Over the past 24 hours, the price of Chainlink (LINK) has been facing a rising bearish threat in surging above $15. The LINK price is currently consolidating around the descending resistance line. The fear/greed index has dropped, now showing a fear sentiment at level 24. Meanwhile, Chainlink’s trading volume has dropped by 29% in the last 24 hours, reaching $191 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 2.14%, hitting $9.35 billion.
LINK’S OI Surges Amid Bearish Threat
Despite major technological strides, Chainlink’s price remains under pressure. Recently, Chainlink rolled out “Multistream,” a significant enhancement to its existing Data Streams that dramatically boosts oracle scalability and speed. With this upgrade, Chainlink’s decentralized oracle network (DON) can now efficiently process thousands of distinct data streams per second, marking a thousandfold leap in throughput.
Beyond scalability, Multistream simplifies and accelerates the activation of new data streams, empowering developers to deploy them faster and more seamlessly. It also elevates the capabilities available to DeFi protocols by enabling multiple data types to be consolidated into a single on-chain request, providing rapid and flexible access to crucial blockchain data.
In the last 24 hours, Chainlink has seen significant trading activity. According to Coinglass, about $152K in LINK trades occurred, with long liquidations accounting for $57K of this volume. On the other hand, sellers liquidated around $95K worth of positions.
Amidst this bearish pressure, interest in Chainlink trading has surged. Open interest, which tracks the total number of outstanding trading contracts, has risen to $486 million, reflecting a 4.1% drop in the last 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink is struggling to break through the critical $15 resistance, as sellers continue to cap gains near the descending trendline. Currently trading around $14, LINK has managed a modest 1.1% gain in the last 24 hours, highlighting buyers’ cautious optimism.
For the LINK/USDT pair, persistent selling pressure remains a barrier to meaningful upward momentum. However, the Relative Strength Index (RSI) stands at 51—just above neutral territory—indicating buyers still have room to challenge and potentially overcome the descending resistance.
Should Chainlink decisively surpass the $15 level, it could open the door for a bullish move toward $18.12, and further bullish momentum might even propel the price toward $22. Conversely, failure to maintain support around $11.7 may trigger significant downward pressure, resulting in notable losses for LINK.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to surge toward $15. If the price surges above $15, we might see $18.12. On the downside, $11.71 is the range.
Long-term: According to Coincodex’s latest Chainlink price prediction, the cryptocurrency is expected to increase by 20.84%, potentially reaching $17.22 by April 21, 2025. Coincodex’s technical indicators currently reflect a bearish sentiment, while the Fear & Greed Index stands at 32, indicating a state of “Fear.” Over the past month, Chainlink experienced 13 out of 30 green days (43%) and a price volatility of approximately 10.05%. Based on these forecasts, Coincodex suggests that now may not be an ideal time to purchase Chainlink.
LINK price is trading at $14 at the time of writing. The LINK price has surged by over 1.1% in the last 24 hours.
Throughout the day, the LINK price might continue to surge toward $15. If the price surges above $15, we might see $18.12. On the downside, $11.71 is the range.
According to long-term forecasts, the Chainlink price might reach $17.22 by April 21. 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.
