{"id":455650,"date":"2024-12-29T22:30:38","date_gmt":"2024-12-29T17:00:38","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=455650"},"modified":"2024-12-29T14:19:08","modified_gmt":"2024-12-29T08:49:08","slug":"can-chainlink-breach-the-29-target-assessing","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-chainlink-breach-the-29-target-assessing\/","title":{"rendered":"Can Chainlink breach the $29 target? Assessing&#8230;"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Market sentiment around Chainlink remained bearish despite a price hike in the last 24 hours.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">If market indicators are to be believed, LINK might first target $29.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After a red weekly chart, <\/span><a href=\"https:\/\/ambcrypto.com\/category\/chainlink-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chainlink [LINK]<\/span><\/a><span style=\"font-weight: 400;\"> once again turned bullish as its daily chart turned green. <\/span>Therefore, AMBCrypto dug deeper and assessed the token\u2019s on-chain data to find where it can reach in 2025.<\/p>\n<h2><b>Chainlink bulls are back in action!<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As per CoinMarketCap&#8217;s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/chainlink\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">, LINK\u2019s price dropped by 1.2% in the last seven days. But LINK bulls stepped in the last 24 hours as the token\u2019s value rose by more than 2.5%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, Chainlink was trading at $21.73 with a market capitalization of over $13.8 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks to the latest price increase, over 478k LINK addresses were \u201cin the money,\u201d which accounted for nearly 68% of the total number of Chainlink addresses, as per <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/LINK\/deep-dive?group=financials&amp;subgroup=inAndOut\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IntoTheBlock<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the price hike in the last 24 hours didn\u2019t have a positive impact on the token\u2019s social metrics. Notably, LINK\u2019s Weighted Sentiment declined sharply, which was a clear indication of rising bearish sentiment. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, Chainlink\u2019s Social Volume also declined last week, reflecting a dip in the token&#8217;s popularity.\u00a0<\/span><\/p>\n<figure id=\"attachment_455651\" aria-describedby=\"caption-attachment-455651\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024.png\"><img decoding=\"async\" class=\"wp-image-455651 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024.png\" alt=\"LINK's weighted sentiment dipped\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.12.48-29-Dec-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-455651\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h2><b>Will LINK touch $50?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While all this happened, World Of Charts, a popular crypto analyst, posted a <\/span><a href=\"https:\/\/x.com\/WorldOfCharts1\/status\/1872924708104294895?t=mz8lXfUnjaK4iFgvcyGNAw&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> revealing that LINK was still trading within an optimistic range. Thus, the token may move towards $50 in the coming days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, AMBCrypto checked other datasets to find out the odds of LINK touching that level in the mid-term. The good news was that buying pressure on the token was starting to increase. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was evident from the rise in its supply outside of exchanges and the drop in its supply on exchanges. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, Chainlink\u2019s exchange outflow also spiked on the 26th of December, further hinting at a rise in buying pressure.\u00a0<\/span><\/p>\n<figure id=\"attachment_455652\" aria-describedby=\"caption-attachment-455652\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024.png\"><img decoding=\"async\" class=\"wp-image-455652 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024.png\" alt=\"Buying pressure on LINK increased \" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/ChainLink-on-Ethereum-LINK-13.20.04-29-Dec-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-455652\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h2><b>What\u2019s next for LINK?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Nonetheless, at the time of writing, Chainlink\u2019s <\/span><a href=\"https:\/\/cfgi.io\/chainlink-fear-greed-index\/15m\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fear and greed index<\/span><\/a><span style=\"font-weight: 400;\"> had a reading of 61%, meaning that the market was in a \u201cgreed\u201d phase. Whenever that happens, it indicates that there are chances of a price correction. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But technical indicators suggested that LINK\u2019s price was about to touch the lower limit of the Bollinger Bands. If that happens, it can spark a bull rally. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">LINK Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">A further price hike could allow the token to reclaim $29 before it eyes $50.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, after a decline, the Money Flow Index (MFI) also registered a slight uptick, which can support the token\u2019s journey towards $29.\u00a0<\/span><\/p>\n<figure id=\"attachment_455653\" aria-describedby=\"caption-attachment-455653\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31.png\"><img decoding=\"async\" class=\"wp-image-455653 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/LINKUSD_2024-12-29_13-29-31-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-455653\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink has once again turned bullish &#8211; Will this result in a move to $50 next?<\/p>\n","protected":false},"author":75,"featured_media":455654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,6380,66,3,4,20],"tags":[6427],"class_list":["post-455650","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-chainlink-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can Chainlink breach the $29 target? 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