Chainlink Price Prediction for January 28

In the last 24 hours, the price of Chainlink (LINK) has increased significantly, rising from $22 to over $24.62, which is an 7.3% gain. Chainlink’s price is now close to the levels it reached in early January, boosted by a positive shift in market sentiment to neutral (at level 53). 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 peak of $31 to a low of around $22 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 5.5% to $15.28 billion in the last 24 hours.

Chainlink Faces a Drop in Whale Interest

The cryptocurrency market has been quite unpredictable over the last 24 hours. Interestingly, the Fear/Greed index has dropped a bit from 60, suggesting that traders are becoming more careful, particularly as they’re getting mixed signals from the altcoin market.

In the last day, Chainlink (LINK) has seen a lot of selling activity, especially from those who were previously buying. According to Coinglass, around $1.42 million worth of LINK trades were liquidated, with $800.3K of that coming from buyers who had to close their long positions.

After the recent price rise, more people are showing interest in trading Chainlink. The open interest, which shows the total number of open derivative contracts, has gone up to $997.97 million, indicating increased demand. However, data from IntoTheBlock reveals a big drop in activity from large investors or “whales” in LINK.

Over the past week, the volume of large transactions has fallen sharply, from $542 million to $222 million, and the number of transactions hit a high of 739. This indicates that the price of LINK might keep facing challenges due to reduced buying from these 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 $24.13, having risen over 7% 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 a bearish condition at 46, 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 $27-$30 resistance zone.

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 $22 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, $22 is the range.   

Long-term: According to the current Chainlink price prediction from Coincodex, the price of Chainlink is expected to rise by 6.34% and reach $26.04 by February 27, 2025. Coincodex’s technical indicators suggest a bullish sentiment, while the Fear & Greed Index indicates a level of 72, showing ‘Greed’. Chainlink has recorded 16 out of 30 green days, with a price volatility of 9.32% over the last 30 days. Based on this forecast, it is considered 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.