Chainlink’s price dropped 0.40% in 24 hours, with a 26% decline in the past month.
Analyst predicts Chainlink could reach $53, $100, and $144 with upward momentum.
Following historical trends, Chainlink’s recent token unlock could positively impact the market. The crypto market kicked off the weekend positively, as the broad market displayed a bullish outlook. The global market cap surged to $2.74 trillion, while the 24-hour trading volume dropped to $75 billion. Following the positive sentiment, Bitcoin recovered above the $85K mark before facing a minor pullback. In the altcoin sector, tokens such as Chainlink are trading on a bearish note at $13.90 declining by 0.10% in the past 24 hours according to CMCdata.
Source:
CoinMarketCap
Chainlink’s price has recently declined from $18 to $12 following a broad market setback. This has led to a 10% and 26% decline in the weekly and monthly charts, respectively. LINK has a market cap and trading volume of $9.10 billion and $780 million, respectively.
Chainlink Price Set for Significant Gains
Crypto analyst CryptoELITES pointed out Chainlink’s price action suggesting a big move. The price targets are notable as the chart shows a strongly positive trajectory upwards. LINK is presently trading near the $13.90 level, and as the analyst forecasts. Currently, the price has bounced recently from the $12.36 support level, a key point of interest. This fits in with a technical pattern of previous moves in price. With growing momentum, Chainlink could be poised for a substantial rally.
Chainlink Unlocks 19 Million LINK Tokens
Recently, Chainlink unlocked 19 million LINK valued at around $262 million from its quarterly token unlock. 14.875 million LINK (or around $205 million) were transferred directly to Binance. The remaining 4.125 million LINK (around $57.04 million) was then moved to a multisig address. This marks the 11th token unlock of the total, following Chainlink unlocking 10 times in the past. Of the other 9 times this unlock happened, 9 out of 10 of those resulted in price increases within 30 days. The strategic release of these tokens could have a potential market impact, as seen in past unlocks.
Technical Analysis: Will the Bulls Reverse the Continuous Downtrend?
Looking at the 1-day technical indicators, Chainlink displays a bullish reversal from the recurring downtrend. The descending channel pattern is reaching a turning point as the bullish momentum builds.
Source:
TradingView
Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are trending toward the positive region, indicating a shift in market dynamics. The RSI, at 41, is trending toward the neutral region, suggesting further room for growth. In addition, the MACD is neutral, with the MACD line crossing above the signal line. This indicates an increase in buying pressure as the buyers overtake the sellers. LINK could break the immediate $17.72 with the next resistance at $19.75. Should LINK break this level, the next level to challenge will be the key resistance at $26.
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