Is LINK looking for $30 this weekend?

Demand for Chainlink is rising as market sentiment turns bearish in anticipation of Trump's inauguration on Jan. 20. Additionally, the price increase coincides with other developments, such as the launch of CCIP version 1.5 on the main network. These factors have had a positive impact on the chain's metrics, which could push LINK's price to $30.

Whales set the price of LINK to $30.

The cryptocurrency market has been very unpredictable in the last 24 hours. The fear/greed index, which measures investor sentiment, fell slightly from 60, indicating traders are becoming more cautious.

Over the last day, Chainlink (LINK) has seen significant trading activity, especially from buyers. According to Coinglass, about $1.84 million worth of trades involving LINK were settled, with $1 million coming from buyers who closed their long positions.

After the recent price hike, Chainlink has attracted more business interest. Open interest, which shows the total number of open interest contracts, rose to $1.08 billion, indicating strong demand. Additionally, data from IntoTheBlock shows a significant increase in activity from large investors (whales) in LINK.

Last week's largest transaction volume jumped significantly from $35.6 million to $185 million, with the highest number of transactions reaching 613. This suggests that LINK's price may continue to rise as large investors continue to buy more.

However, Chainlink may experience some downward pressure as the long/short ratio is falling sharply. This ratio is currently at 0.4292, which means that most traders expect the price of LINK to decrease. Currently, 70% of positions are betting on a decline in prices, while only 30% are expecting a rise in prices.

Additionally, an increasing MVRV ratio of around 1.9 indicates that the market is overvalued. An increase in the MVRV ratio generally indicates that many people are profitable, but it also bears the risk of a potential sell-off if LINK investors decide to exit.

What is next for LINK value?

Chainlink's price has steadily risen, currently trying to hold its position above the declining resistance line. It has recently experienced a slight decline due to short-term owners' selling, which has brought it to an immediate resistance level. As of now, Chainlink's price is $24.4, representing a 5% increase in the last 24 hours.

The LINK/USDT trading pair is trading around $24 and may soon cross this threshold. The Relative Strength Index (RSI) stands at 73, indicating an overbought condition, and it looks like LINK may retest the channel's resistance line. If the price is stable above 25 dollars, it will create favorable conditions for buyers, maybe the price can rise to 30 dollars.

On the other hand, if the price falls below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, there may be downward pressure by sellers aiming to find the price range between $19 and $20.