Chainlink Price Prediction for January 31

Over the past 24 hours, the price of Chainlink (LINK) is attempting to hold above the crucial resistance of $25. Currently, 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 decreased, now showing a neutral sentiment at level 54. Meanwhile, Chainlink’s trading volume has dropped by 25.8% in the last 24 hours, reaching $581 million.

Looking at the longer trend, LINK’s price has been declining since mid-December, dropping from a high of $31 to about $16 on 13 January. 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 2.55%, hitting $15.9 billion.

LINK Faces Liquidation from Both Side Traders

The cryptocurrency market is on the rise after President Trump signed several executive orders that support the crypto industry, leading to more people buying in the altcoin market. Recently, Chainlink (LINK) has seen a lot of trading action. 

Coinglass reports that about $728,000 worth of LINK trades were settled, with $368,500 of that from buyers closing their long positions, while sellers closed around $360,000 in short positions.

As Chainlink’s price goes up, more people are interested in trading it. The total number of open trading contracts, also known as open interest, has climbed to $1.02 billion, an increase of 1.46% in just the last day. 

Also, the long/short ratio, which shows whether more traders are buying or selling, has risen to 1.4. This means most traders now think the price of LINK will keep going up, with 58% expecting a rise 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 $25, sellers are actively resisting any significant price increases. Right now, Chainlink’s price is at $24.8, having climbed over 1.5% in the last 24 hours.

The LINK/USDT trading pair is hovering above $24 and could potentially rise above the immediate Fibonacci channels. With the Relative Strength Index (RSI) still in the buying zone at level 55, there’s a chance Chainlink’s price could rise above $27. If it manages to hold above $27, this could be advantageous for buyers, possibly driving the price as high as $30.

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 $25. If the price moves above that level, we might see a trade around $27. 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 10.56% and reach $27.35 by March 2, 2025. Technical indicators suggest that the current market sentiment is bullish, while the Fear & Greed Index indicates a level of 76, signifying extreme greed. Over the past 30 days, Chainlink has experienced 18 green days, which constitutes 60% of the period, along with a price volatility of 8.98%. Based on these forecasts, it is considered a good 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.