Chainlink (LINK) Poised for Growth, Could Surpass $12 Mark
The Essentials in Brief
Chainlink (LINK) is showing signs of an imminent positive development that could potentially push the token above the 12-dollar mark. Despite a recent price drop, various on-chain data and market analyses indicate rising buying interest and increasing confidence of long-term investors. In this post, we take a look at the current developments and analyze what to expect from LINK in the near future.
Why Chainlink Could Be on Its Way to 12 Dollars
In recent days, Chainlink experienced a price drop of 8%, bringing the token to a current value of 10.7 dollars. Despite this drop, data from IntoTheBlock shows that the number of wallets holding LINK for over a year has increased, suggesting that long-term investors continue to have confidence in LINK’s potential.
An analysis of data from Santiment also indicates that the buying pressure for LINK is high. This can be seen, among other things, from the fact that the amount of LINK on exchanges is decreasing, while the amount off exchanges is increasing. Another positive sign is the improvement of the MVRV ratio, which could indicate an upcoming bull rally.
Technical Analysis and Future Movements
Despite a current “greed” index, which usually indicates a possible price decrease, technical indicators such as the MACD and the Money Flow Index (MFI) on the daily chart show positive signals for an impending price increase. However, Chainlink must first surpass the mark of 11.28 dollars to pave the way to reaching 12 dollars. Should the bears gain the upper hand, LINK could drop to 9.3 dollars.
Our Assessment
Current developments and analyses suggest that Chainlink is on a good track to recover from recent price drops and possibly surpass the 12-dollar mark. Long-term investors seem to have maintained their confidence in LINK, and the on-chain data signal strong buying interest. Nevertheless, investors should be cautious and keep an eye on market conditions and technical indicators to make informed decisions.
Sources: IntoTheBlock, Santiment, TradingView, Hyblock Capital
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