Chainlink Price Prediction for February 27

Over the past 24 hours, the price of Chainlink (LINK) triggered a minor buying pressure as it surged toward the high around $16. However, bears are strongly defending an immediate push in the price chart. The fear/greed index has dropped, now showing a fear sentiment at level 20. Meanwhile, Chainlink’s trading volume has declined by 21.8% in the last 24 hours, reaching $661 million.

Looking at the longer trend, LINK’s price has been declining since mid-December, dropping from a high of $31 to about $15 on 3 February. In recent weeks, LINK price has been under strong bearish pressure following Bybit’s hack. In the last 24 hours, its market capitalization has surged by 1.69%, hitting $9.93 billion.

LINK’s Volatility Makes a Surge

LINK price has been under strong bearish pressure as it recently dropped below the crucial $15 support line. However, the market might soon see a clear trend as the volatility rate rises for LINK price. Data from IntoTheBlock shows that the volatility rate for Chainlink has been rising. The metric surged from the low of 78.6% to 89.2%, suggesting increased chances for LINK to break the ongoing consolidation.

In the last 24 hours, Chainlink has seen liquidation from both side traders. According to Coinglass, about $1.28 million in LINK trades occurred, with long liquidations accounting for $888K of this volume. Sellers liquidated around $389K worth of positions. 

Amidst this turbulence, interest in Chainlink trading has gone up slightly. Open interest, which tracks the total number of outstanding trading contracts, has risen to $476 million, reflecting a 4.6% increase in 24 hours.

Looking ahead, the chances for LINK’s price appear to be tilting towards an upcoming upward correction. The long/short ratio at 1.3838 suggests a rising bullish dominance with 58% traders now expecting the price to surge.

Chainlink Price Prediction: Technical Analysis

Chainlink’s price continues to be under strong bearish pressure as it recently dropped toward the low of $14. However, buyers rebounded the price above immediate Fib levels and it is now holding above the crucial support of $15. As sellers have advantage, LINK might not face any sudden surge on the price chart. As of writing, Chainlink’s price stands at $15.6, having surged by 2.07% in the last 24 hours. 

The LINK/USDT trading pair is facing multiple rejections as sellers defend an immediate surge ahead. With the Relative Strength Index (RSI) hovering below the midline at level 44, there is a possibility that Chainlink’s price could drop and retest $15.5.

If it sustains above this level, it could benefit buyers and potentially push the price for $18.  On the other hand, if the price fails to hold its current momentum, it might face a drop toward $14.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to hover around $15. If the price moves above that level, we might see a trade around $18. On the downside, $14 is the range.   

Long-term: According to the current Chainlink price prediction from Coincodex, the price of Chainlink is expected to increase by 4.61% and reach $15.89 by March 28, 2025. Technical indicators suggest a bearish current sentiment, and the Fear & Greed Index indicates a level of 25, representing ‘Extreme Fear’. Over the past 30 days, Chainlink has experienced 12 out of 30 green days and exhibited 12.68% price volatility. Based on this forecast, it is considered a bad 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.