Is Chainlink Ready for a Major Breakthrough? Analysts suggest $25 target

LINK jumped 7.7%, sparking optimism among analysts.
Despite the price surge, market sentiment remains bearish with few bullish signals.

After weeks of decline, Chainlink (LINK) has seen a strong recovery. In the recent turn of events, it broke above the support level around $12.96. Leaving this zone, the bulls are moving towards a sustained uptrend despite the volatility of altcoins.

Recent market activities have attracted the attention of various crypto players, resulting in speculations and bold predictions. A notable analyst, World of graphics, shared that LINK was,

“Eventually, the warming continues to consolidate in the falling wedge. The more it consolidates, the higher it will go after the breakout, while still waiting for an evolution towards $22-25.”

This bold prediction foresees a sustained uptrend following a breakout of the current zone.

Additionally, widely recognized Chainlink analyst @Linktoad General HBARI shared on

“After 110 days, the LINK USDlongs chart finally capitulates… Comparing to ETH, ETH surpassed the old ATH by 271% for 57 days. If we apply this same measurement to the LINK price we are plotting, we will get a price of $47 to $49.

This analyst uses past data to predict the future, postulating that LINK will reach a new ATH. If current conditions persist

What do the fundamentals of LINK tell us?

At press time, LINK was trading at $14.01, up 7.7% in 24 hours. During the same period, its trading volume increased by 102.25% to $444 million. According to Coinmarketcap, LINK’s market capitalization jumped to $8.5 billion in 24 hours.

However, overall market sentiment remains bearish.

Despite the optimistic forecasts, AMBCrypto analysis shows that LINK’s price movements have shown few bullish signals over the past 24 hours.

Source: Tradingview

Regarding the CMF, LINK has a negative CMF, which indicates bearish market sentiment. At the time of writing, LINK’s CMF stands at -0.13.

A negative CMF shows increased selling pressure, meaning money is flowing out of assets.

Additionally, AMBCrypto analysis of Santiment data shows a drop in open interest per trade from $63,000 on the 16th to $53,000 on the 24th.

Declining open interest implies that investors close their positions without opening new ones. Investors fear that market volatility and indecision will cause them to avoid new positions.

Source: Santiment

Additionally, our analysis of Coinglass shows that the OI-weighted funding rate has experienced high volatility.

At press time, LINK reported an OI of 0.0094% after reporting -0.0007 on the 22nd and -0.0044 on the 23rd, showing a potential reversal of a bull market after a sustained downtrend .

Source: Coinglass

Can ChainLink maintain its recent rise?

These price movements show an upward movement from the resistance level around $12.9. Likewise, the charts show a strong move above the downtrend line around $13.661.

Realistic or not, here is the market capitalization of LINK in terms of BTC

Breaking these zones allows LINK to challenge the next resistance level around $14.205 and reach $15.50 in a more bullish scenario.

However, if LINK fails to reach the target of $14.205, it will undergo a correction and drop to around $12.939.