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bitcoin
Bitcoin (BITCOIN)
$111,551 2.78%
ethereum
Ethereum (ETHEREUM)
$4,047 1.60%
binancecoin
BNB (BINANCECOIN)
$1,112 -0.57%
solana
Solana (SOLANA)
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ripple
XRP (RIPPLE)
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Shiba Inu (SHIBA-INU)
$0.000010 1.12%
pepe
Pepe (PEPE)
$0.000007 3.31%
bonk
Bonk (BONK)
$0.000015 4.35%
bitcoin
Bitcoin (BITCOIN)
$111,551 2.78%
ethereum
Ethereum (ETHEREUM)
$4,047 1.60%
binancecoin
BNB (BINANCECOIN)
$1,112 -0.57%
solana
Solana (SOLANA)
$192.07 0.67%
ripple
XRP (RIPPLE)
$2.48 3.03%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000010 1.12%
pepe
Pepe (PEPE)
$0.000007 3.31%
bonk
Bonk (BONK)
$0.000015 4.35%
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Chainlink Price Analysis: Why LINK Could Rally to $25 Soon

Highlights:

  • Chainlink is currently in a supply zone between $19.11 and $18.52
  • Rally through this region could see Chainlink hit $25 soon
  • Rising bullish momentum across the market could trigger a rally to $25

Chainlink (LINK) is one of the top-performing cryptocurrencies in the last 24 hours. In this period, Chainlink is up by 13.1% to trade at $18.79. Besides the rising price, Chainlink trading volumes are up by 126% to stand at $1.06 billion. This surge in trading volumes alongside the price is an indicator that bulls are taking control. It also means that the average holder is not taking profits even after the intraday pump. Multiple factors support a continuation of the price momentum that Chainlink has built up in the last 24 hours.

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Chainlink Adoption Continues to Rise

One of them is the fact that Chainlink is increasingly becoming the data oracle of choice for traditional finance. The latest of these moves is the partnership with S&P Global Ratings. Through the collaboration with the S&P Global Ratings, the credit rating giant will use Chainlink in analyzing stablecoins on issues such as liquidity and their composite assets.

This evaluation will be done through Chainlink oracles and leveraging smart contracts to analyze real-time risks and give a transparent assessment. Besides the partnership with S&P Global Ratings, Chainlink, there are reports that many more partnerships are coming.

These include institutions like UBS and SWIFT in tokenizing funds. SWIFT is already piloting Chainlink. The pilot saw subscriptions and redemption of tokenized assets through the SWIFT messaging network. This is a big deal in propelling tokenized assets to the mainstream, and by extension, entrenching Chainlink in asset tokenization.

The Chainlink team is also taking steps to entrench its dominance further. This is being done through the interoperability of the Chainlink CCIP for both DeFi and Traditional Finance. All these moves are adding to the fundamental value of the LINK token, and could push Chainlink to new highs in the short to medium term.

Broader Market Momentum Sending LINK Higher

Chainlink is also benefiting from the strong start to the week for risk-on assets. Unlike the past week when the market was overall weak, cryptocurrencies are doing well. The stock markets are up as well, an indicator that risk-on sentiment is coming back to the market.

If Bitcoin continues to push higher in the week, Chainlink will likely continue to outperform other top 100 cryptocurrencies. That’s because the partnerships it is bagging point to a cryptocurrency that is becoming a necessity in the merger of DeFi and TradFi. As such, both institutional and retail money looking for a mix of safety and growth are likely to gravitate more towards Chainlink compared to other altcoins. 

Possible Interest Rates Cut Could Send Chainlink Higher

Chainlink, like other cryptocurrencies, could also get a boost from a cut in interest rates. There is a growing consensus in the markets that more rate cuts are coming this year. Such cuts could trigger a new inflow of capital into the financial markets.

For Chainlink, which is still trading below its all-time highs and has a lot going for it at a fundamental level, the breakout could be phenomenal. A rate cut could push LINK to new highs, with some analysts speculating $100 or more in the year.

Technical Analysis – Chainlink Trading In A Resistance Zone

Chainlink is currently in a resistance zone between $18.52 and $19.11. If bulls are strong enough to push Chainlink through this level, then a rally to prices as high as $25 could follow.

LINK
Source: TradingView

On the other hand, if bears take control and Chainlink drops below the resistance zone, then a correction to prices as low as $16.31 could follow in the short term. Of these two scenarios, the odds are higher for a breakout to 25. That’s because, besides the growing Chainlink adoption, bullish momentum is on the rise across the market.

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