of CCIP further enhances the network’s cross-chain compatibility, opening doors to a wider range of smart contract applications. This unwavering commitment to innovation further strengthens the investor case for Chainlink.

Parabolic Dreams: Will LINK Take Flight?

With bullish sentiment surging and whales circling, the question on everyone’s lips is: can LINK sustain its upward trajectory? While predicting the future of any crypto asset remains a perilous endeavor, analysts are cautiously optimistic. The confluence of strong fundamentals, whale accumulation, and a growing user base creates a fertile ground for further price appreciation.

Analysts said the ongoing accumulation by whales, coupled with Chainlink’s solid fundamentals, suggests a potential parabolic run. However, caution is warranted. The crypto market remains volatile, and profit-taking could trigger corrections. Nevertheless, LINK’s long-term prospects appear bright, making it an asset worth watching closely.”

Whether LINK’s price soars to parabolic heights or faces turbulence in the near future, one thing remains clear: the recent whale activity and unwavering developer commitment have thrust Chainlink back into the spotlight, solidifying its position as a key player in the ever-evolving blockchain landscape.

Featured image from Adobe Stock, chart from TradingView

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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 Appetite: Whale Scoops Up $84 Million Worth Of LINK, And Counting – Details

The cryptocurrency market has been abuzz with excitement as a mysterious Chainlink (LINK) whale embarks on a remarkable shopping spree, accumulating an astonishing volume of LINK tokens. Recent data from Lookonchain reveals that this enigmatic whale wallet has acquired more than 4.5 million LINK tokens over the course of just three days. Based on the current LINK price, this accumulation is valued at a staggering $84 million.

Chainlink Whales Surge, Holders Optimistic

This relentless accumulation activity by the Chainlink whale has captured the attention of analysts and investors, generating anticipation for a potential future surge in the LINK price. The market is rife with speculation as traders eagerly await the outcome of this significant accumulation.

But it’s not just the whale that is showing interest in Chainlink. Santiment’s data indicates a noteworthy increase in the total number of Chainlink holders. Over the past few months, the count of LINK holders has grown by approximately 9,000, reaching a substantial total of 717,000 holders. This surge in holders further fuels the growing optimism surrounding Chainlink’s future prospects.

Adding to the intrigue, Chainlink holders are actively withdrawing their LINK holdings from exchanges. A closer look at the supply on exchanges reveals a recent trend where holders are moving their LINK away from these platforms. Currently, the supply on exchanges represents only about 21.5% of the total supply, indicating a strong belief among holders that a potential future price rally is on the horizon.

Despite experiencing some fluctuations in recent days, the overall price trend for Chainlink remains robust. On the daily timeframe, the LINK price has been oscillating within the $18 price range for several days following a surge into this range on February 1st.

Chainlink Price: Bullish Momentum

As of now, the price sits at around $20.40, reflecting a 12% and 16% increase in the last 24 hours and seven days, with a Relative Strength Index (RSI) remaining above 60, indicating a resilient bullish trend.

These developments within the Chainlink ecosystem have created an atmosphere of eager anticipation among investors and enthusiasts. The whale’s accumulation, the growth in LINK holders, and the withdrawal of LINK from exchanges all contribute to the mounting excitement surrounding a potential future surge in price.

Meanwhile, LINK’s positive funding rate signals a prevailing bullish sentiment, indicating a higher demand for long positions among traders. The simultaneous increase in LINK’s Open Interest further suggests that market participants are leveraging their positions to go long.

This confluence of factors reflects a collective confidence in LINK’s upward potential, with traders expressing optimism through both funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Breeds New Whales As $49.9 Million Accumulation Spree Cause Prices To Surge

Chainlink (LINK) has traders buzzing as its price has been up by 40% since the last week of January, massively outpacing the broader cryptocurrency market. Amidst this price spike, mysterious whale wallets have been topping up their holdings, as evidenced by on-chain data. 

According to blockchain tracker Lookonchain, there’s been a massive outflow of LINK from crypto exchange Binance in the past two days, particularly with 49 new wallets receiving 2,745,815 LINK within this timeframe. 

Massive LINK Accumulation Occurs On Binance Before Withdrawal

Details from Binance point to an ongoing accumulation of LINK from the crypto exchange. In the middle of this accumulation, a particular whale or institution has been going on a buying spree, gobbling up more than 2.7 million LINK tokens worth $49.9 million. This accumulation came days after the Lookonchain noticed that four new wallets had withdrawn over 119,583 LINK tokens worth over $2.15 million from Binance.

Similarly, Lookonchain noted that another whale address “0x2A19” has withdrawn 494,957 LINK tokens worth $9 million from Binance in the past 10 days. Notably, whale transaction tracker Whale Alerts has also noted some accumulation of LINK tokens from other crypto exchanges.

Analytics platform Santiment also noted that LINK whale addresses have upped their activity amidst the price surge as large amounts of coins were moved by previously stagnant wallets. This influx of tokens back into the network’s circulation, coupled with a minor liquidation of wallets, seems to have contributed to the price spike.

How Will New Chainlink Whales Impact Price Action Going Forward?

The crypto industry is currently going through a modest price gain led by Bitcoin recently breaking above the $44,000 level again. As a result, the industry is now up by 3.25% in the past 24 hours, with a 22.60% increase in trading volume. 

LINK hasn’t been left out of this price gain, registering a 4.30% gain in the past 24 hours. However, LINK has been on a sustained breakout since January, reaching as high as $19.68 on February 5. 

The price spike isn’t particularly surprising, as fundamentals of the Chainlink ecosystem point to a steady price growth for LINK. Chainlink’s role in DeFi and NFTs with its smart contracts oracles cannot be overstated. Chainlink also recently released its Staking v0.2 protocol in December, allowing investors to stake a minimum of 1 LINK for a base floor reward rate of 4.5% per year in LINK.

Consequently, the massive accumulation of LINK by whales is a very bullish signal for the token’s price action going forward. These large investors see LINK’s long-term value and potential and are loading up their bags in anticipation of higher prices.

LINK price chart from Tradingview.com (Chainlink whales)

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Whale Rapidly Accumulating Chainlink: What’s Going On With LINK?

A mysterious whale is rapidly accumulating Chainlink (LINK). According to Lookonchain, the unknown entity, possibly an institution, withdrew over 2.2 million LINK (worth $42.38 million) via 47 new wallets from Binance, the world’s largest crypto exchange by trading volume, in two days.

This sudden block withdrawal now raises questions about what’s driving the whale’s interest and what it could mean for LINK in the coming days.

Crypto whale accumulating LINK | Source: Lookonchain via X

Chainlink Is Key In DeFi And NFTs, Gradually Improving 

Chainlink is a popular project that provides secure middleware services and allows smart contracts to access tamper-proof external data. For this role, the platform has been adopted by multiple protocols offering decentralized finance (defi) services in Ethereum and beyond. 

Additionally, Chainlink plays a role in non-fungible tokens (NFTs) through its random number generator (RNG). It continues to release new products and enhance its features.

To illustrate, in November, Chainlink upgraded its staking mechanism, releasing v0.2, which significantly increased the pool size to 45 million LINK. 

The platform noted that the decision was to attract more investors and, more importantly, bolster its security while concurrently aligning with its broader objective of attaining the “Economics 2.0” plan.

Initially, staking began in December 2022. The goal was to incentivize participation by expanding the utility of LINK and allowing stakers to receive rewards. 

The release of v0.2 in November means more tokens can be locked, helping make LINK scarce, considering the role of the token in the vast Chainlink ecosystem. 

Trackers show that over 40.8 million LINKs have been locked so far. Chainlink confirms that anyone can earn a variable reward rate of 4.32%.

LINK staked | Source: Chainlink

Beyond staking, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is gaining adoption. To illustrate, the Hong Kong Monetary Authority (HKMA) initiated its first phase of e-Hong Kong Dollar (e-HKD) trials in November, integrating CCIP. 

As part of this trial, the regulator wanted to illustrate the capabilities of programmable payments enabled by Chainlink via its solution, CCIP. In DeFi, protocols such as Synthetix and Aave have adopted CCIP. 

Will LINK Breach $20?

With more protocols and traditional institutions leveraging the technology, the demand for LINK (and prices) will likely increase as the fear of missing out (FOMO) kicks in.

While the whale’s motives remain unknown, their large-scale LINK accumulation suggests they might be bullish on the token. Notably, it coincides with the sharp expansion of LINK prices in the past 48 hours. 

Chainlink price trending upward on the daily chart: Source: LINKUSDT on Binance, TradingView

So far, the token is changing hands slightly below the $20 psychological resistance. Any breakout above this level might lift the token to around $35 in Q3 2021.

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Chainlink Breakout: LINK Poised For 38% Rally If It Clears This Key Resistance

Decentralized oracle network Chainlink (LINK) has been making significant strides in the altcoin market, outperforming its peers with an impressive 44.8% price increase over the past 30 days. 

Surging to a 24-month high, the cryptocurrency has inched closer to the $20 mark, attracting the attention of bullish investors. Notably, the uptrend for LINK may be far from over, as it can potentially record a substantial 38% price gain by breaking through a critical resistance level.

Chainlink Trading Volume Skyrockets

Crypto analyst Ali Martinez indicates that Chainlink faces formidable resistance between its current trading price of $19.40 and $20.03, with 5,330 addresses collectively holding over 8.59 million LINK. 

Chainlink

Despite this supply wall, if Chainlink manages to break through, Ali Martinez suggests that the next critical resistance level stands at $26.87, presenting an opportunity for a significant 38% price surge.

Adding to the positive outlook, Chainlink has witnessed a surge in trading volume and an increase in circulating market cap over the past few days. 

Data from Token Terminal reveals that while Chainlink’s trading volume has steadily risen over the past 30 days, the token experienced exceptional trading volume of over $9.5 billion in the past three days alone. This surge in trading activity suggests a growing interest from investors in the Chainlink protocol.

Chainlink

Examining the circulating market cap, Token Terminal data highlights a positive trend. The circulating market cap of Chainlink stands at $10.53 billion, displaying a notable increase of 32.66% over the past 30 days. In terms of fully diluted market cap, Chainlink records $18.16 billion, indicating a substantial rise of 28.89% over the same period.

Institutional Interest In LINK?

Recent blockchain data suggests that institutional investors are actively accumulating LINK. According to Spot On Chain data, the emergence of eight wallets withdrawing a substantial amount of LINK tokens, coupled with a price surge shortly after, indicates institutional interest in the cryptocurrency. 

Over the past twelve hours, eight new wallets, likely representing a single individual or institution, have collectively withdrawn 227,350 LINK tokens, equivalent to approximately $4.12 million at the withdrawal time. 

Notably, a significant portion of these tokens was withdrawn from centralized exchanges (CEX) just before the price experienced a sudden increase of approximately 4.1%. This pattern suggests that institutions may strategically accumulate LINK tokens, anticipating future price appreciation.

Moreover, as indicated by its performance on the algorithmic market scanner Commando, LINK has consistently been a top performer in the cryptocurrency market. 

According to the market intelligence platform Decentrader, with a current score of 1.83 and a green signal on low time frames, Chainlink’s technical analysis suggests a positive outlook for the cryptocurrency. Noteworthy is the recent breakthrough of Chainlink’s price from a range held up by the 200-week moving average (200WMA). 

This breakout indicates a shift in market sentiment and a potential upward trend. The cryptocurrency is now aiming to target the “Sniper resistance” level just above $20 while finding support at the top of the previous range, around $16.8, according to Decentrader. 

