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Tag: Chainlink price

  • Chainlink Maintains Its Base, But One Push Could Flip Sentiment Fast

    Chainlink continues to hold its ground above key support levels, keeping the broader market cautiously optimistic. Despite recent indecisive candles, the setup suggests that one strong bullish move could quickly shift sentiment and reignite momentum toward higher targets.

    Chainlink Faces Mixed Signals As Monthly Candle Closes Bearish

    In his Chainlink daily technical outlook, crypto analyst CryptoWzrd began by reviewing the higher timeframes, noting that the monthly candle for LINK closed slightly bearish. Additionally, the LINK/BTC pair closed its monthly candle indecisively, reflecting a lack of clear momentum against Bitcoin. Meanwhile, the daily candles for both closed indecisively, setting an ambiguous tone for the near term.

    CryptoWzrd emphasizes that the LINK/BTC pair must move upside to inject meaningful momentum. For this to happen, LINK/BTC needs to hold above the $0.000170 BTC resistance level, which would generate the initial bullish sentiment required for Chainlink to begin its ascent toward the first major target.

    If the necessary bullish sentiment is secured, the altcoin is expected to be pushed toward the $20 daily resistance target. The analyst highlights that achieving a healthy bullish breakout above $20 is the critical event that will trigger the next major upside rally and confirm a stronger directional trend.

    On the other hand, CryptoWzrd identifies the $16 level as the main daily support for the current structure. This price point must hold to prevent a deeper correction that would jeopardize the current bullish targets.

    The analyst has stated that his focus for the immediate future will shift to the lower timeframe chart formations tomorrow. This micro-analysis will be crucial for identifying the best scalp opportunities as the market continues to consolidate near these critical structural levels.

    Choppy Intraday Action Keeps Traders On Edge

    CryptoWzrd went further to reveal that LINK’s intraday chart has been choppy and slow, reflecting bearishness in the market. Despite the lack of strong momentum, the price is still holding above the $16.90 level, which remains a positive sign for the bulls in the short term. Also, the analyst emphasized that a further upside move is necessary to confirm a constructive chart formation and create a potential long opportunity. 

    Without that breakout, the structure remains fragile, and traders could face difficulty finding reliable entry points for bullish setups. A drop below $16.90 could trigger a deeper decline, putting additional pressure on Chainlink. CryptoWzrd concluded that patience remains key in navigating the current indecisive phase, as it’s best to wait for the next clear signal or trading setup before making any major moves.

    Chainlink

    Godspower Owie

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  • Chainlink Bears Show Strength, But $16 Support Could Flip The Downtrend

    In his latest Chainlink daily technical outlook, CryptoWzrd noted that the token closed bearish, retesting the $16.00 daily support level. He mentioned plans to monitor its intraday chart closely for potential quick scalp opportunities, particularly if LINK holds above $16.80, which he views as a positive zone.

    A Possible Shift In Chainlink’s Current Bearish Action

    Moving on, CryptoWzrd pointed out that both Chainlink and LINKBTC closed the day with bearish candles, signaling short-term weakness. The downside move came after a period of consolidation, suggesting that traders may be taking profits following recent gains. Despite the pullback, the analyst emphasized that the overall market context still holds potential for recovery.

    He further explained that LINKBTC could experience an upward push if Bitcoin dominance shows positive sentiment tomorrow. A recovery in Bitcoin’s strength often translates to renewed confidence in the broader altcoin market, and LINK could benefit from this correlation. 

    According to CryptoWzrd, LINK’s retest of the $16 daily support level played out exactly as anticipated. This zone now represents a crucial decision point, holding above it could trigger a rebound toward the next major resistance of $20 and beyond if market conditions remain stable.

    However, he cautioned that with the weekend approaching, volatility may rise and market volume could thin out. As a result, CryptoWzrd maintained a balanced stance, noting that it is essential to keep expectations rational and remain alert for any signs of renewed bearish pressure.

    Bullish Breakout Could Ignite A Rally Toward $19.30

    Concluding his analysis, CryptoWzrd noted that Chainlink’s intraday chart displayed notable volatility throughout the day, with rapid price swings keeping traders on edge. Despite the choppy movements, the price is now teasing the $16.80 intraday resistance, a level that could play a pivotal role in determining the next short-term direction.

    He explained that a bullish breakout above $16.80 would likely trigger a wave of renewed buying pressure. Such a move could pave the way for a rally toward the $19.30 target, an area where previous price action has shown a strong reaction and potential for profit-taking. 

    On the other hand, CryptoWzrd cautioned that a rejection from $16.80 or prolonged trading below this resistance could lead to more sideways movement over the weekend. With lower trading volumes expected, this range-bound behavior may continue until a clear catalyst emerges to drive momentum in either direction. 

