Over the past 24 hours, the price of Chainlink (LINK) made a solid decline as it dropped below the crucial level of $15. However, buyers quickly gained control and rebounded the price above $14. The fear/greed index has dropped, now showing a fear sentiment at level 26. Meanwhile, Chainlink’s trading volume has dropped by 47.47% in the last 24 hours, reaching $611 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 consolidated below $20 and it again fell below the $15 mark. In the last 24 hours, its market capitalization has surged by 3%, hitting $9.75 billion.
LINK Records a Surge in Open Interest
The cryptocurrency landscape has recently faced intense downward pressure, causing prices for many altcoins to plummet to new lows. Amidst this, the price of LINK fell below the critical $15 level, only to experience a swift recovery as buyers stepped in.
Over the past 24 hours, Chainlink has witnessed a substantial amount of its long positions being liquidated. According to data from Coinglass, there were approximately $941.2K in LINK-related trades, with long position liquidations making up $638.5K of that total. Conversely, sellers liquidated about $302K in trades.
During this rebound, interest in trading Chainlink has spiked. Open interest, indicating the total active trading contracts, climbed to $450 million, marking an increase of 0.85% within a day.
Moving forward, indicators are pointing towards a potential uptrend for LINK. The long/short ratio stands at 1.2553, which implies that 55.6% of traders are optimistic about an increase in LINK’s price.
Chainlink Price Prediction: Technical Analysis
Chainlink’s price continues to be under intense bearish pressure as it recently dropped below the $15.5 support level. However, after reaching a low at around $14, buyers stepped in and triggered a rebound. As of writing, Chainlink’s price stands at $15.32, having surged by 6.3% in the last 24 hours.
The LINK/USDT trading pair is facing multiple rejections as sellers defend an immediate surge ahead. However, buyers are attempting for a hold above $15. With the Relative Strength Index (RSI) hovering around the 38, there is a possibility that Chainlink’s price could trigger a decline from the current level.
If it sustains below the EMA 20 trend line, it could benefit sellers and potentially push the price for $14 again. On the other hand, if the LINK price continues to charge ahead, we might see a recovery toward $18.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to surge. If the price maintains its current momentum, we might see a surge toward $18. On the downside, $14 is the range.
Long-term: According to the latest forecasts from Coincodex, the price of Chainlink is expected to increase by 4.61%, reaching $15.89 by March 28, 2025. The current market sentiment is bearish, as indicated by technical indicators, and the Fear & Greed Index is registering a level of 25, which falls into the category of Extreme Fear. Over the past 30 days, Chainlink has seen 12 green days out of 30, reflecting 40% positivity, with a price volatility of 12.68%. The forecast from Coincodex suggests that it may not be an opportune time to purchase Chainlink at this moment.
LINK price is trading at $15.32 at the time of writing. The LINK price has dropped by over 6.3% in the last 24 hours.
Throughout the day, the LINK price might continue to surge. If the price maintains its current momentum, we might see a surge toward $18. On the downside, $14 is the range.
According to long-term forecasts, the Chainlink price might reach $15.89 by March 27. 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.