Overall, institutions’ accumulation of Chainlink tokens and the cryptocurrency’s technical breakout point to growing confidence in LINK’s investment potential. 

The withdrawals from centralized exchanges suggest a desire to hold LINK tokens outside exchange custody, possibly indicating a longer-term investment strategy. 

Chainlink

Currently, LINK is trading at $19.7, up 8% in the last 24 hours.

Featured image from Shutterstock, chart from TradingView.com

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Institutions Go All In: Chainlink 30% Rally Makes It The Hot Investment Trend

In a notable shift away from Bitcoin, altcoins have garnered the attention of investors, leading to a slight increase in market caps, despite an overall decrease in trading volumes. Among the altcoins, Chainlink (LINK) has emerged as a standout performer, displaying impressive resilience and attracting substantial holders and institutions.

Chainlink Surges, Whales Accumulate Amid Market Shift

Chainlink, known as the leading Oracle network in the blockchain space, has not only outpaced the broader market but has also demonstrated impressive individual performance.

Over the last 24 hours, LINK has experienced a noteworthy surge, with a 6.1% increase in value and a striking 30% rise in the weekly chart. Currently ranked 11th among altcoins, LINK boasts a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion.

According to recent data from Lookonchain, a significant accumulation of LINK by a whale or institution has been observed, as evidenced by the withdrawal of 119,583 LINK (equivalent to $2.15 million) from Binance within the past hour. This strategic move indicates a growing confidence and interest in the long-term potential of the token.

Interestingly, as Bitcoin loses ground, LINK deviates from the prevailing market trend, indicating its unique position in the current market landscape. One major impetus behind the altcoin’s upward movement is the activation of previously dormant wallets that had remained inactive for an extended period.

This sudden resurgence has led to the highest age-consumed spike of 5.38 billion, calculated by multiplying the coins moved by the number of days those coins had been dormant.

The reintegration of LINK tokens into circulation is believed to have played a pivotal role in the recent surge in their price. However, market analysts remain cautious and are closely monitoring two crucial indicators in the upcoming weeks to assess the token’s potential for sustained growth.

Dormant Wallets And FUD Dynamics: LINK’s Monitoring

Keeping tabs on dormant wallets and seeing how they affect the network’s circulation as a whole is the primary goal of the first statistic. The activation of dormant wallets has proven to be a significant driver of LINK’s recent price increase, and its continued impact will be closely watched.

A second indicator that could cause wallet liquidations and have a further effect on the price of LINK is the existence of FUD dynamics, which stand for fear, uncertainty, and doubt.
Analysts emphasize the importance of vigilant observation and analysis to identify any signs of FUD and its potential effects on the altcoin market.

While Chainlink’s recent performance and accumulation by institutions have bolstered its value, experts caution that the sustainability of its price increase remains uncertain. Continued monitoring of the movements of previously inactive wallets and the potential impact of FUD will be crucial in determining the token’s trajectory in the coming weeks.

As the altcoin market continues to evolve, Chainlink stands out as a cryptocurrency that has captured the attention of investors and institutions alike. Its impressive performance, along with the activation of dormant wallets, has contributed to its surge in value.

However, market analysts stress the need for continued scrutiny and analysis to gauge the potential for sustained growth in this dynamic market environment.

Featured image from Adobe Stock, 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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These Altcoins Are Showing High Social Dominance After Recent Price Swings

According to crypto intelligence platform Santiment, some altcoins have been enjoying increased attention from investors over the past few days. This comes as the crypto market continues to undergo a positive recovery from its recent slump in the aftermath of the Bitcoin ETF launch.

These Altcoins Show Potential For More Profit: Santiment

In a post on the X platform, Santiment revealed that three altcoins, including Chainlink (LINK), Immutable X (IMX), and Pyth (PYTH), have become assets of mainstream interest in the past few days. 