    He concluded by emphasizing the importance of patience and clarity in the current setup. The market is at a decision point, and waiting for a stronger trade formation could offer a safer entry opportunity.

    Chainlink

    Godspower Owie

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  • Chainlink Targets $22 As LINKBTC Shows Signs Of Reversal – Is The Next Rally Close?

    CryptoWzrd noted in a fresh update that Chainlink ended the day on a bullish note, with signs pointing to more upside ahead. The strength in LINKBTC is adding momentum, suggesting further pressure from the bulls. On the intraday chart, the $22 level is emerging as the next key bullish zone, while lower time frames remain the focus for spotting the next scalp opportunity.

    LINKBTC To Trigger A Reversal For Chainlink

    In an elaborate analysis, CryptoWzrd confirmed a strong bullish close for both the price of Chainlink and the LINK/BTC pairing. Notably, the LINK/BTC pair printed a powerful bullish daily candle, an event that coincided with a decrease in Bitcoin’s dominance. This simultaneous action suggests that capital is rotating out of Bitcoin and into altcoins like LINK, providing significant underlying strength.

    The analyst believes that a key confirmation of a major reversal is near. Achieving just one more bullish daily close from the LINK/BTC pair would offer further bullish momentum, which would solidify the reversal. Such a development would significantly aid LINK in becoming more bullish from its present price location.

    Looking at the price structure, the analysis identifies $20 as the primary daily support level for Chainlink. The current setup, driven by the strength in the LINK/BTC pair, suggests that if a second consecutive bullish daily close occurs, it could spur a rapid V-shape recovery. This implies that the recent dip would be quickly and aggressively retraced. Should this V-shape recovery materialize, the immediate outlook points to a rally toward key resistance targets such as $25, followed by the more ambitious target of $30. 

    Holding Key Resistance Zone Could Unlock Fresh Long Opportunities

    CryptoWzrd highlighted that both volatility and a strong underlying bullish bias characterized the intraday chart. A key takeaway is that a move above the $22 resistance level is an indicator of strength. Based on this impending move, the analyst stated his intention to look for a long position.

    The analyst also outlined an alternate entry scenario that could present itself sooner. He suggested that if a bearish pullback were to occur from the current price location, followed immediately by a decisive bullish reversal, this reversal pattern could trigger an early long opportunity. Meanwhile, an immediate downside support level to watch is identified at $19.80. 

    For the time being, the analyst is in a waiting period, as the current environment is ambiguous in terms of immediate entry. CryptoWzrd concluded that the next course of action is to wait for the market to further develop and produce chart formation that confirms the direction.

    Chainlink

    Godspower Owie

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  • Chainlink Is Not Done: Analyst Predicts 300% Rise Against Bitcoin

    Chainlink Is Not Done: Analyst Predicts 300% Rise Against Bitcoin

    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

    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. 

    Source: X

    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

    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. 

    Chainlink price chart from Tradingview.com
    LINK price fails to breach $20 | Source: LINKUSDT on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

    Scott Matherson

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  • Chainlink (LINK) Primed for Another Surge: Major Rally on the Horizon?

    Chainlink (LINK) Primed for Another Surge: Major Rally on the Horizon?

    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).

    Source: LINKUSD on TradingView.com

    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.

    Aayush Jindal

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

    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.

    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.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Aayush Jindal

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

    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
    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
    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.

    Feature image from iStock, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.





    Dalmas Ngetich

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

    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.

    Source: 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)

    LINK bulls push price above $19 | Source: LINKUSDT on Tradingview.com

    Featured image from Changelly, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Scott Matherson

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  • Chainlink Price Stalls As $287 Million Worth Of LINK Makes Its Way To Binance

    Chainlink Price Stalls As $287 Million Worth Of LINK Makes Its Way To Binance


    The price performance of Chainlink is one of the previous week’s biggest narratives, rivaling Bitcoin making its way above $43,000 again. According to data from CoinGecko, the altcoin recorded a significant 25% price increase in the last seven days.

    However, the price of LINK seems to be slowing down, as it keeps struggling to hold above the $18 level. While expectations are that this sluggishness will blow over soon, the question still is – why is the Chainlink price stalling?

    16 Million LINK Tokens Transferred To Binance

    The latest on-chain revelation has offered insight into why the price of LINK is facing some form of bearish pressure. In a post on X, crypto analytics firm SpotOnChain disclosed that 19 million tokens (worth about $341 million) were recently unlocked from three of Chainlink’s non-circulating supply contracts.

    In a more detailed breakdown, the on-chain analytics firm revealed that 15.95 million tokens (valued at $287 million) were moved to Binance, the world’s largest centralized exchange. Meanwhile, the remaining 3.05 million Chainlink (worth $54.3 million) were transferred to multi-sig wallet, 0xD50f.

