Chainlink Maintains Upward Trend Amid Significant Exchange Outflows
Chainlink's (LINK) price shows resilience amid mixed global economic conditions. Key points include:
- LINK has formed a rising channel pattern, indicating bullish momentum.
- The token broke above the 200-day moving average and continues its upward trend despite short-term resistance.
- Exchange outflows are negative, with $11.27 million in LINK exiting this week, following $55.2 million last week, signaling investor accumulation.
- Chainlink's technology is gaining traction in the DeFi sector, with recent integrations including major firms like JPMorgan and Ondo Finance.
- Analysts project LINK could reach $20 soon, with longer-term forecasts estimating $50 by 2028 and $100 by 2030 as adoption of its Cross-Chain Interoperability Protocol (CCIP) increases.
Technical Analysis Highlights
- Strong support established at $15.60; high-volume buying occurred at $15.27-$15.30 on May 20.
- A volume spike of 3.08M was noted while testing the $16.24 resistance on May 21.
- The overall trend is bullish with higher lows forming an upward channel.
- LINK surged from $15.67 to $15.91, marking a 1.5% gain.
- A notable volume spike at 13:30 led to a new support level around $15.75.
- Price action shows consolidation around $15.85, indicating accumulation rather than distribution.