Ethereum (ETH) has finally started to gain some strength against Bitcoin after a constant decline. The ETH/BTC pair finally turned green on Tuesday after ten consecutive red days. However, the pair faces increased selling pressure again as the Bitcoin price struggles to hold $43,000.
On the other hand, the uptrend in Solana price finally ended as SOL faced a rejection from the $106.5 level. On Wednesday, the smart contract token is extending the losses by another 0.81% drop in the initial few hours of trading. At press time, SOL is changing hands at $100.36 during its Asian session.
The weakness in BTC price is affecting the overall crypto prices, causing a setback to the ongoing recovery rally. Nevertheless, a few coins like Chainlink (LINK) and Render(RNDR) are still catching the bids and are up 5.5% and 5.6%, respectively, in the past 24 hours. These two are the biggest gainers among the top 100 digital cryptocurrencies by market capitalization.
Chainlink (LINK) Price Targets $16.60
LINK is the native asset of the Chainlink oracle which is the most widely used oracle in the whole crypto industry. Amid growing adoption and rigorous development, the LINK price has been on an absolute tear this week.
On Wednesday, Chainlink price is seeing its sixth straight green day. Technical analysis shows the possibility of even more upside in the coming days, with the first bullish target being the range highs around $16.6, as mentioned in the following chart.
However, it is worth mentioning here that a breakdown below $15 will be the clear invalidation of this bull case.

Ethereum Price Outlook & Technical Analysis
Although Ethereum hasn’t shown a similar recovery as LINK, it is still up 7.65% from the monthly lows. In my previous analysis, I gave the price target of 2,382 for Ethereum. This target was perfectly met on Tuesday as the price hit the fresh weekly high of $2,392.
If bulls fail to break above this level, ETH  price may slide toward the mid-range, around $2,250. The next 24 hours will be very critical in this regard.

Solana (SOL) Faces Resistance At $107
As I mentioned at the start of this week, SOL crypto is currently facing resistance from the $107 level. A clear break above this level will unlock a huge upside potential, but for the moment, bears are still in play. A break below $97 support will confirm the bearish outlook with the probability of another retest of the January lows.

#solana #bitcoin #chainlink

In a stunning turn of events, Chainlink (LINK) recently witnessed three massive whale transactions that took place within 11 minutes during Friday’s final hours. Leading on-chain analytics platform, Santiment reported the whale transactions involving a whopping 11.6 million tokens, amounting to approximately $79.7 million in value, being moved to whale wallets.

The cryptocurrency community has been abuzz with the news, speculating what could be brewing with Chainlink. For the uninitiated, Chainlink is a decentralized oracle network that connects smart contracts to real-world data and events. The platform has been gaining significant traction among DeFi projects, with many relying on its services to access off-chain data securely.

The whale transactions could signify growing institutional interest in Chainlink, potentially driving its value in the coming weeks. Such large-scale transactions are generally viewed as bullish signals, suggesting that significant investors are accumulating assets in anticipation of a value boost.

Massive LINK Transactions by Whales Triggers Price Surge and Crash

Chainlink (LINK) has been one of the most high-performing cryptocurrencies, with its value surging by over 1,000% in 2020 alone. This impressive performance can be attributed to its unique value proposition and growing adoption among DeFi projects. But, despite its revolutionary potential, LINK has been marred by whale manipulations.

One such incident occurred in July 2020, where a ginormous whale with a wallet containing over 700,000 LINK tokens shook the market by moving funds to various exchanges. This whale-induced frenzy caused LINK to surge to over $8.5 per token, resulting in a 50% price jump in just a few hours. Alas, the whale then offloaded their LINK tokens, causing a price crash that erased most of the gains made during the surge.

The market manipulation was possible due to LINK’s relatively low liquidity, which allowed massive buy or sell orders to substantially impact the price. This incident highlights the pressing need for greater liquidity in the LINK market to thwart such manipulations in the future.

It’s worth noting that such manipulations aren’t an exception in the cryptocurrency market. Regulatory bodies have been established to prevent and prosecute such activities in conventional finance, and it’s only a matter of time before the cryptocurrency market catches up. While it’s yet to be seen whether the LINK transactions were bullish or manipulative in nature, they could as well signify growing institutional interest in Chainlink, potentially driving up its value in the near future. As always, investors are advised to conduct their own research and make informed decisions before investing in any cryptocurrency.

#chainlink #buildtogether #Altcoin #Binance #koinmilyoner

Chainlink price is trapped between the 200- and 50-day EMAs as horizontal trading continues.

LINK could breach the $7.37 resistance level before a northbound move toward the critical resistance at $7.65.

A daily candlestick close below the 100-day EMA at $7.00 could invalidate the bullish thesis.

Chainlink price (LINK) has been trapped under a critical resistance level for a while, causing the altcoin to trade horizontally as it enjoyed strong downward support. The struggle came amid the indecisive price action from Bitcoin (BTC), which kept several other altcoins in limbo despite the alt season.

Chainlink price eyes 5% gains to escape key barrier

At the time of writing, Chainlink price is at $7.40, after losing 0.77% in the last 24 hours. However, trading activity over the same timeframe is up almost 35% as bulls and bears each push for lead to escape the formidable supplier congestion zone.

