Crypto analyst and trader Ali Martinez has shared an indicator suggesting that LINK, the native cryptocurrency for the decentralized oracle network Chainlink, will likely hit a trading price of $26.87. But will the speculated price hold water?
LINK to Soar Above $26
An indicator called “In/Out of the Money Around Price” (IOMAP) from the blockchain analytics platform IntotheBlock shows investors are more interested in the “In the Money” option. The IOMAP is an indicator used within the options trading ecosystem to determine how many traders are in profit at a given time.
Focusing on the “Out of the Money” metrics, the crypto analyst explained that LINK “faces a stiff resistance” between the minimum price of $19.4 and the maximum price of $20.03. With 5,330 wallet addresses holding more than 8.59 million LINK tokens, the asset’s price remains constricted between the aforementioned prices. Ali also expects an increased sell pressure.
The on-chain analyst forecasted that if LINK can make it through the possible impending selling pressure, its next price mark will be more than $26, representing a 31% increase from its current price. The last time LINK’s price was that high was in early January 2022.
#Chainlink faces stiff resistance between $19.40 and $20.03, where 5,330 addresses hold over 8.59 million $LINK. But if #LINK can break through this supply wall, the next critical area of resistance is around $26.87, representing a 38% price increase! pic.twitter.com/g34fryPll5
— Ali (@ali_charts) February 5, 2024
Will LINK Make It?
According to the price-tracking platform CoinStats, LINK currently trades at $18.62, a 4.8% decrease in the past 24 hours and a 22% increase over the past week.
The asset’s performance over the past six months shows it has recovered from severe downtrends. After trading for as low as $5.8 in late August, the cryptocurrency began seeing uptrends, soaring to as high as $19.15 earlier today.
Factors that have contributed to the asset’s performance include the adoption of Chainlink’s Cross-Chain Interoperable Protocol (CCIP) among crypto projects and industry leaders. For example, Vodafone’s Digital Asset Broker (DAB) embraced Chainlink’s CCIP to bolster its operations. Another thing that aided the growth of the Chainlink ecosystem was the roll-out of the Chainlink staking v2 feature.
