Key Insights:
- Chainlink price has turned bullish and is poised to hit the $30 level.
- An expert hints that if downside momentum appears and the price falls to $22, it could be a buying opportunity.
- The only hurdle Chainlink’s price is facing is the $27 level; if it clears this, upside momentum will likely continue.
Chainlink (LINK) seems different than other cryptocurrencies as it has turned bullish and is poised for a massive upside rally. Experts and investors have shown a strong interest in the current market sentiment and LINK structure.
Expert Prediction and Current Price Momentum
Recently, several posts on X have surfaced, making bold predictions. Some appear to be saying potential correction, while others make bold claims.
In a post on X, a prominent crypto expert shared that $26.6 appears to be a key resistance level for LINK’s price. The expert added that a breakout above this level could propel Chainlink’s price to $30.85. Meanwhile, if momentum shifts and the price falls to $22, it could be considered a strong buying opportunity.
At press, the Chainlink price stands strong at $26.10 with 11% uptick over the past 24 hours. This strong rally in LINK has garnered massive participation from investors and traders, resulting in a 9% surge in trading volume recorded compared to the previous day.
This surge in the trading volume, along with the price, hints at strong buying pressure and upside momentum in the asset; basically, it’s a bullish sign.
Chainlink Price Action and Technical Analysis
According to the expert technical analysis, Chainlink (LINK) appears bullish and is poised for a massive price uptick. On a four hour chart, it appears that LINK has successfully broken out of a bullish flag and pole pattern and is now facing strong resistance at $27.
Based on the recent price action and the historical pattern. If this momentum continues and the price successfully breaches the $27 resistance. The Chainlink price could soar by 15% and the price may reach the $30 level. On the other hand, if the momentum fad up and price fails to breach this level, it could face a small correction.
At present, the Supertrend technical indicator has once again turned green and is hovering below the Chainlink price. This indicates the asset is in an uptrend, with bulls supporting Chainlink’s rally through strong buying pressure.
Meanwhile, the Relative Strength Index (RSI) stands at 65. Suggesting that the asset is not in overbought territory and. Still has enough room to continue its upside momentum in the coming days.
Given the current market sentiment, a well-followed crypto expert shared a post on X noting that. Chainlink (LINK) has added approximately 3,000 new addresses daily, marking the highest growth in five months. This is a bullish sign for LINK holders as participation in the asset continues to rise.
On-Chain Metrics Flashes Mixed Sentiment
This bullish outlook is getting significantly praised by the traders as they found it strongly bettting on the bullish side.
CoinGlass’s LINK exchange liquidation map reveals. That the asset’s major liquidation levels are at $24.29 on the lower side and $26.69 on the upper side. Not just that, at these levels, traders are over-leveraged and have built $48.53 million worth of long positions and $13.18 million worth of short positions.
Looking at these data, it appears that $26.69 is the only hurdle. Chainlink price has been facing; if it clears asset could continue its upside momentum.
The only red flag for LINK is the activity of investors and long-term holders. According to Coinglass data, over $18.01 million worth of LINK tokens have been moved onto exchanges.
This substantial inflow of assets into exchanges hints at a potential sell-off or dump. Which could slow down the upside momentum.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss. That may occur from investing in or trading. Please do your research before making any financial decisions.
Chandan Gupta is a crypto analyst and senior journalist. With years of experience in crypto trading and market analysis, he simplifies complex concepts of technical and on-chain metrics, making them easy for users to understand and helping them make informed decisions. Additionally, he uncovers real-time actions of whales and insiders that impact overall market sentiment.
