Highlights
- LINK balances on exchanges have dropped to $139.72 Million, indicating accumulation.
- 59.17% of LINK holders are in profit, suggesting strong investor sentiment.
- Analysts predict Chainlink could reach $800 by 2025, driven by bullish patterns.
Chainlink price is currently consolidating above the 200-day EMA, trading at $19.30 after a modest intraday increase of 3.24%.
Previously the price had surged to $30 in November 2024 but has since faced downward pressure. However, the fundamentals suggest that the Chainlink price is gearing up for a long-term bullish breakout that could lead to new all-time highs.
This optimism is bolstered by a series of partnerships with major industry players, including 21Shares, Fidelity, Sony, and SWIFT, among others.
Initially, many investors underestimated the Chainlink potential, but it is steadily rising, and shifting perceptions across the market.
A significant driver of this growth is the Cross-Chain Interoperability Protocol (CCIP). Recently, Apple, the $3.6 Trillion tech giant, announced plans to create its own blockchain, utilizing Chainlink’s CCIP to connect its data with other public chains.
As a result, experts are predicting that Chainlink could be worth trillions in the coming years. Some analysts even speculate that by 2025, LINK price could reach as high as $800. Keep reading to know more in this Chainlink news article.
On-Chain Data Hints Chainlink Price Is On STrong Accumulation Mode
According to CoinGlass data, LINK balances on exchanges have seen a notable decline, dropping from $160 Million at the peak in late December 2024 to just $139.72 Million.
This decrease has spurred optimism among investors, as it indicates that buyers are moving their assets from exchanges to personal wallets.
The bullish momentum from Q4 2024 has also left many LINK holders in the green, which is encouraging.
Data reveals that a significant portion of LINK holders are currently profitable, suggesting that the asset remains a worthwhile investment for early adopters.
Specifically, 59.17% of addresses are in profit, while 34.68% are experiencing losses, and 6.14% are at break-even.
The potential for a LINK price rally appears promising, given that most investors are making money.
But, on the contrary, sudden negative market pressures could prompt LINK holders to liquidate their assets. As many investors are already in profit, even a slight upward trend might trigger a sell-off.
Data indicates a critical resistance zone for Chainlink price is located between $20.92 and $26.24, where a large volume of holders is concentrated.
In this price range, there are approximately 95,550 addresses holding around 105.3 million LINK tokens.
In addition, this situation presents a crucial concern for new investors looking to enter the LINK market.
Given these dynamics, it is essential for LINK whales to increase their activity to help establish a sustained growth trend.
Is Long-term Rally Incoming That Will Push Chainlink Price to $800?
In February, it was seen that Chainlink price has seen a significant decline, reaching a low of nearly $16.
However, it quickly rebounded and has since been consolidating between the short-term 50-day and long-term 200-day exponential moving average (EMA) bands.
Currently, Chainlink ranks as the 11th largest cryptocurrency, with a market capitalization of $12.38 Billion.
A closer look at the weekly chart reveals that Chainlink price has formed a cup-and-handle pattern from 2022 to late 2024.
Even more recently, LINK has developed a falling wedge pattern characterized by two descending and converging trendlines.
The price has successfully broken above this pattern, forming a perfect handle for the cup, and another surge could come after the recent pull-back.
At this juncture, it is essential for Chainlink price to reclaim the $22 level. Achieving this milestone could trigger a bullish wave, potentially propelling the price back to its 2021 high or even setting a new all-time high.
Conversely, a drop below the $16.38 mark would invalidate a bullish outlook.
Additionally, analysts are highlighting the potential for LINK price to reach $800 or even the $1,000 mark, using a channeling method based on Elliott wave analysis.
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.
