Chainlink Price Prediction for March 5

Over the past 24 hours, the price of Chainlink (LINK) triggered a solid buying pressure as it rebounded from the low of $13. As a result, the price of LINK surged and recovered above the $15 level. The fear/greed index has surged, now showing a fear sentiment at level 39. Meanwhile, Chainlink’s trading volume has dropped by 9.2% in the last 24 hours, reaching $744 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 11.7%, hitting $9.84 billion.

LINK’s Volatility Makes a Surge Toward 103%

LINK price has been under strong bullish pressure as it recently broke above Fib levels and surged toward the high of $15.4. This has triggered a significant surge in on-chain metrics of LINK price.

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 85.8% to 103.74%, 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 $1.58 million in LINK trades occurred, with long liquidations accounting for $1.1 million of this volume. Sellers liquidated around $473K worth of positions. 

Amidst this buying demand, interest in Chainlink trading has gone up. Open interest, which tracks the total number of outstanding trading contracts, has risen to $438 million, reflecting a 4.6% 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 1.5 suggests a rising bullish dominance with 60% 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 bearish consolidation. However, buyers are struggling to hold the momentum near $16 as it faced minor bearish pressure. As buyers have advantage, LINK might face an immediate surge again. As of writing, Chainlink’s price stands at $15.6, having surged by 13.3% in the last 24 hours.

The LINK/USDT trading pair is a solid buying pressure as it plunged sellers’ confidence. With the Relative Strength Index (RSI) hovering above the midline at level 56, there is a possibility that Chainlink’s price could retest its resistance level at the descending resistance line.

If it sustains above this level, it could benefit buyers and potentially push the price for $17.6.  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 the descending resistance line. If the price moves above that level, we might see a trade around $17.6. 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 increase by 13.40% and reach $16.94 by April 4, 2025. Coincodex’s technical indicators suggest that the current market sentiment is Bearish, and the Fear & Greed Index indicates a level of 20, representing Extreme Fear. Over the last 30 days, Chainlink has experienced 12/30 (40%) green days with a price volatility of 10.04%. Based on this forecast, it is currently not 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.