Chainlink Price Jumps 9% as Investors Withdraw 3.32 Million Tokens
Chainlink (LINK) experienced a 9% price increase, reaching approximately $14.88. The trading volume surged by 30% to $353 million, indicating increased investor interest.
Key points:
- Over 3.32 million LINK tokens, valued at about $49.4 million, were withdrawn from centralized exchanges within 24 hours, suggesting long-term holding intentions.
- Growing adoption of Chainlink is evident, driven by demand for Real World Asset (RWA) tokenization as institutions explore blockchain solutions.
- Analyst Clifton noted that LINK is in a Descending Channel Formation; a breakout could lead to a potential rally of 100%-150%.
- The price is testing the upper Bollinger Band, with a hold above $15.60 possibly pushing it toward the $18-$20 range.
- The RSI is at 58, indicating bullish momentum without being overbought, while the MACD suggests ongoing selling pressure.
- A bullish flag pattern is forming on the 4-hour chart; a breakout above $14.90 may target around $17.50.
- The global crypto market cap rose by 3.5% in the last day.