- As the altcoin market experiences a significant revival, the oracle service provider Chainlink (LINK) appears poised for another price rally.
- On-chain data provider Santiment highlights that the Binance funding rate for Chainlink (LINK) is heavily skewed in favor of long positions.
- On the weekly chart, the price is currently moving within a rising triangle pattern just above the immediate support level of $14.66.
Oracle service provider Chainlink (LINK) has managed to surpass the $16 level: What do the current data suggest for LINK coin?
Will Chainlink Price Reach $20?
As the altcoin market experiences a significant revival, the oracle service provider Chainlink (LINK) appears poised for another price rally. The LINK price has gained 3% in the last 24 hours, returning to the $16 level and hinting at a potential target of $20.
Moreover, in the last 24 hours, Chainlink’s trading volume has surged by a striking 50% to reach $878 million. Santiment, the on-chain data provider, emphasizes that the Binance funding rate for Chainlink (LINK) is heavily skewed in favor of long positions.
According to Santiment, the Binance funding rate for Chainlink (LINK) has significantly registered in favor of long positions, reaching the highest point in four weeks. With LINK surpassing the $16 threshold, it is recommended to watch whether it triggers a fear of missing out (FOMO), potentially triggering a local peak, or if the prices can sustain the upward momentum, potentially heading towards $20 with minimal resistance.
According to crypto analyst Ali Martinez, Chainlink is currently trading above a critical support zone. Specifically, more than 17,000 addresses have purchased 47 million LINK in the price range of $14.4 to $14.8. The potential holding of this level indicates the likelihood of a short-term recovery.
On the weekly chart, the price is currently moving within a rising triangle pattern just above the immediate support level of $14.66. Additionally, the Relative Strength Index (RSI) exhibits an increasing movement in line with the linear support, indicating the potential continuation of the bullish phase.
If market forces successfully keep the price within the rising triangle pattern, an upward breakout above the resistance range of $16.19 to $16.70 becomes possible. This breakout could potentially initiate an upward trajectory towards the next significant resistance level at $17.50 and may reach $18 by the end of 2023 or the beginning of 2024.
Chainlink Staking v0.2 Gains Significant Interest
Chainlink Staking v0.2 community pool reached full capacity with 19 million LINK added within just 7 hours of the Early Access opening. Chainlink expressed gratitude to the community, including v0.1 contributors actively participating in the v0.2 launch and new stakers.
Having contributed a total of 40,875,000 LINK, it actively contributes to the security of the Chainlink Network and the verifiable web. Following the planned General Access launch on December 12, the v0.2 Stake will be accessible to everyone in the pool area vacated by withdrawals from existing stakers.