This revelation is based on their performance in terms of Social Dominance, an indicator that compares the social volume of a particular asset to the combined social volume of the top 100 cryptocurrencies by market capitalization. 

Altcoins

As shown in the chart above, the Social Dominance of these three altcoins has seen a notable spike in recent days. Interestingly, Santiment has associated this renewed investor interest in Chainlink, Immutable X, and Pyth, with their market cap growth in the past week.

According to data from Santiment, the valuations of LINK, IMX, and PYTH have increased by 34%, 23%, and 26%, respectively, in the last seven. The on-chain analytics noted that the mainstream crowd discussion around these altcoins will lead to FOMO (fear of missing out) amongst investors.

Santiment further highlighted that this FOMO can trigger high price volatility and increased buying pressure for Chainlink, Immutable X, and Pyth. Ultimately, this can lead to more price gains for the three crypto assets.

Chainlink Price Overview

The price performance of Chainlink in the past week has been the most impressive of the three altcoins highlighted by Santiment. According to data from CoinGecko, LINK’s value has jumped by more than 24% in the past week.

In a week dominated by Bitcoin’s resurgence to above $43,000, Chainlink managed to become one of the biggest gainers in the last seven days. The cryptocurrency’s price registered a positive run to almost as high as $19.

As of this writing, the Chainlink token is valued at $17.69, reflecting a 1.2% price decline in the last 24 hours. The altcoin appears to be witnessing some amount of downward pressure as it is struggling to hold above the $18 level.

Nevertheless, Chainlink continues to lay a strong claim to a spot amongst the top 10 largest cryptocurrencies by market capitalization. With a market cap of over $10 billion, LINK ranks as the 13th-largest asset in the cryptocurrency sector.

Altcoins

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Is Chainlink (LINK) Ready To Soar? Key Indicators To Monitor

Among the 20 most important cryptocurrencies by market capitalization, Chainlink (LINK) is currently recording the second-highest loss of -10.4 % in the last seven days. This puts it just behind Ethereum, which recorded a slightly sharper decline of -10.9 %.

Despite this, a glimmer of optimism emerges when delving into the 1-day chart of LINK/USD. The analysis suggests a potential turnaround on the horizon. Should the current market structure remain intact, there’s a promising indication that the recent corrective phase for LINK might be drawing to a close.

Chainlink Price Analysis: Indicators To Watch

Several key indicators and patterns emerge that warrant the attention of traders and investors alike. Firstly, the price action has been demonstrating a series of higher lows, which could be indicative of an ascending triangle pattern forming – a bullish continuation pattern. As long as the LINK price holds above the rising trend (black line) established in late October of the previous year, the bulls remain in control.

At press time, LINK was trading at $13.82, presenting a nuanced narrative in its Exponential Moving Average (EMA) positioning. A critical observation is that LINK’s price is buoyantly positioned above the longer-term 100-day and 200-day EMAs, recorded at $14.6679316 and $11.61, respectively. This configuration typically signals a robust long-term bullish momentum, underpinning investor confidence in the asset.

Contrastingly, the short-term outlook is conveyed by the positioning of the 20-day and 50-day EMAs. With the 20-day EMA at $14.67 and the 50-day EMA at $14.58, both hover above the current price level, imparting a potential resistance zone. This immediate overhead resistance is indicative of a short-term bearish pressure or consolidation phase, possibly reflecting a market pause as traders and investors reassess their positions.

Chainlink price

The Fibonacci retracement levels, drawn from the swing low in June to the peak in December, suggest that LINK has recently tested the 0.236 retracement level at $14.70 as resistance. The subsequent levels to watch are 0.382 at $12.85, followed by 0.5 at $11.53, which could serve as potential support levels if a bearish reversal occurs. Conversely, a break above the 0.236 level may open the door to test the $17.69 level, which stands as a significant resistance.

