Chainlink (LINK) is showing potential reversal signals amid price changes and institutional interests. This article discusses the main factors affecting current trends.
Technical Indicators Analysis
On the 1-hour chart, an Elliott Wave pattern reveals three upward waves from the weekend low near $21. Analyst More Crypto Online notes that a complete five-wave advance and a break above the $24 price point are crucial for confirming a trend reversal.
Market and Institutional Investments
Grayscale’s recent ETF filing and active purchases by whales, who added 44,000 LINK to their portfolios, are creating optimism in the market. Chainlink’s total market capitalization stands at $14.5 billion, with a 24-hour trading volume of $1.2 billion.
Predictions and Risks
Price forecasts range from $24.59 to $44 in the short term, and up to $100 by 2026, driven by partnerships and protocol upgrades. However, the risk of falling below $21 could lead to targets of $18.5 or even $16.
Chainlink is facing significant technical and fundamental changes that could substantially affect its value. As one of the leading oracles in blockchain technology, its position allows for hopeful trends in the future.
