Chainlink Price Targets $26 as 47 New Wallets Accumulate LINK: What's Next?

Bombolo | News and Media

Chainlink (LINK) had a really good week, its value went up by almost 30%. But when it reached around $19.50, it couldn't go higher because there were a lot of people selling it at that price (that's what we mean by "stiff resistance"). Our Experts thinks that if LINK can go past this $19.50 mark, it could go even higher in value. Basically, breaking through that barrier could lead to more gains for the cryptocurrency.

So, between the prices of $19.40 and $20, there's a really important level where a lot of people own Chainlink (LINK). Specifically, there are over 5,330 different addresses (like digital wallets) that altogether have 8.59 million LINK tokens. This is a lot of tokens that could be sold if the price reaches this range. So, it's like a big group of people who might decide to sell their LINK if the price gets high enough. That's why it's called a "critical band of resistance."

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Price Analysis:

Today, 7th February 2024,The price of Chainlink (LINK) is $18.31 USD. Over the last 24 hours, people have traded about $656,193,231 worth of Chainlink. Compared to yesterday, the price has gone down by 3.35%. According to CoinMarketCap, which ranks cryptocurrencies, Chainlink is in the 12th position. Its total value, known as market cap, is $10,752,153,481 USD. There are currently 587,099,970 LINK coins available to buy and sell, out of a maximum of 1,000,000,000 LINK coins that will ever exist.

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Will LINK hit $26?

If lots of people want to buy Chainlink (LINK) and the price manages to go above $20, then the price could keep going up. Our Experts believes that if this happens, there's a good chance the price could reach around $26. This would be a 38% increase from when it broke through the $20 mark. So basically, if demand is strong enough and the price breaks past $20, then it could go even higher, up to $26.

To reach those big goals for Chainlink (LINK) in the medium term, it's important for buyers to keep supporting the price at its current levels. Some data from Lookonchain, which analyzes activity on the blockchain, shows that big investors are still buying a lot of LINK when the price drops. They've bought nearly $42.38 million worth of LINK in just two days this week and moved it to new wallets instead of keeping it on Binance. This suggests that these big investors believe in LINK's potential and are actively accumulating more of it, even when the price goes down.

When big investors buy a lot of Chainlink (LINK), it can reduce the amount of LINK available for others to buy. This can help keep the price going up for several weeks. With both the basic factors (like its usefulness) and technical factors (like its price movements) supporting a positive outlook, Chainlink seems ready to reach new highs. If things keep going well in the broader market and momentum stays strong, Chainlink could make more people who own LINK very rich.

Also Read: Is Chainlink ($LINK) coin good for a long term investment? Chainlink ($LINK) price predictions 2024, 2025, 2026, 2027, 2028, 2029, 2030.