Chainlink Price Hits All-Time High of $30.56 with Record Open Interest
On December 13, the price of Chainlink (LINK) reached an all-time high of $30.56, a level not seen since January 2021. This increase coincided with a record-high open interest in futures at $770 million, leading investors to anticipate further growth for Chainlink.
Chainlink Open Interest Shoots Up
The recent surge in Chainlink's futures open interest reflects positive market performance and increasing investor confidence. LINK’s open interest is approximately double that of Toncoin and TRON, indicating strong demand in the futures market.
#Chainlink‘s token $LINK has hit its highest price in nearly 2 years, and Futures Open Interest (OI) just surged to an all-time high of $770.27M!
For context:
$LINK OI: $770M
— glassnode (@glassnode) December 12, 2024
While some traders are profiting, long-term investors continue holding their positions, indicating a solid investment strategy amid volatility. Analysts note improving fundamentals for Chainlink, supported by an upward trend in active addresses.
Favorable Forecasts Anticipated
Analysts project a potential increase for LINK of 9%, reaching $32.77 by January 12, 2025. Technical indicators suggest positive market sentiment, reflected in a Fear & Greed Index score of 76, indicating high greed.
In the past month, Chainlink recorded 17 positive trading days out of 30 and exhibited a price volatility of 23%. Many experts consider this a favorable time to invest in Chainlink.
Strategic Alliances Boost Trust Rating
Chainlink's strategic partnerships enhance its future outlook. World Liberty Financial recently acquired LINK tokens worth $1 million.
Partnerships with organizations like Emirates NBD and Swift Network aim to advance decentralized finance (DeFi) solutions and integrate blockchain into traditional finance. These alliances reinforce Chainlink's position as a leading oracle network.
Market analysts estimate LINK could reach $50 in the coming months if current trends persist. Recent price movements indicate LINK has surpassed significant resistance levels, suggesting potential for further increases.
With whale purchases and overall positive market sentiment, Chainlink appears prepared for ongoing development in the evolving crypto landscape. The latest price increase and unprecedented open interest levels signify enhanced confidence among investors and traders, positioning LINK for continued advancement in the crypto market.
Featured image from MoneyCheck, chart from TradingView