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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 the crypto market continues to fluctuate, it is essential for investors to stay informed about potential price movements. Market sentiment around Chainlink remained bearish despite a recent price hike over the last 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 gain more insights, AMBCrypto delved deeper into the token’s on-chain data to predict where it can reach in 2025.
Chainlink bulls are back in action! As per CoinMarketCap’s data, LINK’s price decreased 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.
Thanks to the recent price increase, over 478k LINK addresses were “in the money,” which accounted for nearly 68% of the total number of Chainlink addresses, as per IntoTheBlock. However, the price hike in the last 24 hours did not have a positive impact on the token’s social metrics. Notably, LINK’s Weighted Sentiment declined sharply, which was a clear indication of rising bearish sentiment. Additionally, Chainlink’s Social Volume also decreased last week, reflecting a decline in the token’s popularity.
Will LINK touch $50?
While this took place, World Of Charts, a popular crypto analyst, posted a tweet indicating that LINK is still trading within an optimistic range. This suggests the token may shift towards $50 in the coming days. Therefore, AMBCrypto checked other datasets to find out the odds of LINK reaching that level in the mid-term.
The good news was that buying pressure on the token increased. This was evident from the rise in its supply outside of exchanges and the drop in its supply on exchanges. Furthermore, Chainlink’s exchange outflow also spiked on December 26th, further hinting at a rise in buying pressure.
What next for LINK?
Nonetheless, as of the writing time, Chainlink’s fear and greed index had a reading of 61%, implying that there is a probability of another decline before a bull rally. If that occurs, it could spark a bull run and potentially drive the token towards reclaiming $29 before eyeing $50.
In fact, after declining, the Money Flow Index (MFI) also registered a slight uptick, which may support the token’s journey towards $29.
Note: The data used in this article is based on historical market trends and does not guarantee any future results.
Source: ambcrypto.com
