Over the past 24 hours, the price of Chainlink (LINK) triggered a solid buying pressure as it surged toward the high around $17.55. However, bears strongly defended an immediate push in the price chart, resulting in a rejection and a drop toward $16. The fear/greed index has surged, now showing a fear sentiment at level 39. Meanwhile, Chainlink’s trading volume has surged by 237.2% in the last 24 hours, reaching $937 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, touching a low around $13. 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 bullish pressure as it recently broke above Fib levels and surged toward the high of $17.5. This surge was triggered by Donald Trump’s announcement on his Truth Social platform of a US ‘Crypto Strategic Reserve’, including Bitcoin (BTC), ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), planning to boost America’s crypto leadership.
As a result, 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 83.4% to 108.91%, suggesting increased chances for LINK to break the resistance levels.
In the last 24 hours, Chainlink has seen liquidation from sellers. According to Coinglass, about $3.13 million in LINK trades occurred, with long liquidations accounting for $985K of this volume. Sellers liquidated around $2.15 million worth of positions.
Amidst this buying demand, interest in Chainlink trading has gone up massively. Open interest, which tracks the total number of outstanding trading contracts, has risen to $495 million, reflecting a 9.7% increase in 24 hours.
Looking ahead, the chances for LINK’s price appear to be tilting towards further upward correction. The long/short ratio at 1.4 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 bullish pressure as it recently broke above the descending trend line. However, buyers failed to hold the momentum as it faced minor bearish pressure after reaching the high near $17.5. As buyers have advantage, LINK might face an immediate surge again. As of writing, Chainlink’s price stands at $16.2, having surged by 10.17% in the last 24 hours.
The LINK/USDT trading pair is facing rejections as sellers defend a surge above the $17.5 mark. With the Relative Strength Index (RSI) hovering above the midline at level 58, there is a possibility that Chainlink’s price could retest its resistance level at $19.7.
If it sustains above this level, it could benefit buyers and potentially push the price for $22. On the other hand, if the price fails to hold its current momentum, it might face a drop toward $13.4.
LINK Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, LINK price might aim for $19.7. If the price moves above that level, we might see a trade around $22. On the downside, $13.4 is the range.
Long-term: According to the current Chainlink price prediction on Coincodex, the price of Chainlink is expected to decrease by -0.18% and reach $16.82 by April 2, 2025. Coincodex’s technical indicators suggest that the current sentiment is Bearish, and the Fear & Greed Index indicates a level of 33, classifying it as Fear. Over the past 30 days, Chainlink has experienced 11/30 (37%) green days with a price volatility of 11.79%. Based on this forecast, it is currently considered an unfavorable time to purchase Chainlink.
How much is the LINK price today?
LINK price is trading at $16.2 at the time of writing. The LINK price has surged by over 10.1% in the last 24 hours.
What is the Chainlink price prediction for March 3?
Throughout the day, the LINK price might aim for $19.7. If the price moves above that level, we might see a trade around $22. On the downside, $13.4 is the range.
Is LINK a Good Buy Now?
According to long-term forecasts, the Chainlink price might reach $16.82 by March 27. This makes LINK price a bad investment considering its monthly yield.
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.