On the volume front, trading activity has been moderate, with no significant spikes indicating a decisive market direction. The Relative Strength Index (RSI) is hovering around the 50 mark, which typically denotes a neutral market sentiment without clear overbought or oversold conditions.

The MACD indicator exhibits a bearish signal with the MACD line at -0.1407939, positioned below the signal line, which is at -0.1508732. The negative value of the MACD line suggests that the short-term momentum is weaker than the long-term momentum, indicating bearish sentiment in the current market.

Furthermore, the distance between the MACD and the signal line is very narrow, as reflected by the small histogram value of -0.0100794. This small negative histogram value indicates a weakening of downward momentum, as the MACD line is close to crossing above the signal line.

Chainlink price

Traders might view such a crossover as a potential change in momentum, possibly hinting at an upcoming bullish phase. However, until the crossover occurs, the prevailing sentiment indicated by the MACD remains bearish in the short term.

LINK/BTC: Bulls In Control

The LINK/BTC trading pair (weekly chart) is also favoring the bulls. The descending trend line, which has historically acted as a resistance since the peak in 2020, was decisively broken in October last year. This breakout is a key development, indicating a potential reversal of the downtrend that has dominated the LINK/BTC pair for a significant period.

Following the breakout, a retest of the descending trend line occurred, a move often anticipated by technical analysts. The successful retest occurred in the second week of January, when the price bounced off the trend line, reinforcing it as a new support level.

This retest is indicative of a shift in market sentiment, where former resistance levels transform into support, a classical sign of a trend reversal. A breakout above 0.0004472, and LINK could be exploding towards 0.0006875 or even 0.0009.

Chainlink price

In summary, Chainlink’s technical posture is one of cautious optimism, with a clear upward trend since November but facing immediate resistance near the $14.70 level. Market participants should watch these technical indicators closely for signs of either a continuation of the uptrend or a potential reversal if support levels falter.

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Chainlink (LINK) Breakout: Accumulation Zone Points To Upside Potential, $20 In Sight

The decentralized Oracle network Chainlink and its native token LINK have grown impressively in the past month. Despite experiencing a correction since late December, where LINK reached a 20-month high of $17.6, the token has shown signs of renewed bullish momentum. 

Key Resistance Levels For LINK’s Price Rally

Renowned crypto analyst Ali Martinez has identified a robust demand zone for Chainlink between $14.8 and $15.2, slightly below its current trading price of $15.415. 

Within this range, many addresses (17,650) purchased 85.12 million LINK. With limited resistance, LINK appears to be well-positioned to advance towards the $20 mark.

Chainlink

Based on the analyst’s observations, if the current bullish momentum witnessed over the past seven days persists, LINK could swiftly reach the $20 price level. Looking at LINK’s 1-day chart, the next resistance levels to overcome before potentially climbing toward $20 are $15.55, $16.69, and $16.92. Breaching these levels would pave the way for a clear path towards the $20 milestone.

However, it is important to note that in the absence of major resistance walls, the battle for the next direction of LINK’s movements remains equally balanced. In the event of another price correction or selling pressure, the token lacks significant support walls to rely on.

Chainlink

Analyzing LINK’s 1-day chart, the first support level in the event of a drop would be around $14.22. If this level is breached, the next support stands at $13.31. A further decline could test the support at the $11 price level. A breach of this level could signify a breakdown in the four-month bullish structure of LINK.

Chainlink Ecosystem Growth

Despite the battle for supremacy between LINK’s bulls and bears, the protocol’s ecosystem has shown notable growth in key metrics since the last update. For example, Chainlink’s circulating market capitalization is $8.35 billion, reflecting a positive growth rate of 3.58%.

According to Token Terminal data, in terms of revenue over the past 30 days, Chainlink has generated $11.67 thousand. However, this figure shows a decline of 54.16% compared to the previous period, indicating a decrease in earnings during this timeframe.

Considering the fully diluted market capitalization, which considers the maximum number of Chainlink tokens that could exist in the future, the value stands at $14.82 billion. This metric has experienced a slight increase of 3.48% recently.

