Chainlink Price May Surge to $31 Amid Bullish Market Indicators
The altcoin market is experiencing a downturn, with Chainlink's price dropping over 50% in the last three months. However, recent analysis suggests potential for recovery.
Chainlink Price Forecast
- Crypto analyst Satoshi Flipper predicts LINK could reach $31 in the coming weeks.
- The forecast is based on a falling wedge pattern observed in the daily price chart, indicating a possible trend reversal.
- A break above the upper trendline of this pattern would confirm an upward shift.
- Currently, LINK is priced around $14, reflecting a 2% increase in the past 24 hours.
- A move to $31 represents a potential surge of over 100% from current levels.
Exchange Outflows
- Over 640,000 LINK tokens have been moved off centralized exchanges in the last 24 hours, according to Santiment data.
- This outflow suggests reduced selling pressure as token supply on exchanges decreases.
- The outflow may be linked to the recent release of 19 million LINK tokens during Chainlink’s quarterly unlock.
