Key Insights:
- Chainlink (LINK) holds near $14 support, facing resistance at $15.
- The token maintained the top position in the DeFi space, witnessing its dominance.
Chainlink (LINK) recently experienced a significant rebound and reclaimed the key 20-day EMA zone of $14. Over the past ten days, LINK price has recovered more than 12% and showed its resilience in the crypto market.
At press time, Chainlink price was trading at $14.12, noting an intraday decline of over 0.40%. Its market cap stood at $9.24 Billion and ranked 11th in the overall crypto market.
Chainlink Dominates DeFi Development
Research conducted by Santimentfeed places Chainlink at the top position among the Top 10 DeFi development rankings. Decentralized finance operations depend on Chainlink data oracle solutions as their foundational DeFi operations component.
Defichain (DFI) ranked second among the top DeFi developments, followed by DeepBookonsui (DEEP), which held the third position.
LINK plays a crucial role in the DeFi industry by providing innovative solutions that cater to various protocols. Its capabilities ensure it remains an integral part of DeFi operations.
Chainlink Price Ready for 20-30% Rally: Here’s the Analyst Insights
Crypto Billion recently noted that LINK price chart appears promising. It has also retested its multi-year support zone during recent trading sessions.
It bounced off from the demand zone and gained significant momentum. The current price setup hinted at a 20-30% rally in the next few sessions.
Nology highlighted that Chainlink must stay above the $11.50 support cluster. If this level holds, further upward movement could potentially occur.
Chainlink price has reached the lowest point of its falling channel. A rebound toward the $20 level could unfold in the upcoming sessions.
On-Chain Metrics Point to Sustained Growth
LINK is the number one development platform enabling dApp developers to create services that work between diverse blockchain systems. Chainlink shows market resilience according to consistently positive long-term data metrics while facing short-term market movement.
The crypto market recognizes LINK as essential because its capitalization has reached $9.86 Billion. LINK demonstrates long-term investor commitment because token holders have maintained ownership for over twelve months.
Institutional investors and high-net-worth individuals maintain ownership of 67% of the complete LINK token supply. Chainlink network experiences significant price changes from substantial transactions made by its major token holders.
The correlation between Bitcoin and LINK tokens reaches 0.94, implying the upcoming market movements may follow Bitcoin’s direction.
Chainlink Price Prediction: What’s Next for LINK?
LINK price performance has displayed signs of accumulation as it recouped its recent losses and fetched the 20-day EMA mark.
Technical indicators show a more nuanced picture. The Relative Strength Index (RSI) line was at 40, indicating a neutral position and a positive crossover on the charts.
Furthermore, the MACD indicator plotted green histogram readings, implying the presence of bullish momentum. This could fuel further upward movement ahead.
The Open Interest for Chainlink derivatives stood at $475.43 Million at press time. It noted a rise of over 0.89% in the past 24 hours.
If Chainlink price closes the $15 mark daily, it could stretch the upmove and could reach $20 soon. However, a break below the $11.80 mark would invalidate the bullish thesis.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Soraya Alizadeh covers the burgeoning intersection of fintech and blockchain innovation. Known for her meticulous research and clear, engaging storytelling, she explores regulatory challenges and opportunities within Iran’s crypto market, aiming to inform both industry insiders and newcomers.