When it comes to revenue on an annual basis, Chainlink has generated $219.81 thousand. This represents a positive growth rate of 2.64%, indicating an upward trend in the company’s earnings over a year.

Regarding financial ratios, Chainlink’s price-to-fully-diluted ratio is calculated at an astonishing 68,246.47x. This metric compares the company’s market capitalization to its fully diluted market capitalization. It reflects the premium investors will pay for each unit of potential future tokens.

Similarly, based on the fully diluted market capitalization, the price-to-sales ratio is reported to be 68,246.47x. This ratio measures the company’s valuation relative to its annualized revenue and indicates how much investors will pay for each dollar of sales generated.

Featured image from Shutterstock, chart from TradingView.com 

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LINK Price Rallies Over 5%, A New Uptrend In Making For Chainlink?

Chainlink’s LINK price is moving higher above the $15.00 resistance. The price is now up over 5% and might aim for a move toward the $18.00 resistance.

  • Chainlink price is showing positive signs above $14.50 against the US dollar.
  • The price is trading above the $15.00 level and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $14.85 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
  • The price could rally further if it clears the $16.40 resistance zone.

Chainlink (LINK) Price Eyes More Upsides

In the past few sessions, Chainlink bulls were able to send the price above a few key hurdles at $14.50. Earlier, LINK price formed a base above the $12.50 and started a fresh increase.

There was a break above a key bearish trend line with resistance near $14.85 on the 4-hour chart of the LINK/USD pair. The bulls pumped the pair above the 50% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low.

LINK is now trading above the $15.00 level and the 100 simple moving average (4 hours). The price is up over 5% and outpacing both Bitcoin and Ethereum. If the bulls remain in action, the price could rise further. Immediate resistance is near the 61.8% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low at $15.65.

Chainlink (LINK)

Source: LINKUSD on TradingView.com

The next major resistance is near the $16.40 zone. A clear break above $16.40 may possibly start a steady increase toward the $17.50 and $18.00 levels. The next major resistance is near the $18.80 level, above which the price could test $20.00.

Are Dips Limited?

If Chainlink’s price fails to climb above the $15.65 resistance level, there could be a downside correction. Initial support on the downside is near the $14.50 level.

The next major support is near the $13.70 level, below which the price might test the $13.00 level. Any more losses could lead LINK toward the $12.50 level in the near term.

Technical Indicators

4 hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

Major Support Levels – $15.00 and $14.50.

Major Resistance Levels – $15.65 and $16.50.

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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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LINK Price Climbs Above $16 Again – What’s Behind The Latest Surge?

The LINK price seems to be intensifying its bullish momentum again after cooling off over the past few weeks. Despite the recent sluggishness in Chainlink’s price action, the cryptocurrency has maintained most of its profit and managed to stay above the $14 level in the past weeks.

Interestingly, the LINK price recently made its way above the $16 mark for the second time in less than a month. But here is the question – what is driving the latest surge?

On-Chain Data Reveals Catalyst For Chainlink’s Jump To $16

The latest on-chain revelation from Santiment has offered insight into the catalyst behind LINK’s price jump to $16. According to data from the crypto analytics firm, Chainlink’s richest wallets have made a substantial amount of token purchases in the past few days.

In a December 2 post on X, Santiment revealed that LINK whales bought about 3.9 million tokens (worth more than $62 million) in the past three days. This data point highlights an increase in the total amount of tokens held by the 200 largest Chainlink addresses.

This recent market activity underscores the current accumulation trend amongst Chainlink whales. According to data provided by Santiment, the top 200 wallets have loaded up more than $50 million worth of LINK tokens in approximately five weeks.

Furthermore, the on-chain analytics firm also revealed that the 200 largest Chainlink addresses currently hold a combined 746.57 million tokens (equivalent to a massive $11.84 billion). This figure represents nearly 75% of LINK’s total supply.

