Chainlink price, under pressure since December last year, has reached a new low of $17.4. However, three factors could lead to its recovery.
Chainlink balance on exchanges is decreasing
The balance of Chainlink coins on centralized exchanges continues to decrease, a sign of optimism among investors. According to CoinGlass, the number of coins has declined from 160 million in December to 138.8 million, indicating that many holders prefer to keep their coins in personal wallets rather than selling them.
ETF expectations and Chainlink's role in the industry
Investors are also hopeful for the approval of a Chainlink-based ETF, which could increase investment inflows. Chainlink holds a leading position in the oracle industry, with a total value secured of $35 billion, significantly surpassing competitors.
Technical analysis and Chainlink's price growth potential
From a technical perspective, Chainlink demonstrates strong performance, maintaining positions above the 100-week moving average despite a 43% decrease in price. The resulting chart pattern could lead to a bullish rise, with potential recovery targets at $30 and $35.
Despite current challenges, Chainlink has the potential to recover due to its market position, possible ETF approval, and strong technical indicators.
