Chainlink (LINK) Price Prediction: Technical Analysis

Over the past 24 hours, the price of Chainlink (LINK) has been facing rising volatility below the immediate resistance of $14.

The price of Chainlink (LINK) has been encountering increased volatility over the past 24 hours as it ranges below the immediate resistance of $14. There’s a close contest among buyers and sellers to decide the clear trend. The fear/greed index has declined, now showing a fear sentiment at level 29. Meanwhile, Chainlink’s trading volume has surged by 45.3% in the last 24 hours, hitting $407 million.

According to crypto market data, the price of LINK has dropped slightly by 0.07% in the past 24 hours, trading at $13.92 at press time. This slight downturn has pushed its market capitalization down by 2.5%, settling at $8.9 billion.

Looking at the bigger trend, LINK’s price has been on a downward trajectory since mid-December, sliding from a high of $31 to about $15 on 3 February. Recently, LINK price has been encountering minor volatility as it aims for a hold above $15.

Chainlink’s Volatility Rate Plunges

Chainlink (LINK) has been caught in a tight tug-of-war between buyers and sellers, with its price struggling to rise above $14. As per data from IntoTheBlock, LINK’s volatility has significantly decreased, dropping from a high of 120.4% to a recent low of 96.2%. This decrease in volatility indicates that Chainlink is becoming more stable, reducing the likelihood of a clear trend and leading to a period of price consolidation.

Additionally, recent data from Coinglass shows that about $913.2K worth of LINK positions were liquidated yesterday. This had a big impact on long traders, who lost nearly $570K from their positions. Meanwhile, $343K worth of short positions were also liquidated, showing the intense competition between buyers and sellers.

However, the interest in trading Chainlink has surged. The total volume of unresolved trading positions, known as open interest, has risen by 1.43%, landing at $500 million. The funding rate has also risen to a positive rate at +0.0077%, suggesting that buyers are preparing for a comeback.

Chainlink Price Prediction: Technical Analysis

Chainlink (LINK) has been trading sideways at around $14, showing little movement with a slight drop of about 0.07% in the last 24 hours. Despite these sluggish movements, LINK has struggled to break past the $15 mark as sellers keep a tight hold on its price. However, there’s a glimmer of hope for a turnaround. The Relative Strength Index (RSI) stands at 54, hinting at an increase in buying activity, which could signal a potential price rebound.

If the buyers step up and push the price to the higher end of the current resistance channel, LINK might aim for a resistance level at $18.12. Surpassing this level could boost market confidence and open the door for further advances towards $20.

On the flip side, if LINK can’t maintain its position above the ascending trendline, it might experience a stronger downward pull, potentially dropping to a crucial support level at around $11.70. If it dips below this, it could lead to further losses, cementing a bearish outlook for Chainlink.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to surge. If the price surges above the resistance channel, we might see $18.12. On the downside, $11.7 is the range.

Long-term: According to Coincodex’s current Chainlink price prediction, the price of Chainlink is expected to increase by 23.27%, reaching $17.46 by April 28, 2025. Based on their technical indicators, the overall market sentiment is currently bearish, while the Fear & Greed Index stands at 26, indicating a state of fear. Over the past 30 days, Chainlink has experienced 16 green days out of 30 (53%) with a price volatility of 6.87%. Given this outlook, Coincodex suggests that now may not be an ideal time to buy Chainlink.

Investment Risks for Chainlink

Investing in LINK price can be risky due to market volatility. Investors should:

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