Journalist
Posted:
- Market sentiment around Chainlink remained bearish despite a price hike in the last 24 hours.
- If market indicators are to be believed, LINK might first target $29.
After a red weekly chart, Chainlink [LINK] once again turned bullish as its daily chart turned green. Therefore, AMBCrypto dug deeper and assessed the token’s on-chain data to find where it can reach in 2025.
Chainlink bulls are back in action!
As per CoinMarketCap’s data, LINK’s price dropped by 1.2% in the last seven days. But LINK bulls stepped in the last 24 hours as the token’s value rose by more than 2.5%.
At the time of writing, Chainlink was trading at $21.73 with a market capitalization of over $13.8 billion.
Thanks to the latest price increase, over 478k LINK addresses were “in the money,” which accounted for nearly 68% of the total number of Chainlink addresses, as per IntoTheBlock.
However, the price hike in the last 24 hours didn’t have a positive impact on the token’s social metrics. Notably, LINK’s Weighted Sentiment declined sharply, which was a clear indication of rising bearish sentiment.
Additionally, Chainlink’s Social Volume also declined last week, reflecting a dip in the token’s popularity.
Source: Santiment
Will LINK touch $50?
While all this happened, World Of Charts, a popular crypto analyst, posted a tweet revealing that LINK was still trading within an optimistic range. Thus, the token may move towards $50 in the coming days.
Therefore, AMBCrypto checked other datasets to find out the odds of LINK touching that level in the mid-term. The good news was that buying pressure on the token was starting to increase.
This was evident from the rise in its supply outside of exchanges and the drop in its supply on exchanges.
Moreover, Chainlink’s exchange outflow also spiked on the 26th of December, further hinting at a rise in buying pressure.
Source: Santiment
What’s next for LINK?
Nonetheless, at the time of writing, Chainlink’s fear and greed index had a reading of 61%, meaning that the market was in a “greed” phase. Whenever that happens, it indicates that there are chances of a price correction.
But technical indicators suggested that LINK’s price was about to touch the lower limit of the Bollinger Bands. If that happens, it can spark a bull rally.
Is your portfolio green? Check out the LINK Profit Calculator
A further price hike could allow the token to reclaim $29 before it eyes $50.
In fact, after a decline, the Money Flow Index (MFI) also registered a slight uptick, which can support the token’s journey towards $29.
Source: TradingView
