Strong

Chainlink

Oracle service provider Chainlink (LINK) seems to be ready for another price rally amid the major resurgence in the altcoin market. The LINK price has bounced back to $16 gaining 3% in the last 24 hours eyeing a potential target to $20. 
Also, the Chainlink trading volumes in the last 24 hours have surged by a staggering 50% moving to $878 million. 
<h3 id="on-chain-data-highlights-strength-for-chainlink-link">On-chain Data Highlights Strength for Chainlink (LINK)</h3> 
On-chain data provider Santiment highlights the Binance funding ratio for <a href="https://coingape.com/markets/top-3-altcoins-to-buy-for-2024-xrp-solana-sol-and-chainlink-link/" target="_blank" rel="noopener">Chainlink (LINK)</a> tilted majorly towards the longs. 
According to Santiment, the Binance funding rate ratio for Chainlink (LINK) has shifted predominantly in favor of long positions, reaching its highest point in four weeks. As LINK has surpassed the $16 mark, it’s advised to monitor whether a potential fear of missing out (FOMO) triggers a local peak or if prices sustain their upward momentum, potentially heading towards $20 with minimal resistance. 
<figure id="attachment_168331" aria-describedby="caption-attachment-168331" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-168331" src="https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate.jpeg" alt="" width="2548" height="1720" srcset="https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate.jpeg 2548w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate-300x203.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate-1224x826.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate-768x518.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate-1536x1037.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate-2048x1382.jpeg 2048w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-funding-rate-150x101.jpeg 150w" sizes="(max-width: 2548px) 100vw, 2548px">
 <figcaption id="caption-attachment-168331" class="wp-caption-text">
 Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1733011736905785809" target="_blank">Santiment</a>
 </figcaption>
</figure> 
According to crypto analyst Ali Martinez Chainlink is currently trading above a crucial support zone. Notably, over 17,000 addresses have <a href="https://coingape.com/chainlink-market-cap-soars-143-whale-accumulates-50-mln-link/" target="_blank" rel="noopener">acquired 47 million $LINK</a> within the price range of $14.4 to $14.8. The potential for this level to hold suggests the possibility of a rebound in the near term. 
<figure id="attachment_168335" aria-describedby="caption-attachment-168335" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-168335" src="https://coingape.com/wp-content/uploads/2023/12/Chainlink-Supply-Demand.jpeg" alt="" width="1173" height="431" srcset="https://coingape.com/wp-content/uploads/2023/12/Chainlink-Supply-Demand.jpeg 1173w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-Supply-Demand-300x110.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-Supply-Demand-768x282.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-Supply-Demand-150x55.jpeg 150w" sizes="(max-width: 1173px) 100vw, 1173px">
 <figcaption id="caption-attachment-168335" class="wp-caption-text">
 Courtesy: Ali Charts
 </figcaption>
</figure> 
In the weekly chart, the price is currently navigating within an ascending triangle pattern, situated just above the interim support level at $14.66. Additionally, the RSI (Relative Strength Index) exhibits incremental movement while adhering to diagonal support, indicating a potential continuation of the bullish phase. 
<img decoding="async" class="aligncenter size-full wp-image-168341" src="https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Chart.jpg" alt="" width="1600" height="782" srcset="https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Chart.jpg 1600w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Chart-300x147.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Chart-1224x598.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Chart-768x375.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Chart-1536x751.jpg 1536w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Chart-150x73.jpg 150w" sizes="(max-width: 1600px) 100vw, 1600px"> 
In the event that market forces successfully maintain the price within the ascending triangle pattern, a breakout above the resistance zone ranging from $16.19 to $16.70 becomes plausible. This breakout could set the stage for an upward trajectory towards the subsequent significant resistance level beyond $17.5, potentially reaching $18 by the conclusion of 2023 or in the early days of 2024. 
<h3 id="chainlink-staking-v0-2-a-massive-hit">Chainlink Staking v0.2 A Massive Hit</h3> 
The Chainlink Staking v0.2 community pool has reached full capacity, with an additional 19 million LINK staked within just 7 hours since the opening of Early Access. 
In a message on X (formerly Twitter) Chainlink <a rel="nofollow" href="https://twitter.com/chainlink/status/1732901569954259297" target="_blank">expressed</a> its gratitude to the community, including both v0.1 migrators and new stakers, for actively engaging in the v0.2 launch. A total of 40,875,000 LINK has been contributed, actively contributing to the security of the Chainlink Network and the verifiable web. 
Following the General Access launch scheduled for December 11, Staking v0.2 will be accessible to everyone as pool space becomes available upon the completion of withdrawals by existing stakers 
The post <a rel="nofollow" href="https://coingape.com/chainlink-link-price-bounces-back-with-20-target-and-strong-on-chain-metrics/">Chainlink (LINK) Price Bounces Back With $20 Target And Strong On-chain Metrics</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Chainlink (LINK) Price Bounces Back With $20 Target And Strong On-chain Metrics

Table of Contents

Coingape News Media

Other articles published on Dec 8, 2023

How to Become a Financial Advisor

Jito’s $165m airdrop rains on Solana

Exploring the World of Bitcoin Mixers: A Comprehensive Guide

Top Infrastructure providers join Flare to enable the Blockchain for Data

Binance Founder CZ Can't Exit US: SEC Veteran John Reed Stark Shares His Insight

Solana (SOL) Adds 15% to Yearly Gains With Robust Ascent

Join our free newsletter for daily crypto updates!