- Chainlink Reserve continues growing, now at 280K LINK, reinforcing the network’s long-term development and sustainability.
- LINK maintains strong technical momentum, with RSI at 61.94 indicating a healthy uptrend and room for further gains.
- Analysts note a clear Elliott Wave pattern, suggesting LINK could target $47 if the $13 support level holds.
Chainlink is gaining momentum as interest in the network increases. The Reserve for its chain is steadily growing, backing long-term development and sustainability for the network. Analysts predict a robust technical outlook, seeing room for additional upward momentum.
At the time of writing, LINK is trading at $24.53 with a 24-hour trading volume of $1.96 billion and a market capitalization of $16.65 billion. The token has seen a 3.79% increase in the last 24 hours, signaling renewed interest from the crypto community.
Chainlink Reserve Hits 280K LINK
Latest data provided by Chainlink shows that the Chainlink Reserve has aggregated 43,034.62 LINK, accumulating a total of 280,048.69 LINK as of September 11th. The Reserve plays a central role in driving the LINK Network’s long-term growth.
The Reserve accumulates LINK in the form of off-chain revenues from major companies implementing LINK solutions and on-chain revenues from network service usage.
Chainlink Targets New High Amid Strong Elliott Wave Pattern
LINK’s next movement is being tracked by market analysts. The notable crypto analyst More Crypto Online emphasized that LINK now exhibits one of the clearest Elliott Wave patterns in the ongoing cycle. According to them, if LINK maintains above the $13 support level, the token could aim for $47 and beyond in the near future.
As its reserve grows ever higher and technical indicators are optimistic for potential gains, those within the cryptocurrency community are weighing how best to prepare for LINK’s subsequent growth phase.
Also Read | Chainlink Data Streams Go Live on Sei, Powering $1.2 Billion DeFi Ecosystem
Chainlink Shows Steady Strength in Market
The LINK RSI is holding strong at 61.94, which means the token is in a healthy uptrend and far from the overbought zone. The support line at 55.44 gives bulls some leeway to continue gaining steam. With the price around $24.46 after an 8.89% weekly gain, buyers are clearly in control.
The MACD is backing this bullish sentiment, with the MACD line at 2.22 holding above the signal line at 1.25, supporting favorable momentum. The histogram is also green, meaning purchases continue to overpower sales. The MACD baseline at 0.96 reinforces the ongoing rally.
Also Read | Chainlink Breakout Signals Bullish Trend With Analysts Targeting $100
