Key Insights
- As per the recent Chainlink news, an expert has boldly predicted that LINK’s price could reach $20 in the coming days.
- A total of $9.45 million worth of LINK has flowed out of exchanges, raising questions about a potential buying opportunity.
- The LINK daily chart reveals that the asset is retesting its recent breakout level and is still eyeing a 45% rally.
The latest Chainlink news highlights a bullish outlook for LINK, despite the overall correction in the crypto market. Over the past 24 hours, the asset and other cryptocurrencies have shown signs of a potential price recovery. That resulted in notable interest and bold predictions.
Chainlink News: Is LINK on Track to Hit $20 Soon?
Given the current market sentiment, a well-followed crypto expert shared bullish Chainlink News through an X (Formerly Twitter) post. The expert noted that Chainlink’s downtrend was broken on the 1-day chart, and a successful retest was in progress.
He further stated that bullish momentum was building up as LINK traded above a key resistance level. Lastly, he added that LINK could go beyond $20 if this move confirms.
Not just that, but several bold predictions have also surfaced on X, with one crypto expert predicting that LINK could breach its all-time high in this cycle.
LINK Price Finds Support as On-Chain Metrics Turn Bullish
At press time, Chainlink’s native token LINK hovered near $16.06. It climbed a modest 1.25% in 24 hours and clocked a modest 5% spike in the trading volume.
This ongoing price recovery came after LINK reached a key support level at $15.25. Given the current market sentiment and the ongoing recovery, accumulation by investors and long-term holders has skyrocketed, as disclosed by the on-chain analytics tool CoinGlass.
Data from spot inflow/outflow revealed that a total of $9.45 million worth of LINK tokens left exchanges in the past 24 hours. It hinted at potential accumulation amid a shift in market sentiment, which also appears to follow a successful retest.
Chainlink News also showed that LINK’s Open Interest (OI) soared by 9% to $809 million during the same period. It suggested that more capital was flowing into the asset, which is bullish LINK news for token holders.
Meanwhile, the LINK Long/Short ratio has further strengthened this bullish outlook. It soared to 1.014 at press time, indicating strong bullish sentiment among traders.
Chainlink (LINK) Price Action: Key Levels to Watch Next
Besides traders and investors’ strong bullish outlook, expert technical analysis showed that LINK has successfully retreated its breakout level.
As per the daily chart, the asset has recently broken out from a descending trendline, a key resistance level, and a 200-day Exponential Moving Average (EMA). That has now opened the path for massive upside momentum.
Based on recent price action and historical patterns, Chainlink price could soar significantly if it holds this level and sustains above the $15.25 mark. If this happens, the asset could continue its upside momentum and record a price rally of over 45%.
Latest Technical Insights
When writing, LINK price was trading above the 200 EMA, which showed LINK was in an uptrend and could continue to gain bullish momentum in the near term.
The Relative Strength Index (RSI) remained below the overbought zone, hovering near the 68 level. It showed that the asset still has enough room to continue its upward movement before facing potential selling pressure.
When combining the latest Chainlink news with the price action, it appears that bulls dominate. Moreover, there is a strong possibility that the asset may sustain the $15.25 level in the coming days.
The post LINK Eyes $20! Chainlink News Sparks Bullish Momentum appeared first on The Market Periodical.
