Chainlink's [LINK] recent rally has propelled its price to unprecedented levels, leaving many wondering if the $20 mark is within reach. Analyzing the current trajectory, investors are eager to know when LINK might hit this significant target.
Examining Chainlink's daily timeframe chart reveals a consistent upward trajectory over the past eight days, with a minor dip on January 31. Utilizing the price range tool, the data indicates an impressive 30% gain during this period.
On February 1, LINK experienced an 11.4% surge, reaching approximately $17.1. By the end of February 2, it marked its highest point since April 2022, briefly trading above $18. The chart shows LINK's price trend now positioned above its short Moving Average, which has shifted from resistance to support.
Source: Trading View
At the time of writing, LINK is on the verge of entering the overbought zone on its Relative Strength Index (RSI). Priced around $18, with a 1% increase, LINK may breach the 70 threshold on the RSI, signaling overbought conditions if the upward momentum persists.
Chainlink's positive trend has attracted attention and investments, evident in the rising LINK Open Interest on Coinglass, surpassing $540 million. This level was last seen in April 2021, indicating a significant influx of new capital into the market.
Source: Coinglass
Amid the surge, about 19 million LINK tokens, valued at $341 million, were unlocked from non-circulating supply contracts. Despite a temporary 4% decline after the unlocking, the price quickly recovered, showcasing resilience.
With the ongoing positive trend, LINK shows promise in reaching $20 in the coming weeks. However, a potential price correction might precede its ascent to the $20 range, offering investors a cautious outlook.
Chainlink's remarkable surge raises expectations of reaching the $20 milestone. However, the unlocking of tokens and potential market corrections emphasize the need for a balanced assessment of LINK's future movements.
Chainlink's Digital Asset Sandbox offers a secure, rapid environment for financial institutions to conduct tokenization trials, significantly reducing the time needed to develop and launch digital asset innovations.
Edmund澳大利亚和新西兰银行集团与 Chainlink Labs 合作，连接 Avalanche 和以太坊区块链网络，以提供链上结算解决方案。
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