Chainlink Price Forecast: LINK bull run targets $40, as selling pressure diminishes


  • Chainlink hits another new all-time high as investors look forward to $40.
  • The supply of LINK tokens on exchanges continues to wane, suggesting that buying pressure is growing.
  • Gains to $40 will be invalidated if LINK closes the day under $35.

Chainlink is pushing for new all-time highs, while major cryptocurrencies like Bitcoin and Ethereum have stalled. The weekend session is yielding for Chainlink following the spike above $30. New record highs have been achieved at $35, confirming recent predictions. Meanwhile, finding higher support is the bulls' biggest priority as it will set the framework for a breakout to $40.

Chainlink breakout is unstoppable

LINK is exchanging hands at $34.2 at the time of writing. The majority of technical levels suggest that LINK is on the path to achieving another high, perhaps hit $40.

For instance, the Moving Average Convergence Divergence (MACD) validates the uptrend by spiking higher above the midline. The recent cross of the MACD line (blue) above the signal line brings a firmer bullish grip to the picture. For now, the least resistance path is upwards.

Chainlink is also trading above all the applied moving averages on the 4-hour chart, including the 50 Simple Moving Average (SMA), the 100 SMA, and 200 SMA. The gap made by the 50 SMA above the other two indicators cement the bulls' influence in the market.

LINK/USD 4-hour chart

LINK/USD 4-hour chart

Santiment's coin supply on exchanges (as a percentage of total supply on-chain metric measures LINK tokens' supply on exchanges. A consistent drop in this metric highlights the potential increase in buying pressure. The chart below shows that the 225% surge in Chainlink's value over the last seven weeks coincides with LINK's continued supply drop on exchange platforms.

Chainlink supply on exchanges

Chainlink supply on exchanges

Looking at the other side of the fence

The Relative Strength Index (RSI) on the 4-hour chart is overbought at the time of writing. This means that the uptrend could be nearing exhaustion as bears prepare to take over control. Moreover, not closing the day above $35 (new record high) would pave the way for selling orders to increase, forcing a breakdown toward the 50 SMA around $27.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment

Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment

Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.

More Ethereum News

Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.

More Injective News

US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet

US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet

CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.

More Cryptocurrencies News

Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon

Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon

Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.

More Near Protocol News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP