Cryptocurrencies Price Prediction: Bitcoin, Cardano & Chainlink – European Wrap 8 August

Bitcoin Weekly Forecast: BTC bulls target $120,000 as Trump moves to allow crypto in 401(k) plans

Bitcoin (BTC) looks set to close the week in the green, breaking above the $116,000 resistance, as market optimism swelled after United States President Donald Trump signed an executive order to include alternative assets, including crypto, in US 401(k) retirement accounts.

Adding to this, Japan’s SBI Holdings made headlines by filing for a dual-asset crypto ETF, which, if approved, would provide more exposure to both BTC and XRP.

Cardano Price Forecast: ADA bulls set $0.86 target as network activity, Open Interest increases

Cardano (ADA) is holding near the $0.80 level at press time on Friday, following a 6.22% gain from Thursday, as trader interest increases, raising the Open Interest by 12% in the last 24 hours. The on-chain data support the bullish outlook, as the number of active addresses and the ratio of transaction volume in profit to loss increase. 

Santiment data shows the 24-hour Unique Active Addresses (UAA) count rising to 30.9K at press time on Friday, up from 29.6K addresses on Thursday. An increase in UAA transactions on the Cardano network indicates increased activity and usage. It is worth noting that in relation to the rising ADA prices, the rise in active addresses signals increased interest. 

Chainlink Price Forecast: LINK announces launch of Chainlink Reserve

Chainlink (LINK) is trading in green above 18.50 at the time of writing on Friday after a strong 17% rally so far this week. This price surge was further boosted by the announcement on Thursday to establish “Chainlink Reserve,” which will accumulate LINK tokens converted from enterprise integration and on-chain service revenue. Meanwhile, the rising open interest in LINK and supporting technicals hint at a rally beyond $22.

Chainlink announced on Thursday the launch of the “Chainlink Reserve,” a strategic LINK reserve pool to accumulate LINK tokens converted from enterprise integration and on-chain service revenue. This news caused the price of LINK to rally nearly 11% that day.