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Can Chainlink breach the $29 target? Assessing…
Chainlink has once again turned bullish – Will this result in a move to $50 next?
As of late, market sentiment around Chainlink remained bearish despite a recent price hike over the past 24 hours. However, if indicators are to be believed, LINK might first target $29. After a red weekly chart, Chainlink [LINK] once again turned bullish as its daily chart turned green.
To better understand where it can reach in 2025, AMBCrypto delved deeper and assessed the token’s on-chain data. Chainlink bulls are back in action! According to CoinMarketCap’s data , LINK’s price dropped by 1.2% over the last seven days. However, LINK bulls stepped in the last 24 hours as the token’s value rose by more than 2.5%. At the time of writing, Chainlink was trading at $21.73 with a market capitalization of over $13.8 billion.
The latest price increase has resulted in over 478k LINK addresses being “in the money,” which accounted for nearly 68% of the total number of Chainlink addresses, as per IntoTheBlock . However, this recent price hike didn’t have a positive impact on the token’s social metrics. Notably, LINK’s Weighted Sentiment declined sharply, indicating rising bearish sentiment. Additionally, Chainlink’s Social Volume also declined last week, reflecting a dip in the token’s popularity.
World Of Charts, a popular crypto analyst, posted a tweet revealing that LINK was still trading within an optimistic range. Therefore, the token may move towards $50 in the coming days. AMBCrypto therefore checked other datasets to find out the odds of LINK touching that level in the mid-term.
The good news is that buying pressure on the token began to increase. This was evident from the rise in its supply outside exchanges and a drop in its supply within exchanges. Moreover, Chainlink’s exchange outflow also spiked on December 26th, further hinting at an upswing.
What’s next for LINK?
However, as of now, Chainlink’s fear and greed index has a reading of 61%, meaning that the market is currently in a “greed” phase. Whenever this happens, it suggests there are chances of a price correction. However, technical indicators suggested that LINK’s price was about to touch the lower limit of the Bollinger Bands. If that occurs, it could trigger a bull rally.
A further price hike could allow the token to reclaim $29 before setting its sights on $50. In fact, after a decline, the Money Flow Index (MFI) also registered a slight uptick, which can support the token’s journey towards $29.
Is your portfolio green? Check out the LINK Profit Calculator
Source: ambcrypto.com