    According to SpotOnChain, this is not the first time transactions involving Chainlink’s wallets and of this caliber will happen. The analytics platform disclosed that Chainlink has been unlocking and transferring some of the unlocked tokens to Binance as far back as 2022.

    On-chain data shows that Chainlink has unlocked a total of 106 million tokens, with 88.95 million LINK sent to Binance since August 2022. At an average price of $9.06, the entire worth of these transactions stands at $805 million.

    SpotOnChain noted that the last two unlocks have been followed by a slight dip in LINK’s price. The last unlock saw the Chainlink token fall from almost $19 to $17.5 on Saturday, February 3.

    As of this writing, the LINK token is valued at $17.86, reflecting a nearly 1.5% price jump in the past day.

    Chainlink Records Multi-Month High In Transaction Volume

    It appears that the price of LINK will not remain stagnant for very long, as the most recent on-chain data indicates that Chainlink has experienced a notable increase in network activity over the last few days. Positive network fundamentals could be all the altcoin needs to resume its bullish run.

    According to Ali Martinez, the network recently witnessed a significant surge in transaction volume, bringing the metric to its highest in almost two years. Based on IntoTheBlock’s data, more than 72.24 million LINK tokens (equivalent to $1.3 billion) were transacted on Friday, February 4. 

    The Chainlink price continues to hover around the $18 level on the daily timeframe | Source: LINKUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



    Opeyemi Sule

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  • Chainlink Gets Whale Backing: Eyes $20 Mark after Market Dip

    Chainlink Gets Whale Backing: Eyes $20 Mark after Market Dip

    In the midst of the recent turbulence within the cryptocurrency market, Chainlink (LINK) has emerged as a notable outlier, demonstrating resilience against the sweeping downturn that has left major altcoins crumbling.

    Surprisingly, LINK has steadfastly clung to the $16 mark, showcasing a 14% rally in the last seven days and defying the prevailing market trends. However, investors are left to ponder whether this is a promising sign for Chainlink’s future or merely a momentary blip in the radar.

    Source: Coingecko

    Massive Chainlink Whale Purchase

    This positive signal coincides with a notable $8.9 million whale purchase, injecting a substantial dose of confidence into the market. Yet, beneath the surface, murmurs of a whale exodus are causing concern.

    This purchase also dampens some worries especially following a recent selling spree by Chainlink investors, who offloaded a significant 2.3 million tokens since January 12th.

    The positive signal also comes after recent concerns in the absence of a noteworthy uptick in fundamental growth metrics such as network usage. Without substantial real-world adoption, the coveted $20 price point for Chainlink might remain an elusive mirage.

    LINK market cap currently at $9.044 billion. Chart: TradingView.com

    Chainlink’s Strengths Persist Amid Market Uncertainty

    Meanwhile, IntoTheBlock’s global in/out of the money (GIOM) chart uses the historical entry prices of the current LINK holders to highlight critical levels of support and resistance.

    Source: IntoTheBlock

    In the near term, investors may opt for short-covering maneuvers to prevent falling into a net-loss position, a strategy that could lead to the consolidation of Chainlink’s (LINK) price just below the $15 threshold in the upcoming days.

    Conversely, bullish market participants could potentially counter this bearish scenario by successfully pushing the price beyond the $20 territory. However, a potential hurdle arises from the fact that over 94,000 holders have accumulated 51 million LINK at a minimum price of $18.8.

    This sizable accumulation suggests the possibility of bears establishing a formidable sell-wall in that price range, potentially triggering a retreat in LINK’s value.

    The interplay of these dynamics underscores the delicate balance between short-term tactical moves and broader market sentiment that currently characterizes the trajectory of Chainlink’s price.

    Despite the prevailing turbulence, the core strengths of Chainlink should not be overlooked. Its established role as a leading oracle provider within the blockchain ecosystem remains undiminished.

    If the broader crypto market stages a recovery and fundamental growth aligns, a resurgence for Chainlink is not out of the realm of possibility.

    Featured image from Freepik

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Christian Encila

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  • Chainlink Rises 17% – Is LINK On Course To Hit $20 This Week?

    Chainlink Rises 17% – Is LINK On Course To Hit $20 This Week?

    Traders in the crypto realm are watching Chainlink (LINK) with bated breath as the price coils up near the $16 mark, hinting at a possible break out towards $17, or even $20 given the right conditions this week.

    Since November, LINK has been consolidating between $13.00 and $17.00, exhibiting classic market cycle behavior that presents prime opportunities for savvy traders.

    Technical analysts are buzzing with potential bullish scenarios, with many pointing to the current price action as the telltale sign of an “accumulation phase.” As per the renowned Wyckoff method, this phase sees sellers exiting, prices stabilizing, and indecision ruling the market.

    Will Chainlink Hit The Vaunted $20 Mark?

    Following accumulation comes the much-anticipated “markup phase,” characterized by surging buying pressure, rapid price increases, and heightened activity.

    And that’s precisely what the charts seem to be foreshadowing for LINK. Indicators like the Awesome Oscillator and MACD are flashing green and pushing towards bullish territory, suggesting growing confidence and impending upward momentum.

    Chainlink currently trading at $15.57682 on the daily chart: TradingView.com

    The Relative Strength Index (RSI) also leans north, potentially primed to cross its signal line and add fuel to the bullish fire.

    Further bolstering the optimistic outlook are the Simple Moving Averages (SMAs). Both the 100- and 200-day SMAs are pointing north, with the latter currently nestled comfortably at $9.994. This upward trajectory indicates the path of least resistance lies in ascending territory for LINK.

    Source: TradingView

    Should buying pressure build steam above current levels, analysts predict a potential leapfrog over the 50-day SMA at $16.95, paving the way for a psychological $17 price point. In a highly bullish scenario, LINK could even tap into its full $20 potential, marking a 20% surge from its current position.

    LINK price up nearly 17% in the weekly timeframe. Source: Coingecko

    17% Rally Ignites More Optimism For LINK

    But a fresh spark ignites the conversation – Chainlink just surged 17% today, propelling it closer to the long-held $17 barrier. Could this recent rally be the catalyst that sends LINK rocketing past its immediate target and into uncharted territory?

    It’s still too early to definitively say. While the technical indicators remain encouraging, external factors and market sentiment can shift rapidly. However, one thing is certain: Chainlink’s latest surge adds another layer of intrigue to its already captivating price action.

    Whether it coils upward for a glorious breakout or succumbs to profit-taking, the next few days promise to be a thrilling ride for LINK holders and a fascinating case study for technical analysis enthusiasts alike.

    Featured image from iStock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Christian Encila

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

    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.

    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.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Aayush Jindal

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

    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.

    The 1-day chart shows LINK’s uptrend over the past 24 hours. Source: LINKUSDT on TradingView.com

    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 

    Ronaldo Marquez

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  • Chainlink (LINK) Price Hits New Highs With 22% Surge In A Single Day

    Chainlink (LINK) Price Hits New Highs With 22% Surge In A Single Day

    Following a week dominated by Bitcoin and its positive performance, Chainlink (LINK) has emerged as one of the best performers in the crypto market this weekend. This comes after a long period of relative silence and sideways movement for the token’s price. The abrupt and significant surge in Chainlink price may have surprised many investors, but it only further highlights the volatile nature of the crypto market.

    Chainlink Price Soars 22% In One Day – What’s Next?

    According to data from CoinGecko, the price of Chainlink is up by more than 22% in the last 24 hours. Over the past day, LINK’s double-digit price explosion has seen the altcoin surpass the $9 mark, resulting in a multi-month high. LINK’s performance appears to be even more notable on the weekly chart, with a nearly 30% increase in the last seven days. 

    Although Chainlink maintains a substantial percentage of its gain, the token’s price seems to be facing significant resistance at the $9.5 zone. This reflects the uncertain sentiment of investors who seem unsure whether the current rally is a fluke or a bullish hint. Nevertheless, a crypto analyst expects LINK to build on this positive momentum.

    In a post on X (formerly Twitter), crypto trader Mags noted that the Chainlink price has just broken out of a consolidation wedge spanning more than a year. The analyst postulates that a close above $8.2 on the weekly timeframe will see the LINK price rise to $12.54. This represents a significant 30% projection from the current price point.

    As of this writing, the Chainlink token is valued at $9.36. According to CoinGecko data, LINK is enjoying a 468% surge in its trading volume over the past 24 hours.

    What Is Behind The Multi-Month High?

    A dive into the Chainlink network activity can help understand the driving force behind the latest resurgence in LINK’s price. Interestingly, a recent report from the on-chain analytics platform Santiment offers insight into the activity levels of the network.

    Santiment’s data report posted on X highlighted that Chainlink has been experiencing increased activity over the past few days. Specifically, the network witnessed significant growth – reaching three-month highs – in terms of whale transactions, active addresses, and trading volume this weekend.

    Chainlink network activity surges to three-month highs | Source: Santiment on X

    As the highlighted chart shows, LINK saw more than 220 whale transactions above the $100,000 mark on Saturday, October 22, while nearly 5,000 unique addresses interacted with the altcoin on the same day. Furthermore, Chainlink recorded more than 800 million in LINK trading volume on Saturday.

    While these data points don’t exactly indicate whether buying transactions are the prevailing activity on Chainlink, the ensuing LINK price rally suggests a possible accumulation trend.

    Chainlink

    Chainlink price on an upward trajectory on the daily timeframe | Source: LINKUSDT chart on TradingView

    Featured image from Shutterstock, chart from TradingView

    Opeyemi Sule

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