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<p>Chainlink’s LINK token has seen notable price appreciation this week, rising around 12% over the past 7 days to trade around $15.6 at the time of writing. This price action comes even as the broader crypto market faces sellers and downturn.</p>
<p>A key driver seems to be accumulating demand from large LINK whales and investors. Earlier today, our team reported that <a href="https://captainaltcoin.com/huge-whales-are-loading-up-on-bitcoin-btc-ethereum-eth-and-chainlink-link-amid-crypto-decline/" target="_blank" rel="noopener noreferrer nofollow">major wallets began building a sizable LINK position</a> after prices declined below $15 yesterday. This dip-buying suggests strong confidence in Chainlink’s long-term outlook.</p>
<p>Popular analyst Michaël van de Poppe also <a href="https://x.com/CryptoMichNL/status/1747257404197065137?s=20" target="_blank" rel="noopener noreferrer nofollow">commented</a> positively on LINK’s technical setup. With over 670k followers on Twitter, van de Poppe tweeted: “$LINK seems ready for continuation after sweeping the lows. As long as it stays above $13.50-14.25, everything is likely continuing towards $25-30.”</p>
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<p>In other words, van de Poppe believes LINK has found reliable support around $13.50-$14.25. As long as prices hold above this demand zone, he sees scope for an additional 68-122% upside towards the $25-30 area over the medium-term.</p>
<p>Zooming into the daily LINK/USD chart, the first level of resistance aligns with the 1.618 Fibonacci extension level around $17.8. Beyond that, LINK appears to have open air until the psychologically-key $20 level.</p>
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<p>The 200-day simple moving average currently resides around $10.2. This signals that LINK remains in a clear long-term uptrend as its price action trades well above this benchmark.</p>
<p>LINK’s relative strength index (RSI) reading of 56 shows no overbought or oversold conditions, signaling room for further momentum since RSI between 50 and 70 is a bullish territory.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-chainlink-link-price-up/" rel="noopener noreferrer nofollow">Why is Chainlink (LINK) Price Up?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why is Chainlink (LINK) Price Up?

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