Over the past 24 hours, the price of Chainlink (LINK) has been facing a rising buying demand as it broke above the crucial $15 mark. However, after breaking above $15, the price of LINK is now consolidating. The fear/greed index has dropped, now showing a fear sentiment at level 30. Meanwhile, Chainlink’s trading volume has surged by 20.4% in the last 24 hours, reaching $360 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 volatility as it aims for a hold above $15. In the last 24 hours, its market capitalization has surged by 0.5%, hitting $9.96 billion.
LINK Faces Positive Funding Rate Amid Consolidation
Chainlink has partnered with Abu Dhabi Global Market (ADGM), a major financial hub in the UAE, to promote blockchain innovation and tokenization in the region. Through this partnership, businesses registered with ADGM will gain access to Chainlink’s blockchain technology and tools, helping accelerate the adoption of tokenization.
ADGM, recognized for supporting blockchain innovation globally, views this collaboration as crucial for updating its blockchain regulatory environment. Together, Chainlink and ADGM plan to organize events and workshops aimed at educating the UAE’s blockchain and AI communities. These sessions will cover essential topics like tokenization, cross-chain interoperability, proof of reserves, and new blockchain standards.
As a result of this, the LINK price has been consolidating within the buying zone of $15. In the last 24 hours, Chainlink has seen consolidated trading activity. According to Coinglass, about $635K in LINK trades occurred, with long liquidations accounting for $168K of this volume. On the other hand, sellers liquidated around $467K worth of positions.
Amidst this consolidated momentum, interest in Chainlink trading has surged along with a positive funding rate at 0.0081%. Open interest, which tracks the total number of outstanding trading contracts, has risen to $525 million, reflecting a 0.24% surge in the last 24 hours.
Chainlink Price Prediction: Technical Analysis
Chainlink (LINK) recently broke through the key resistance level at $15, driven by increased buying activity. Currently trading around $15.32, LINK has experienced a modest 0.3% rise in the past day, reflecting a balanced yet cautious struggle between buyers and sellers.
Despite this bullish move, LINK faces steady selling pressure, which may limit further price increases above the $15 mark. Additionally, the Relative Strength Index (RSI) has reached 66, signaling that LINK is nearing overbought conditions. This suggests sellers might soon step in to slow or reverse the upward momentum.
Should LINK sustain its current bullish strength, the next significant resistance level sits at $18.12, and continued buying support could push prices toward $22. However, if bullish momentum weakens, LINK may experience a pullback, retesting its previous resistance-turned-support line. In such a scenario, prices could decline to around $11.71.
LINK Price Prediction: What to Expect Next?
Short-term:
According to BlockchainReporter, LINK price might continue to surge toward $18.12. If the price surges above $18.12, we might see $22. On the downside, $11.7 is the range.
Long-term:
According to Coincodex’s current Chainlink price prediction, the cryptocurrency is expected to increase by 22.70%, reaching $18.37 by April 24, 2025. Coincodex’s technical indicators currently show a bearish sentiment, while the Fear & Greed Index stands at 46, indicating “Fear.” Over the past 30 days, Chainlink experienced 14 out of 30 green days (47%), with price volatility around 8.00%. Based on this forecast, Coincodex suggests that now may not be a good time to buy Chainlink.
How much is the LINK price today?
LINK price is trading at $15.16 at the time of writing. The LINK price has surged by over 0.55% in the last 24 hours.
What is the Chainlink price prediction for March 25?
Throughout the day, the LINK price might continue to surge toward $18.12. If the price surges above $18.12, we might see $22. On the downside, $11.71 is the range.
Is LINK a Good Buy Now?
According to long-term forecasts, the Chainlink price might reach $18.37 by April 24. This makes LINK price a good 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.