Chainlink Price Prediction for January 24

Over the past 24 hours, the price of Chainlink (LINK) has been trying to stay above $26 but faced some difficulties. Nevertheless, buyers remain hopeful as the price of LINK still looks set to rise further. It’s currently around the same price levels it was in early January. The fear/greed index has increased, now showing a greed sentiment at level 61. Meanwhile, Chainlink’s trading volume has surged by 111% in the last 24 hours, reaching $1.26 billion.

Looking at the longer trend, LINK’s price has been declining since mid-December, dropping from a high of $31 to about $18 last week. Despite the fall, there is still significant buying interest and market activity, keeping its price within a potential buying range. In the last 24 hours, its market capitalization has also grown by 8.23%, hitting $16.8 billion.

LINK’s Liquidation Nears $2 Million

The cryptocurrency market is experiencing a bullish rally following President Trump’s signing of multiple executive orders that favor the crypto sector. This has led to increased buying demand in the altcoin market.

In the past 24 hours, Chainlink (LINK) has witnessed significant trading activity. According to Coinglass, around $2 million worth of LINK trades were liquidated, with $1.1 million of that stemming from buyers closing their long positions.

Amidst this price increase, interest in trading Chainlink has also risen. The open interest, representing the total number of unsettled derivative contracts, has surged to $1.16 billion, marking an increase of over 13% in the last 24 hours.

Conversely, the long/short ratio, which indicates the balance between buyers and sellers, has fallen below 1, suggesting that most traders are now anticipating a drop in LINK prices. Currently, 52.8% of traders are expecting the price to decline soon.

Chainlink Price Prediction: Technical Analysis

The price of Chainlink is currently maintaining a position above the resistance line on its chart, indicating strong buyer confidence. Although it’s attempting to stay above $26, sellers are actively resisting any significant price increases. Right now, Chainlink’s price is at $26.4, having climbed over 8.4% in the last 24 hours.

The LINK/USDT trading pair is hovering above $26 and could potentially rise above the immediate Fibonacci channels. With the Relative Strength Index (RSI) still in the buying zone at level 58, there’s a chance Chainlink’s price could rise above $30. If it manages to hold above $30, this could be advantageous for buyers, possibly driving the price as high as $36.

On the other hand, if the price falls below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart, sellers might push it down towards the $22 range.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to hover below $30. If the price moves above that level, we might see a trade around $36. On the downside, $22 is the range.   

Long-term: According to the Chainlink price prediction on Coincodex, the price of Chainlink is expected to increase by 21.75% and reach $31.92 by February 23, 2025. Technical indicators suggest a bullish current sentiment, while the Fear & Greed Index indicates a score of 75, pointing to greed. Over the past 30 days, Chainlink has seen 16 out of 30 green days, representing a 53% positivity rate, with a price volatility of 8.63%. Based on this forecast from Coincodex, it appears to be a favorable time to purchase 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.