Chainlink

LINK has surged over 30% in the past nine days, with over $300 million worth of tokens unlocked in the last 24 hours.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Add-a-heading.png?fit&#61;900%2C300&amp;ssl&#61;1" />Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On <a href="https://cryptosheadlinestoken.com/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a>Chainlink (LINK) has been on a remarkable upward trend lately, reaching price levels not seen in years. With this momentum, many are wondering when <a href="https://cryptosheadlines.com/can-chainlink-link-hit-17-74-after-correction/" rel="noopener noreferrer nofollow">LINK might hit</a> the $20 mark.<h3 id="chainlink-s-recent-price-movement">Chainlink’s Recent Price Movement</h3>An examination of <a href="https://cryptosheadlines.com/chainlink-reveals-winners-of-constellation-2023-hackathon/" rel="noopener noreferrer nofollow">Chainlink’s daily timeframe chart reveals</a> a consistent upward trajectory over the past few days. Apart from a minor decline on January 31st, <a href="https://cryptosheadlines.com/upward-trends-predicted-for-sol-ada-near-link-cryptos/" rel="noopener noreferrer nofollow">LINK has been on an upward trend</a> for the last eight days. During this period, it has seen a remarkable gain of over 30%.On February 1st, LINK experienced an 11.4% surge, reaching around $17.1. By the <a href="https://cryptosheadlines.com/eth-price-exceeding-4000-before-february-end/" rel="noopener noreferrer nofollow">end of February</a> 2nd, it registered a further increase of over 3.7%, briefly trading above $18, marking its highest point since April 2022.<h3 id="technical-analysis-and-indicators">Technical Analysis and Indicators</h3>The chart indicates that the <a href="https://cryptosheadlines.com/altcoin-frenzy-bnb-ada-link-prices-shine-in-bullish-trends/" rel="noopener noreferrer nofollow">LINK price trend</a> is now positioned above its short Moving Average (yellow line), which previously served as resistance but has now become a support level. Additionally, at the time of writing, LINK was nearing the overbought zone on its Relative Strength Index (RSI).<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines009.webp?resize&#61;640%2C279&amp;ssl&#61;1" />Source: Trading ViewWith LINK priced around $18 and showing a 1% increase at the time of writing, there’s potential for it to breach the 70 threshold on the RSI, indicating entry into the overbought zone if the upward momentum persists.<h3 id="chainlink-s-price-trend-and-market-activity">Chainlink’s Price Trend and Market Activity</h3>The positive price trend of Chainlink has attracted increased attention and investments from traders, according to data from Coinglass. Analysis of the LINK <a href="https://cryptosheadlines.com/shiba-inu-open-interest-crosses-100m-raises-bitcoin-concerns/" rel="noopener noreferrer nofollow">Open Interest</a> on Coinglass reveals it currently stands at over $540 million, reaching levels last seen in April 2021. This <a href="https://cryptosheadlines.com/cme-rises-to-second-largest-bitcoin-futures-exchange-on-open-interest-surge/" rel="noopener noreferrer nofollow">surge in open interest</a> indicates a notable influx of new capital into the market.<a href="https://cryptosheadlines.com/shib-holders-react-to-shiba-inu-twitter-lead-change/" rel="noopener noreferrer nofollow">Also Read: SHIB Holders React to Shiba Inu Twitter Lead Change</a>Despite <a href="https://cryptosheadlines.com/chainlink-price-surges-6-with-triangle-breakout-15-next-target/" rel="noopener noreferrer nofollow">Chainlink’s price surge</a>, approximately 19 million LINK tokens, valued at around $341 million, were unlocked from three non-circulating supply contracts. Spot on Chain data shows that 15.95 million LINK, equivalent to about $287 million, was <a href="https://cryptosheadlines.com/justin-sun-to-undo-56m-binance-transfer-following-czs-warning-of-possible-sui-token-acquisition/" rel="noopener noreferrer nofollow">transferred to Binance</a>, while 3.05 million LINK, valued at $54.3 million, was sent to a multi-sig wallet.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines010.webp?resize&#61;640%2C181&amp;ssl&#61;1" />Source: Coinglass<h3 id="price-movement-analysis">Price Movement Analysis</h3>Analysis of the LINK movement on a four-hour timeframe revealed a temporary decline of around 4% before witnessing a recovery. This suggests that the <a href="https://cryptosheadlines.com/aptos-apt-token-hits-june-level-highs-despite-recent-unlock/" rel="noopener noreferrer nofollow">recent unlocking</a> of assets did impact the price momentarily, but it quickly bounced back.With the current positive price recovery, LINK has the potential to reach $20 in the coming weeks. However, a price correction may occur before it resumes an upward trajectory and enters the $20 price range.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Chainlink Surges 30% in 9 Days: $20 Next?

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