Chainlink (LINK) 1-year price reaches more than 20 dollars — here’s what to expect next
Chainlink's native token (LINK) showed a 16% rally between February 9 and February 12 to trade at $20.85, a level not seen since January 2022. This brought the market capitalization to $11.67 billion and Dogecoin (DOGE) reached the 10th position. The largest cryptocurrency by market capitalization.
LINK's price rally is accompanied by increasing network activity and trading volume. In particular, the price remains within the higher parallel channel limit, hinting that it could rally further.
Chainlink network activity is increasing.
Data from IntoTheBlock revealed that the activity of the Chainlink network has reached a 22-month high, with an increase in active and new addresses.
Data from IntoTheBlock confirmed that active addresses rose from around 2,800 on January 25 to 3,210 on February 10. A similar increase was seen in new chainlink addresses, which rose from 808 to 1,020 over the same period.
Similar data from Santiment showed that daily active addresses (DAA) almost doubled from 2,801 on January 25 to 5,560 on February 12, a 97 percent increase.
In the year
Paxos announced that it accepted Chainlink's new PayPal USD price feed on February 7th. DeFi-focused Umami DAO also recently integrated ChainLink data streams on Arbitrum.
Whale activity on exchanges raises eyebrows.
Technical indicators and data on the chain may suggest that the LINK price is overextended and due to a pullback. According to data from blockchain analytics platform SpotOnChain, one whale transferred 245,000 LINK worth $4.9 million on Binance.
He took 495,057 LINK worth of LINK from Binance crypto exchange at an average of $15.13 per wallet between January 28th and February 7th, 2024.
Although this wallet still holds 250,000 LINK worth about $5 million, redistributing tokens and sending them to exchanges may indicate a desire to sell at the current price.
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On the other hand, the LINK ascending channel can attract bullish technical traders. Since January 26, LINK's price action has painted a series of high highs and high lows leading to the formation of an upward parallel channel on the daily chart.
As long as the price remains within the channel boundary, this suggests a breakout technical formation to the upside. This indicates a price increase towards the upper border of the channel, which is set at $21. A critical proximity above this can bring the price to 25 dollars.
Prominent analyst Rect Capital LINK expects a break of the support level at $19 before continuing its advance.
$LINK
A small dip is already underway.
There is a slight chance of going back to black level to try again #LINK #Crypto #Chainlink pic.twitter.com/Jsbb08KbOA
— Rekt Capital (@rektcapital) February 13, 2024
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
