Key Takeaways
- 72.23% of traders going long on Chainlink (LINK) hints at a major rally on the horizon.
- LINK inches closer to a bullish breakout, if it occurs, a 13% rally could be possible.
- Chainlink (LINK) has emerged as the top Real World Asset (RWA) project.
The bullish sentiment around Chainlink (LINK) is rising, driven by whales’ increasing interest, positive price action, and strong on-chain metrics. Over the past 24 hours, Binance traders have shown strong confidence in LINK, suggesting that a major rally could be on the horizon.
72% of Binance Traders Go Long on Chainlink (LINK)
Data from the on-chain analytics platform Coinglass reveals that the Binance LINKUSDT Long/Short ratio has reached 2.60.
This metric suggests that for every 2.60 long positions, there is one short position. At press time, 72.23% of top Binance traders are betting on long positions, while 27.77% are on short positions.
Not just that, but LINK accumulation has also skyrocketed during the same period. Data from the on-chain analytics platform CryptoQuant shows that LINK exchange reserves continue to decline. Over the past 24 hours, reserves dropped by 119K LINK.
This decline in exchange reserves suggests ongoing accumulation by investors and long-term holders, which appears to be impacting the asset’s price.
Current Price Momentum
Over the past 24 hours, LINK has gained a decent 2.50%, pushing its price near the $23.85 level. Meanwhile, trading volume surged by 22% during the same period, indicating heightened participation from investors and traders.
This bullish outlook in LINK’s on-chain data began to appear as the asset reached a key level.
Chainlink (LINK) Price Action and Key Level to Watch
According to TimesCrypto’s technical analysis, the asset has recently broken out of a bullish falling wedge pattern but is now facing resistance near $24.
Based on the current price action, if LINK successfully breaches this resistance level and closes a daily candle above $24.10, there is a strong possibility the asset could see a price jump of over 13% and may reach the $27 level in the near future.
Technical Indicator and Expert Prediction
At press time, both the Supertrend and Average Directional Index (ADX) indicators are flashing bullish signals, suggesting a potential breakout.
On the four-hour chart, LINK’s Supertrend has turned green and is hovering below the asset price, suggesting that the asset is in an uptrend with strong buying pressure. Meanwhile, the ADX value has reached 28, surpassing the threshold level of 25, which indicates a strong directional trend.
Given the current market sentiment, several bold predictions have emerged. On X, a well-followed crypto expert shared that LINK is triggering a bullish reversal, with the possibility of reaching $30 and $50 in the coming days.
Besides bullish price action and on-chain data, Chainlink’s fundamentals are also strengthening LINK’s bullish outlook. Recently, Santiment, a market intelligence platform, revealed that Chainlink (LINK) has appeared as the top Real World Asset (RWA) project in terms of development activity over the past month.
