Chainlink Price Prediction for January 17

In the last 24 hours, the price of Chainlink (LINK) has increased significantly, rising from $21.3 to over $24, which is an 11.3% gain. Chainlink’s price is now close to the levels it reached in early January, boosted by a positive shift in market sentiment to ‘greed’ (above 60) following the release of the Consumer Price Index (CPI). Additionally, Chainlink’s trading volume has jumped 38.7% in the last day, reaching $1.07 billion.

Looking at the bigger picture, LINK’s price has been declining since mid-December, dropping from a high of $31 to a low of around $14 this week. However, with sufficient buying interest and market engagement, Chainlink’s price is now recovering smoothly. As a result, its market capitalization has increased by 11.3% to $15.3 billion in just one day.

Chainlink Faces a Surge in Whale Interest

The cryptocurrency market has been quite unpredictable in the last 24 hours. Interestingly, the Fear/Greed index has decreased slightly from a high of 60, indicating that traders are becoming more cautious, especially as mixed signals are being observed in the altcoin market.

Over the past day, there has been a lot of trading activity around Chainlink (LINK), particularly from buyers. According to Coinglass, there was a total of about $2.21 million in LINK trades liquidated. Out of this, $1.29 million resulted from buyers closing their long positions.

Following this price increase, there has been growing interest in trading Chainlink. The open interest, which indicates the total number of unsettled derivative contracts, has climbed to $988 million, reflecting a rise in demand. Furthermore, data from IntoTheBlock shows a significant uptick in large investor (whale) activity in LINK.

Over the last week, the number of large transactions has increased dramatically, from 123 transactions to 613 transactions, with the transaction volume peaking at $185 million. This suggests that the price of LINK might continue to rise due to continued purchasing by large investors.

Chainlink Price Prediction: Technical Analysis

The price of Chainlink has been climbing steadily and is trying to stay above $24. However, it encountered a slight setback due to minor selling from short-term holders, leading to a pullback near the immediate resistance level. Currently, the price of Chainlink stands at $24, having risen over 11% in the past 24 hours.

The LINK/USDT trading pair is hovering around $24 and might break through this level soon. With the Relative Strength Index (RSI) indicating an overbought condition at 71, the price of LINK may challenge the resistance line of the channel again. If it can sustain above $25, this would likely benefit buyers, potentially pushing the price up to $30.

Conversely, if the price drops below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers might attempt to drive it back down to the $19-$20 range.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to struggle around $24-$25. If the price moves above that level, we might see a trade around $27. On the downside, $20 is the range.   

Long-term: According to the Chainlink price prediction from Coincodex, the price of Chainlink is expected to increase by 40.73% and reach $33.82 by February 16, 2025. Coincodex’s technical indicators suggest a bullish current sentiment, while the Fear & Greed Index indicates a score of 75, which falls into the category of ‘Greed’. Over the last 30 days, Chainlink has seen 15 out of 30 days in green, displaying a price volatility of 8.03%. Based on this forecast, Coincodex suggests that now is a good time to buy Chainlink.

Investment Risks for Chainlink

Investing in LINK price can be risky due to market volatility. Investors should:

• Conduct technical and on-chain analysis.
• Assess their financial situation and risk tolerance.
• Consult with financial advisors if necessary.