- Despite the bearish price action, the number of LINK holders has been increasing in the long term.
- Measurements revealed increased buying pressure, hinting at higher prices.
While many cryptocurrencies have posted promising gains over the past 24 hours, chain link [LINK] LINK failed to perform well. However, the latest analysis suggests that LINK will recover $12.10.
Let’s take a look at the current state of LINK to see how likely it is to regain this mark in the short term.
Bulls to take charge?
Chainlink price has been on the decline in the past 24 hours, with the price only increasing in decibels. In fact, the coin has seen an 8% price drop in the past week.
At the time of publication, the code was commerce At a price of $10.7 billion, with a market cap of over $6.5 billion.
AMBCrypto’s study of IntoTheBlock data revealed that only 35% of LINK investors have made a profit. However, the better news is that the number of wallets holding LINK for more than a year is on the rise.
This indicated that long-term investors were confident in LINK stock’s rise.
Source: IntoTheBlock
The latest data suggests that LINK could turn bullish. Crypto Tony, a popular crypto analyst, recently posted tweet He stated that if Chainlink reclaims $12.1, the analyst will enter again.
Therefore, AMBCrypto planned to evaluate the on-chain LINK data to see how similar the token is to the $12.1 recovery.
What to expect from LINK
AMBCrypto’s analysis of Santiment data revealed that buying pressure on the token was high. This is the case as its supply on exchanges decreased while its supply outside of exchanges increased.
Another bullish metric was the MVRV ratio, which improved significantly over the past week, suggesting that Chainlink could soon begin an upward rally.
However, its network growth has slowed down. This means fewer new addresses are being created to transfer the token.
Source: Santiment
However, at the time of publication, LINK was Fear and Greed Index It was in the “greedy” phase. Whenever the scale reaches this level, it indicates that there is a possibility of a price decline.
So, we checked its daily chart. Fortunately, the MACD indicator showed a possible bullish crossover. Chainlink’s Money Flow Index (MFI) also registered a slight increase, indicating a price increase.
Source: TradingView
Reads chain link [LINK] Price prediction 2024-25
According to our analysis, Chainlink should break above $11.28 in the coming days before targeting $12.
The reason behind this was the upcoming liquidation spike, which often leads to price corrections. However, if the bears take control, the LINK price could drop to $9.3.
Source: Hyblock Capital
