As the altcoin market anticipates a parabolic rise, Chainlink (LINK) indicates a possible price reversal. What are the current conditions suggesting this?
Current Chainlink Price Situation
Currently, Chainlink's price is trading around $13.76, having gained 1% in the past 24 hours. However, it has dropped over 28% since the second inauguration of U.S. President Donald Trump.
Midterm Price Target
From a technical perspective, Chainlink is showing an upward trend with higher highs and lows. If the bullish sentiment persists, the price may reach $24 soon, according to the 1.618 Fibonacci level. Conversely, if it stays below $13, further decline to $10 is possible.
Chainlink Network Growth Strategy
Chainlink is crucial for web3 protocol adoption. Recently, the network reported 11 integrations of Chainlink standards across 4 services and 12 chains. Meanwhile, whales have not been aggressively purchasing LINK, as $100 transactions decreased from 620 to 121 since March 14.
Chainlink continues to expand its network and integrations despite a dip in large investor activity. The future price movement will significantly depend on overall market conditions and interest from major buyers.