This accumulation trend is a positive sign for LINK and its price trajectory, as it suggests that large investors are keeping their faith in the asset and banking on the token’s price growth.

Is LINK Outperforming Bitcoin?

As of this writing, the LINK token is valued at $16.11, reflecting a nearly 2% price increase in the last 24 hours. According to data from CoinGecko, the cryptocurrency has jumped by more than 7.5% in the past week.

With its market capitalization rising by more than 143% in the last five months, Chainlink’s performance over the past few months is even more remarkable. Moreover, the altcoin has held its own against the premier cryptocurrency, Bitcoin.

Based on data provided by Santiment, LINK has outperformed the market leader by over 93% – in terms of market cap – in the past five months. This is especially impressive considering that Bitcoin has also been on a positive run, recently breaking above $39,000 for the first time in over a year.

Nevertheless, Bitcoin maintains its position as the top cryptocurrency with a market cap of $772 billion. Comparatively, LINK ranks as the 12th-largest asset with a $9 billion market capitalization.

LINK

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Is $20 On The Cards? LINK Price Rides High With Chainlink Staking v0.2 Rollout

Chainlink, a widely used distributed computing platform, has recently introduced an upgrade to its staking capabilities.

Known as Staking v0.2, this new version adds an extra layer of security to the network and stands as a key component of Chainlink’s Economic 2.0 strategy.

The anticipated duration for the migration of the protocol for the current v0.1 stakeholders is nine days. Users cannot transfer their staked LINK or the associated rewards to version 0.2 at this time.

According to the most recent data, LINK was trading at a price range of $14.7 to $14.9, representing a monthly growth of over 30%. The majority of LINK oscillators exhibit a consistent optimistic bias. The Relative Strength Index (RSI) indicates a possible purchasing opportunity at 50.

Chainlink (LINK) is experiencing an extraordinary quarter, having gained nearly 100 percent since the start of October. At the time of writing, the altcoin had risen as high as 12th among the largest cryptocurrencies by market capitalization.

LINK holders may still have more to look forward to, as on-chain data indicates that the recent ascent of the token has created favorable conditions for the formation of robust support levels. Among these strongest support levels, according to data provider IntoTheBlock, is the region between $13.15 and $13.50.

Chainlink: Staking And Migration Advancements

LINK maintains its favorable outlook in spite of the general market volatility that has ensued since the regulatory issues faced by the Binance exchange and the discourse surrounding exchange-traded funds (ETFs).

Whale Transactions Up

With the launch of the v0.2 migration, the industry-leading Oracle network Chainlink has provided stakers with a more flexible staking platform. In addition, it features an adaptive rewards system, enhanced security guarantees, and a modular architecture.

Santiment, a market intelligence platform, reports that whale transactions (see chart below) comprising LINK worth a minimum of $100,000 increased by 1,145% in the previous day, from 176 transactions on November 28 to 2,198 transactions as of the time of writing.

Rapid growth in whale activity is typically associated with increased volatility in an asset. Furthermore, according to data from Santiment, LINK experienced a marginal increase in total open interest (OI) within the last day, rising from $211 million to $213 million.

Eleven months have passed since the protocol’s December 2022 introduction of staking on the Chainlink network. A press statement from Chainlink on November 28th stated that the v0.2 update includes an increase in the amount of the staking pool to 45 million LINK.

The aforementioned figure signifies a 96% growth from the initial allocation of 22.5 million LINK to the staking pool in December, which accounted for 8% of the altcoin’s circulating supply at the time.

LINK Price Analysis: Eyes On The $20 Mark

Meanwhile, with Chainlink’s Staking v0.2 in play, LINK’s value is on the rise, prompting the question: Will it hit $20? The excitement is building as investors keep a close eye on the numbers.

The recent boost in LINK’s price has people hopeful about reaching that $20 mark. As the crypto world unfolds, it’s a waiting game to see where LINK’s journey takes us next.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock