Over the past 24 hours, the price of Chainlink (LINK) has been facing a rising buying demand as it broke above the crucial $15 mark. The LINK price is currently aiming for retest of immediate resistance lines. The fear/greed index has dropped, now showing a fear sentiment at level 31. Meanwhile, Chainlink’s trading volume has surged by 58% in the last 24 hours, reaching $323 million.
Looking at the longer trend, LINK’s price has been declining since mid-December, dropping from a high of $31 to about $15 on 3 February. In recent weeks, LINK price has been facing strong bearish pressure as bears strongly defend a surge above $15. In the last 24 hours, its market capitalization has surged by 6%, hitting $9.96 billion.
LINK Faces $1 Million in Liquidations
Chainlink (LINK) emerged as the top DeFi protocol based on development activity, recording 547.5 individual updates. As the leading blockchain oracle network, Chainlink leads the market in delivering secure, real-time data to decentralized applications.
This achievement underscores Chainlink’s commitment to maintaining its dominance in DeFi by strengthening trust through strong development practices and laying a strong foundation for continuous growth.
In the last 24 hours, Chainlink has seen significant trading activity. According to Coinglass, about $1.06 million in LINK trades occurred, with long liquidations accounting for $148K of this volume. On the other hand, sellers liquidated around $916K worth of positions.
Amidst this bullish pressure, interest in Chainlink trading has surged. Open interest, which tracks the total number of outstanding trading contracts, has risen to $529 million, reflecting a 5.2% surge in the last 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink (LINK) has surpassed the crucial $15 resistance level, propelled by increased buying momentum. Currently priced around $15.25, LINK has recorded a notable 6.7% gain over the past 24 hours, clearly illustrating buyer dominance in the market.
Despite this positive movement, the LINK/USDT pair faces persistent selling pressure, potentially limiting further bullish gains. The Relative Strength Index (RSI) currently stands at 70, indicating that LINK is approaching overbought territory, suggesting sellers could soon challenge and restrain the upward trajectory.
If Chainlink maintains its bullish momentum, the price could advance toward the next resistance at $18.12, with further strength potentially driving LINK toward $22. On the other hand, a loss of momentum at this point would lead to a rejection, prompting a retest of the previous descending resistance line, and could ultimately push the price down to $11.71.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to surge toward $18.12. If the price surges above $18.12, we might see $22. On the downside, $11.71 is the range.
Long-term: According to Coincodex’s latest Chainlink price prediction, LINK is expected to rise by 29.91%, reaching $19.12 by April 23, 2025. Their technical indicators suggest a bearish market sentiment, with the Fear & Greed Index standing at 45, indicating “Fear.” Additionally, Chainlink experienced 14 out of 30 green days (47%) with a price volatility of 8.69% over the past month. Given these insights, Coincodex advises that now is not an optimal time to purchase Chainlink.
LINK price is trading at $15.25 at the time of writing. The LINK price has surged by over 6.7% in the last 24 hours.
Throughout the day, the LINK price might continue to surge toward $18.12. If the price surges above $18.12, we might see $22. On the downside, $11.71 is the range.
According to long-term forecasts, the Chainlink price might reach $19.12 by April 23. This makes LINK price a good investment considering its monthly yield.
Investment Risks for Chainlink
Investing in LINK price can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
