Over the past 24 hours, the price of Chainlink (LINK) has been on a strong upward rally. As a result, the price surged above immediate Fib levels and currently buyers are holding the price above $14. The fear/greed index has dropped, now showing an extreme fear sentiment at level 18. Meanwhile, Chainlink’s trading volume has dropped by 38.6% in the last 24 hours, reaching $693 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 5.6%, hitting $8.97 billion.
LINK’s Open Interest Records 25% Gain
Over the last 24 hours, the LINK price has been attempting to surge above the immediate resistance line. As a result, it faced increased buying demand and broke above the $14 resistance channel.
In the last 24 hours, Chainlink has seen a significant amount of short position liquidations. According to Coinglass, about $1.3 million in LINK trades occurred, with long liquidations accounting for $481K of this volume. On the other hand, sellers liquidated around $818K 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 $553 million, reflecting a 25.81% increase in just 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink has shown notable resilience, breaching the $14 threshold amid substantial buying interest. This momentum has enabled LINK to maintain its position above crucial Fibonacci support levels, with its price currently standing at $14 after a 5% rise in the last 24 hours.
In trading against the USDT, LINK encounters slight resistance from sellers near $14.5, where bearish sentiment prevails. However, with the Relative Strength Index (RSI) positioned encouragingly at 56, just above the midpoint, Chainlink is poised for potential growth. It could soon challenge the $14.7 mark, and if it secures a foothold above this level, a further push towards $17.65 seems plausible.
Conversely, increased selling pressure at these resistance points could reverse the gains, potentially dragging LINK’s price down to $11.75. A breach below this point might trigger a significant price correction.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might continue to surge toward $14.7. If the price maintains its current momentum, we might see a surge to $17.65. On the downside, $11.75 is the range.
Long-term: According to the current Chainlink price prediction from Coincodex, the price of Chainlink is expected to increase by 10.23% and reach $14.72 by April 13, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, and the Fear & Greed Index indicates a level of 27, categorized as Fear. Over the past 30 days, Chainlink has experienced 13/30 (43%) green days with a price volatility of 12.12%. Based on this forecast, it is currently advised against buying Chainlink.
LINK price is trading at $14 at the time of writing. The LINK price has surged by over 5% in the last 24 hours.
Throughout the day, the LINK price might continue to surge toward $14.7. If the price maintains its current momentum, we might see a surge to $17.65. On the downside, $11.75 is the range.
According to long-term forecasts, the Chainlink price might reach $14.72 by April 13. This makes LINK price a bad 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.
