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Cryptocurrency News Articles
Chainlink (LINK) Crypto Price Prediction: Will LINK Reclaim the $30 Mark?
Jan 24, 2025 at 05:01 am
Chainlink crypto, $LINK, has performed well in the last 7 days, gaining 21.8% to briefly take back the $26.75 price mark before falling to $25.55
Chainlink (CRYPTO: LINK) has seen its crypto➻ perform well in the last seven days, surging 21.8% to briefly reclaim the $26.75 price level before easing off to trade at $25.55 on account of a declining exchange supply and increased wallet activity.
Chainlink’s market capitalization now stands at $16.3 billion, while its fully diluted valuation (FDV) was at $25.54 billion at press time.
Declining Exchange Supply Shows Bullish Holding BehaviorOne of the strongest indicators of Chainlink’s upward momentum is the depleting supply on exchanges.
Over the past month, the volume of LINK held on exchanges has decreased by 0.95%, indicating decreasing sell-side pressure.
Typically, when tokens are moved out of exchanges and into private wallets, it indicates that the holders are less inclined to sell and more likely to hold for the long term.
This behavior reduces the available amount in the short-term market, creating a bullish atmosphere.
Historically, a declining exchange supply has led to price appreciation, and LINK’s price rally is another such case.
The more investors choose to self-custody, the greater the confidence in the asset’s future potential. The fault of less sell-side liquidity and bringing more demand creates a favorable situation for price growth.
Other than the exchange supply metric from MDIA, another factor that adds to Chainlink’s bullish case is a reduction in its mean dollar invested age. On average, the LINK token in these wallets became 6.3% younger over the last month.
The change in this chart is indicative of increased wallet activity since it is also often seen as a signal that either fresh capital is entering the ecosystem or existing participants are repositioning their holdings.
MDIA tends to be lower during bear markets (indicating older MDIA) and higher during bull markets (indicating younger MDIA). It is also often seen as a signal that either fresh capital is entering the ecosystem or existing participants are repositioning their holdings.
MDIA also tends to be lower at the beginning of a bull market (indicating older MDIA) and younger at the later stages (indicating younger MDIA). This is because investors tend to purchase an asset later in its bull cycle when they become aware of the price appreciation.
An increasingly younger Wallet suggests tokens are moving somewhere (whether via purchases, as a transfer, or via staking).
In the case of Chainlink, this picked-up activity validates the thesis of rising demand and accumulation, not apathetic holding.
Combined with the reduced exchange supply, this suggests a bull investor base poised for long-term price run-up.
Chainlink Crypto Price Technical Analysis: Bullish ChannelOn the 4-hour candlestick chart, Chainlink crypto price action looks very defined. It has held within a well-defined bullish channel since early- to mid-January.
After pulling back from a key support level at $17 earlier this month, LINK has continued to trend higher, breaking key resistance levels along the way to a high of $26.75 before correcting somewhat.
The green channel on the chart clearly shows this, displaying how strong the rally was.
The Awesome Oscillator (AO) indicator at the bottom of the chart confirms this positive trend. The AO currently shows a slight decrease in bullish momentum, but the structure is still intact. As long as LINK trades within this ascending channel, it has the potential to break higher.
In terms of resistance, $26.75 should be broken soon. With that, a decisive break above this level could set the stage for a rally up to the psychologically significant $30 level.
On the other hand, immediate support also lies at around $25.00, with the possibility of retesting the lower trendline of the channel at around $23 should the price move lower.
These levels will mark the key points in LINK’s near-term price action.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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