Chainlink Price Prediction for March 6

Over the past 24 hours, the price of Chainlink (LINK) faced a solid buying demand as it surged toward the high of $17. As a result, the price of LINK is now aiming for a strong bullish rally in the coming hours. The fear/greed index has surged, now showing a fear sentiment at level 30. Meanwhile, Chainlink’s trading volume has surged by 43.43% in the last 24 hours, reaching $1.04 billion.

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 14%, hitting $11 billion.

LINK Faces Increased Short Liquidation

The price of LINK is showing signs of growing market confidence, seen by increased volatility and a surge past the $15 resistance level in the 24-hour chart. In the last hour, LINK has risen by 1.5%, boosting optimism for the short term. Despite these gains, the long-term outlook is still unclear, pending market assessment of crucial resistance points.

Additionally, Santiment data reveals a link between the fluctuations in LINK’s price and the accumulation trends in wallets. The five largest wallets now control 18.15% of LINK’s total supply, amounting to around $2.93 billion in value.

Over the past 24 hours, Chainlink has experienced notable buying pressure, leading to liquidations. Data from Coinglass shows that about $1.6 million worth of LINK was traded, with long position liquidations contributing $430K to this figure, while sellers liquidated approximately $1.17 million in positions.

Amid the buying demand, trading interest in Chainlink is on the rise. Open interest, which measures the total number of unsettled trading contracts, has increased by 18% to $535 million, signaling growing engagement among traders.

Looking forward, the prospects for LINK’s price are skewing positive. The long/short ratio stands at 1.4, indicating a growing bullish sentiment, with 58% of traders now anticipating a price increase.

Chainlink Price Prediction: Technical Analysis

Chainlink’s price continues to be under strong bullish pressure as it recently broke above the bearish consolidation. Currently, buyers are attempting to send the price above immediate resistance levels. As buyers have advantage, LINK might face an immediate surge again. As of writing, Chainlink’s price stands at $17.28, having surged by 13.7% in the last 24 hours.

The LINK/USDT trading pair is in a solid buying pressure as it plunged sellers’ confidence. With the Relative Strength Index (RSI) hovering around the overbought region at level 78, there is a possibility that Chainlink’s price could retest its resistance level at $17.6.

If it sustains above this level, it could benefit buyers and potentially push the price for $19.85. On the other hand, if the price fails to hold its current momentum, it might face a drop toward $15.62.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might aim for the $17.6 resistance. If the price moves above that level, we might see a trade around $19.85. On the downside, $15.62 is the range.   

Long-term: According to the latest Chainlink price prediction from Coincodex, Chainlink is expected to climb by 8.87% and hit $18.74 by April 5, 2025. The current market sentiment is bearish, as indicated by technical indicators, while the Fear & Greed Index registers at 25, pointing to extreme fear. Over the past 30 days, Chainlink has seen 12 green days, representing 40% of the time, with a price volatility of 10.12%. Based on this forecast, it is currently not advisable 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.