GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

Chainlink Price Could Run To $31 In The Next Leg Up — Here’s Why

The final months of a market cycle are usually characterized by exhilarating runs by various assets in the altcoin market — a period famously dubbed the “altcoin season.” Unfortunately, while the market cycle seems to have peaked, the story has been the opposite for this category of cryptocurrencies.

Specifically, the Chainlink price has declined by more than 50% in the last three months, underscoring the dwindling climate of the crypto market. However, the future might not be all bleak, as the latest price outlook suggests a promising future for the LINK token.

Is Chainlink Price Gearing For A 100% Move?

In a recent post on the X platform, a crypto analyst with the pseudonym Satoshi Flipper shared an exciting analysis of the Chainlink price. Referencing the current layout of its daily price chart, the crypto pundit projected LINK to go as high as $31 over the next few weeks.

This bullish analysis is based on the appearance of the falling wedge pattern on the Chainlink price chart. The falling wedge pattern is a technical analysis formation characterized by two descending and converging trendlines; an upper line connecting the lower highs and the lower line connecting the lower lows.

Wedge formations — which could be rising or falling — are considered continuation or reversal patterns, depending on whether the price breaks down or breaks out. In the falling wedge, if the price breaks above the upper boundary as it narrows into the descending lines, a trend reversal is identified.

This scenario appears to be playing out on the daily Chainlink price chart, as the altcoin continues to persist in the current downtrend. However, a break above the upper trendline would indicate a shift to an upward trend.

Chainlink price

As shown in the chart above, the price of LINK seems to be testing the upper boundary line already. Satoshi Flipper expects the altcoin to surge to as high as $31 if a successful close occurs outside the falling wedge.

As of this writing, the value of LINK is hovering around the $14 mark, reflecting an over 2% leap in the past 24 hours. A Chainlink price move to $31 would represent a more than 100% surge from the current point.

640,000 LINK Tokens Flow Out Of Centralized Exchanges

According to crypto pundit Ali Martinez, most LINK investors have been moving their tokens off centralized exchanges. Recent data from Santiment shows that more than 640,000 LINK have made their way off crypto exchanges in the past 24 hours.

This magnitude of exchange outflow supports the current bullish prognosis for Chainlink price, as it implies that the token supply on exchanges (which offer trading services) contracts. With fewer tokens available for sale in the open market, the altcoin’s price would face less selling pressure.

Chainlink

However, it is worth mentioning that this significant exchange outflow could be connected to Chainlink’s quarterly token unlock, which saw the release of 19 million LINK tokens on Friday, March 15.

Chainlink price

Latest Press

post-thumbnail
News
5 hours ago
Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise
The post Crypto News: Hackers Target Kaito AI with False Claims of Wallet Compromise appeared first ...
READ MORE
default post thumbnail
News
5 hours ago
XRP Price Must Close Above This Level For Bullish Breakout, Analyst Warns
XRP has struggled to gain momentum, with its price caught in a downtrend since the beginning of Marc...
READ MORE
default post thumbnail
News
5 hours ago
TON Price Jumps 20% Following Positive News On Telegram Founder
The TON price has reclaimed the $3 mark with an over 20% spurt on Saturday, March 15. This price spi...
READ MORE
default post thumbnail
News
5 hours ago
Stellar (XLM) Price Could Surge To $0.38 — Analyst Explains How
After a turbulent start to the week, the Stellar price seems to be finding some stability, briefly c...
READ MORE
default post thumbnail
News
5 hours ago
Bitcoin To $10,000? Top Analyst Issues A Stark Warning
An analyst revealed on Friday that Bitcoin might suffer a 91% decline from the coin’s all-time hig...
READ MORE
default post thumbnail
News
5 hours ago
Best Presales to Explode After Trump’s WLFI Ends $590M Token Sale
Trump-backed crypto investment firm World Liberty Financial has raised $590M in the $WLFI token sale...
READ MORE
default post thumbnail
News
5 hours ago
Best Meme Coin to Buy: 3 Top Picks for High-Risk, High-Reward Gains
The best meme coin to buy right now could transform your portfolio overnight. Last summer, I threw $...
READ MORE
default post thumbnail
News
5 hours ago
Dogecoin Price Prediction: Will It Ever Become a Mainstream Payment Method?
Dogecoin Price Prediction is a popular topic as more people wonder if it can become a real way to pa...
READ MORE
default post thumbnail
News
5 hours ago
Free Crypto: How to Claim Airdrops and Giveaways
Free crypto is up for grabs, and if you’re not taking advantage of airdrops and giveaways, you...
READ MORE
default post thumbnail
News
5 hours ago
Earn $150,000 a day, ION Mining: Free cloud mining platform helps you easily earn Bitcoin
The cloud mining platform ION Mining has attracted much attention, and it has attracted a large numb...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started