Chainlink price is attempting to consolidate above the 200-day Exponential Moving Average (EMA) at $7.37. On the other hand, the 50-day EMA at $7.08, bolstered by the 100-day EMA at $7.00, keeps LINK afloat. Accordingly, downward support is stronger compared to overhead pressure.

If buyer momentum increases, Chainlink price could decisively break above the 200-day EMA and confront the critical resistance level at $7.65. Further north, LINK could break into the $8.00 range by shattering the $8.01 resistance level. In highly bullish cases, the altcoin could extend a neck up to tag the $8.34 resistance level, denoting a 16% ascent from the current price.

Breaking above the aforementioned level could allow Chainlink price to try reclaiming its lost glory before the FTX implosion solidified LINK’s market value below the critical resistance.

On-chain metric supports the bullish case for Chainlink price

Data from IntoTheBlock’s Global In/Out of the Money Around Price (GIOMAP) supports the bullish thesis for Chainlink price. This on-chain metric classifies addresses based on if they are profiting (in the money), breaking even (at the money), or losing money (out of the money) on their positions at the current price.

Based on the chart, Chainlink price sat on relatively robust support. For instance, part of the demand zone described above lies within the $6.34 and $7.00 price range, where approximately 405.71 million LINK were previously bought by roughly 68,540 addresses at an average price of $6.73.

Any attempt to push Chainlink price below the said level would be met by buying pressure from these investors who may want to increase their profits. The resultant demand surge would cause LINK to rise even higher in market value.

On the other hand, if seller momentum increases, Chainlink price could descend and lose the support offered by the 50-day EMA at $7.08. A drop below this supplier congestion level could fuel overhead pressure and increase the chances of LINK breaking below the 100-day EMA at $7.00. A daily candlestick close below this level would invalidate the bullish thesis.

With mounting overhead pressure due to the three EMAs, Chainlink price could suffer a free fall that could see LINK revisit the mid-March lows around the $6.53 support level. In highly extreme cases, the altcoin’s market value could fall through the $5.93 swing low before the possibility of a bounce. Such a drop would constitute a 20% descent from the current level. 

#Binance #chainlink #crypto2023 #BTC #BNB

Chainlink has experienced a 10% correction in the past week. An in-depth analysis of historical on-chain data shows that LINK price movements are closely correlated to development activity. Could the recent DeFi boom trigger a price rebound for LINK in the coming weeks?

LINK has gained some traction as investors turn to decentralized finance protocols amid turmoil in the US banking sector.

Chainlink has Intensified Development Activity

Chainlink (LINK) is a blockchain-based decentralized oracle network (DON) that feeds real-world data to DeFi protocols built on smart contracts. Among other factors, the recent LINK rally has been fueled by the spike in demand DeFi products after major collapses in the TradFi banking sector.

As more investors turn to decentralized finance products and services, the host DeFi protocols, in turn, require the auxiliary services provided by Chainlink. The recent rise in the Chainlink development activity to service the growing demand from various DeFi smart contract platforms has highlighted this.

According to on-chain data from Santiment, developer activity on the Chainlink blockchain network has increased by more than 50% since early February. As depicted below, the Chainlink development activity score increased from 164.90 to 251.80 between Feb 2 and March 28.

Chainlink (LINK) Development Activity, March 2023. Source: Santiment

Development activity indicates how much resources are being devoted to improving the network. This could mean adding new features, expanding network capabilities, or deploying bug fixes.

A persistent increase, as observed above, poses a bullish signal. Investors may pile into LINK, expecting that the value added by the increased development activity will positively impact its long-term price performance.

Notably, previous LINK price rallies have often been preceded by a spike in development activity. If this condition holds, LINK holders can expect another price upswing in the coming weeks.

Chainlink Holders are Positioning for More Gains

Another critical on-chain metric that supports this bullish stance is the decline in the supply of LINK tokens on exchanges.

Supply on Exchanges metric tracks the flow of tokens into exchanges when daily outflows are deducted. The number of tokens in recognized exchange wallets has declined persistently since early March, according to Santiment.

As the red line in the chart below depicts, LINK supply on exchanges has reduced from 169.3 million tokens to 158.7 million as of March 28.

Chainlink (LINK) Supply on Exchanges, March 2023. Source: Santiment

When supply on exchanges declines for an extended period, it reduces the number of tokens available to fulfill short-term trades. The relative scarcity caused by holders moving tokens off exchanges could drive up the price of LINK.

Ultimately, if Chainlink developers continue to buidl at the current rate and holders continue to move tokens off exchanges, crypto investors can expect a prolonged LINK price rally.

LINK Price Prediction: $9.0 is a Viable Target

The Exchange Market Depth data compiled by IntoTheBlock depicts that Chainlink could experience some difficulty breaking above the $7 mark.

At the $7 zone, LINK traders have placed sell orders of about 66 million tokens. But if LINK can clear this zone, the next significant resistance will be around $8.2, where LINK traders have offered another 30 million tokens for sale.

Chainlink (LINK) Exchange Market Depth, March 2023. Source: IntoTheBlock

Still, the bears can invalidate the bullish outlook if Chainlink slips below the 277 million buy wall at $6.22. However, if that support does not stop the slump, LINK holders can expect a further downswing to $5.2, where another 17 million buy orders can offer support.

#chainlink #LINK #Binance #crypto2023 #cryptotrading