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Chainlink price analysis

Chainlink Price Set for 30% Comeback as New Data Stream Integrations Drive Growth

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3 months ago

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Chainlink price slightly increased by 0.3% to $10.5 on Saturday. The slowdown in recovery momentum can be attributed to Bitcoin pullback to $60000 and most major altcoins stabilizing after a mid-week rally. However, the aggressive expansion of the Chainlink network with new integrations could uplift its adoption and drive demand for LINK tokens.

The Synthetix Spartan Council unanimously voted in favor of integrating Chainlink Data Streams into Synthetix V3 on Arbitrum. This integration is set to enhance the performance, security, and reliability of markets on the Synthetix protocol. The decision marks a pivotal step forward for both Chainlink and Synthetix, highlighting the growing importance of reliable data streams in the DeFi ecosystem.

Moreover, Beefy Finance has recently upgraded to Chainlink Price Feeds to bolster the security of its Cowcentrated Liquidity Manager across multiple blockchain networks. This strategic move aims to protect users from flash loan exploits, market inefficiencies, and other potential vulnerabilities. 

These partnerships underscore the confidence of other Web3 projects in Chainlink for its ability to provide secure and reliable data services. The aggressive expansion into the Defi market should drive a natural growth of the LINK token.

This week, the cryptocurrency market showcased a relief rally as a cool-off from the recent sell-off. As the BTC price analysis shows a jump above the $60000 level, most major altcoins, including LINK, spark bottom formation to regain recovery momentum.

The Chainlink price rebounded from $9.44 to $10.6, registering a 12.38% growth, while the market cap boosted to $6.43 Billion. An analysis of the daily chart shows that the recent upswing forms another bull cycle within the long-coming wedge pattern.

The MACD (blue) and signal (orange) lines nearing a bullish crossover would signal the recuperating bullish momentum.

This chart setup is defined by converging trendlines, which generally indicate diminishing bearish momentum. With sustained buying, the recent reversal could push the LINK price 30% up to challenge the overhead trendline at $13.7.

Chainlink PriceChainlink Price
LINK/USDT Chart

On the contrary, the lower boundary of the Bollinger Band indicator in a down trajectory hints that it remains a dominant force in this asset. If the correction concern persists in the broader market, the Chainlink price prediction could signal a 15% downside risk to revisit $9 support.

Frequently Asked Questions (FAQs)

Chainlink’s recent price growth is driven by strategic integrations with platforms like Synthetix V3 and Beefy Finance, fueling demand for LINK tokens.

Technical analysis indicates that Chainlink’s price could increase by 30% due to the formation of a wedge pattern on the daily chart.

The $9.5-$9 stands as immediate support zone for discount buyers as backed by lower trendline of wedge pattern.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Chainlink Price Rally To $30 As Whale Activity Hits Three-Month High?

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2 weeks ago

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November 9, 2024

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Chainlink’s price momentum has recently sparked speculation of a possible rally to $30, as key technical indicators align.

Analysts World of Charts suggest that LINK, currently trading around $13.67, may be poised for further growth if it breaks above a crucial descending trendline that forms the top of a bullish flag pattern. The recent uptick has generated renewed interest, fueled by robust whale activity and broader market trends.

One of the main drivers behind Chainlink’s recent momentum has been whale activity. According to Santiment, large holders with balances between 100,000 and 10 million LINK have accumulated an additional $369.8 million worth of the token over the past seven weeks. 

This increase represents an 8.2% growth in holdings, reaching a three-month high. Whale accumulation often signals confidence in the asset’s long-term potential, as these investors typically hold large stakes with expectations of significant returns.

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The recent Chainlink price breakout has taken LINK above the $13.65 mark for the first time since July, indicating increased buying interest. This milestone, alongside high whale accumulation, suggests that large investors are positioning for further price gains. Concurrently, according to a Chainlink price prediction from CoinGape, the token may be on the verge of a 50% rally, backing the bullish sentiment.

Exchange Outflows Suggest Reduced Sell Pressure

Data from CryptoQuant shows a trend of consistent LINK outflows from exchanges, with spot exchange netflows turning increasingly negative. On November 8th, LINK outflows spiked to a 30-day high, reflecting a reduced willingness among traders to sell. 

Such outflows are often seen as a bullish indicator, as they suggest that holders are moving their assets off exchanges, potentially to hold them long-term. Lower sell-side pressure could set the stage for LINK’s continued price appreciation. With fewer tokens available for sale on exchanges, any increase in demand could drive up the price faster.

Chainlink has also seen a surge in on-chain activity. According to IntoTheBlock, the number of active addresses has risen significantly, growing from 1,930 to 2,750 within a few days. Increased activity on the network can indicate greater interest in the asset and signal potential price movement.

Additionally, Santiment reports a spike in Chainlink’s development activity, which has risen by over 14,000% in the past month. This high level of engagement from developers suggests strong commitment to building and expanding the Chainlink ecosystem, a factor that can bolster investor confidence.

In the derivatives market, data from Coinglass reveals a 17% increase in Open Interest, now reaching $252 million. This rise in Open Interest coincides with an increase in funding rates, indicating that traders are opening long positions on LINK. Rising Open Interest often reflects growing confidence among traders, as they anticipate further gains.

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The combination of whale accumulation, reduced exchange supply, rising on-chain activity, and bullish derivatives data creates a favorable environment for Chainlink. If the bullish flag pattern is cleared, as predicted by World of Charts, LINK price could be on its way to challenging the $30 mark in the coming weeks.

At the time of writing, Chainlink price is trading at $13.67, up 9.21% over the past 24 hours with a 24-hour trading volume of $585 million.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Crypto Analyst Calls Chainlink An Opportunity of Lifetime: Here Is Why

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2 months ago

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October 6, 2024

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The crypto market contains millions of cryptos, making it an industry of $2.16T. Not only that, it processes $62 Billion worth of transactions in 24 hours, but calling one specific cryptocurrency a once-in-lifetime opportunity is a big deal. And that big deal is attributed to Chainlink (LINK), as said by the popular crypto analyst Michael Van De Poppe.

LINK is the 14th biggest cryptocurrency in the market based on its market capitalization of $7 Billion. Additionally, it has a trading volume of $208 Million, indicating its decent demand in the market. However, there is much more, as Michael forecasts.

In a recent X post, popular crypto analysts and trader Michael endorsed LINK after bringing everyone’s attention to the bullish behavior of the token on the weekly timeframe. In this post, he clarifies that the “token is consolidating above the crucial resistance and flipping that for support.”

He further revealed that anything between $9-11 is an opportunity to buy before the token hits a high of $35.29. With this post, he forecasted the LINK price to hit a three-year high before challenging the ATH of $52.88.

#Chainlink is still consolidating above the crucial resistance and flipping that for support.

I think anything between $9-11 is an interesting one to buy into.

I mentioned it a few times, but it remains to be an opportunity of a lifetime. pic.twitter.com/3vCTTiYsAe

— Michaël van de Poppe (@CryptoMichNL) October 4, 2024

This crypto analyst also clearly mentioned that he is repeating his previous claims that it is an opportunity of a lifetime. It is not that Michael analyzed the Chainlink price only, as he also analyzed the Bitcoin price performance, which could aid in the former ones’ growth.

In a similar post, he revealed that Bitcoin is bullish in the 12-hour frame, which could boost the rest of the altcoins. Ever since his mentions, the Bitcoin price has been up by 1% after its earlier drop to $60K, currently trading at $62,188, which is a good sign.

Michael posted this forecast on October 4, 2024, when LINK’s price was consolidating between $9-11. However, in the last 24 hours, the price has surged by 2.37%, bringing the value to $11.37 earlier in the day, currently at $11.26. However, this is not significant enough, as the token is only recovering the 13% price plunge of this week.

Chainlink Price AnalysisChainlink Price Analysis

Even on the technical charts, there is strong selling pressure among the holders, where the simple & exponential moving averages and MACD confirm this selling stress. Moreover, the RSI is neutral, indicating the continuity of this trend. Not to forget the Chainlink price has already failed to surge past the Pivot at $11.37, towards the resistance of $13.46, confirming the ongoing consolidation.

Because the price has grown bullishly in the last 24 hours despite the high selling pressure, it can grow further. A few technical indicators, like Momentum and Hull’s moving average, also hint at this possibility. However, if the selling pressure dominates, the price may fall further.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Chainlink Price

3 Reasons Chainlink Price May Be Bigger than BTC and ETH in 2025

Published

2 months ago

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October 1, 2024

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Chainlink price has been on an upward trajectory throughout the month of September, rising by as much as 39% and making higher highs. Investors are closely watching this gem as they believe it could one day be bigger than even Bitcoin (BTC) and Ethereum (ETH). But how exactly will this happen?

Bitcoin and Ethereum are the world’s largest cryptocurrencies in terms of market cap and popularity. The BTC price has a market cap of $1.26 trillion, while the ETH price follows it with $318 billion. On the other hand, the LINK price is sitting at a $7.6 billion market cap in the 18th rank, according to CoinGecko data.

However, this decentralized finance (DeFi) project is not to be underestimated, as it possesses the power to rise to the top, potentially displacing BTC and ETH. Here are a few reasons this feat could be possible in 3 years.

1. Increasing Partnerships and Adoptions

Chainlink has been forming significant partnerships with major companies and projects, including government agencies like the Depository Trust and Clearing Corporation (DTCC). Moreover, the collaboration with DTCC has allowed Chainlink to work with top U.S. financial institutions such as $1.5 trillion AuM Franklin Templeton and $1.7 trillion AuM Invesco, among others. 

work with top U.S. financial institutions work with top U.S. financial institutions

Additionally, its collaboration with SWIFT aims to integrate traditional finance with blockchain technology, which could drive substantial adoption, usage, and, eventually, Chainlink price.

2. Dominance in Oracle Technology

Chainlink is the leading decentralized oracle network, crucial for bridging smart contracts with real-world data. Banks that move over quadrillions of dollars need to be able to pick the most secured and widely adopted standard. They are testing with Chainlink now, and once they’re ready, trillions of dollars will be piling into this new age of the internet, flowing through CCIP and other services provided by Chainlink.

In its latest adoption, Chainlink has secured a partnership with ANZ, a leading bank in Australia with over $1 trillion AuM. In the partnership, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will help enable the secure cross-chain exchange of tokenized real-world assets (RWA).

Major banks and corporations choose Chainlink CCIP for its security, reliability, and flexibility to connect private blockchains with other private chains OR even public chains. This dominance creates demand for the LINK token, which will reflect in Chainlink price increments in the future. This partnership is part of the Project Guardian program, facilitated by the Monetary Authority of Singapore.

While it seems obvious, staking has proven to be one of the most efficient price movers in the crypto space. For instance, Solana has a circulating supply of 468.4 million coins, and 99% of the supply is staked, making the coin scarce as meme coins on the chain increase its demand. This partly contributed to SOL price surging 680% in the last year from sub-$20 prices to over $150 today.

A total of 626.8 million LINK is in circulation, with investors staking 6.87% of this. 

Chainlink Price TLVChainlink Price TLV

As more LINK is staked and demand from institutions and retail skyrockets, Chainlink price is expected to surge and potentially surpass BTC and ETH in the coming years.

Conclusion

Chainlink price looks set to make significant strides in the blockchain and decentralized finance sectors, with its dominance in Oracle technology, increasing adoption by major institutions, and the potential of staking to drive demand for LINK. As partnerships with organizations like SWIFT and ANZ deepen and the need for secure, reliable data integration grows, Chainlink could see substantial value growth. While surpassing Bitcoin and Ethereum may seem ambitious, the unique value Chainlink brings to the crypto ecosystem suggests it could be a top contender in the coming years.

Frequently Asked Questions (FAQs)

Chainlink specializes in decentralized oracle technology, which bridges blockchain smart contracts with real-world data. Unlike Bitcoin (BTC) and Ethereum (ETH), Chainlink is a leader in providing the infrastructure needed for smart contracts to interact with off-chain data, a key component in decentralized finance (DeFi) and other blockchain applications.

Chainlink has secured significant partnerships with major organizations such as SWIFT, the Depository Trust and Clearing Corporation (DTCC), and leading banks like ANZ. These partnerships position Chainlink at the forefront of integrating blockchain technology with traditional finance, which could drive substantial adoption and increase the value of its native token, LINK.

While Bitcoin and Ethereum have much larger market caps, Chainlink’s potential to surpass them stems from its unique role in DeFi, its growing number of high-profile partnerships, and the adoption of its oracle technology across traditional finance. If these factors continue to expand, Chainlink’s price could see dramatic growth over the next three years.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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