Bitcoin
Bitcoin (BTC)
$102,727.00 5.55518
Bitcoin price
Ethereum
Ethereum (ETH)
$2,177.21 19.9042
Ethereum price
BNB
BNB (BNB)
$623.25 3.62327
BNB price
Solana
Solana (SOL)
$161.01 9.1081
Solana price
XRP
XRP (XRP)
$2.29 7.51607
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000142 11.08447
Shiba Inu price
Pepe
Pepe (PEPE)
$0.000011 33.64184
Pepe price
Bonk
Bonk (BONK)
$0.0000195 15.39148
Bonk price
dogwifhat
dogwifhat (WIF)
$0.676482 17.98268
dogwifhat price
Popcat
Popcat (POPCAT)
$0.465257 2.76925
Popcat price
Bitcoin
Bitcoin (BTC)
$102,727.00 5.55518
Bitcoin price
Ethereum
Ethereum (ETH)
$2,177.21 19.9042
Ethereum price
BNB
BNB (BNB)
$623.25 3.62327
BNB price
Solana
Solana (SOL)
$161.01 9.1081
Solana price
XRP
XRP (XRP)
$2.29 7.51607
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000142 11.08447
Shiba Inu price
Pepe
Pepe (PEPE)
$0.000011 33.64184
Pepe price
Bonk
Bonk (BONK)
$0.0000195 15.39148
Bonk price
dogwifhat
dogwifhat (WIF)
$0.676482 17.98268
dogwifhat price
Popcat
Popcat (POPCAT)
$0.465257 2.76925
Popcat price
Bitcoin
Bitcoin (BTC)
$102,727.00 5.55518
Bitcoin price
Ethereum
Ethereum (ETH)
$2,177.21 19.9042
Ethereum price
BNB
BNB (BNB)
$623.25 3.62327
BNB price
Solana
Solana (SOL)
$161.01 9.1081
Solana price
XRP
XRP (XRP)
$2.29 7.51607
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000142 11.08447
Shiba Inu price
Pepe
Pepe (PEPE)
$0.000011 33.64184
Pepe price
Bonk
Bonk (BONK)
$0.0000195 15.39148
Bonk price
dogwifhat
dogwifhat (WIF)
$0.676482 17.98268
dogwifhat price
Popcat
Popcat (POPCAT)
$0.465257 2.76925
Popcat price
Bitcoin
Bitcoin (BTC)
$102,727.00 5.55518
Bitcoin price
Ethereum
Ethereum (ETH)
$2,177.21 19.9042
Ethereum price
BNB
BNB (BNB)
$623.25 3.62327
BNB price
Solana
Solana (SOL)
$161.01 9.1081
Solana price
XRP
XRP (XRP)
$2.29 7.51607
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000142 11.08447
Shiba Inu price
Pepe
Pepe (PEPE)
$0.000011 33.64184
Pepe price
Bonk
Bonk (BONK)
$0.0000195 15.39148
Bonk price
dogwifhat
dogwifhat (WIF)
$0.676482 17.98268
dogwifhat price
Popcat
Popcat (POPCAT)
$0.465257 2.76925
Popcat price

Chainlink price could rebound as a new catalyst emerges

Jayson Derrick
Edited by
Markets
Chainlink price could rebound as a new catalyst emerges

Chainlink price stabilizes as technicals and fundamentals signal a rebound.

Chainlink (LINK) was trading at $18.80 on Monday, up 20% from its lowest level last week as the recent sell-off eased.

LINK has several catalysts that may drive its price higher in the long term. It is the largest oracle provider in the crypto industry, offering solutions to major decentralized finance players such as AAVE and Compound.

Chainlink has also become a key player in the real-world asset tokenization industry through its cross-chain interoperability protocol. CCIP is a secure interoperability network that enables token transfers and messaging across multiple chains.

Additionally, Chainlink has forged partnerships with major financial services companies. It has a collaboration with Swift, a network that moves trillions of dollars annually, and other partnerships with firms like UBS, Coinbase, and Emirates NBD.

A new catalyst may soon push Chainlink’s price higher. LINK balances on exchanges have dropped in recent weeks, with 140 million LINK tokens currently held on exchanges tracked by Coinglass, down from 150 million in December.

Chainlink price could rebound as a new catalyst emerges - 1
LINK balances on exchanges | Source: CoinGlass

Declining exchange balances suggest that investors are holding onto the token, which is a bullish indicator. It also signals rising demand for Chainlink’s staking services. Over 40.87 million LINK tokens are currently staked, with a yield of 4.32%.

Chainlink price forecast

Chainlink price
LINK price chart | Source: crypto.news

The daily chart shows that LINK peaked at $31 in December before bottoming at $16 last week. This bottom coincided with the 61.8% Fibonacci retracement level and the 200-day Exponential Moving Average, indicating strong support and hesitation from bears to short below this level.

Chainlink’s price has also formed a bullish flag pattern, a well-known continuation signal. It is now attempting to break above the key resistance level at $19.12, its highest swing in May last year.

Therefore, the token is likely to rebound and retest the next major resistance level at $25.60, the 23.6% retracement level, which is approximately 35% above the current price.