Chainlink (LINK) has experienced a remarkable 15% surge in its weekly chart, signaling a renewed sense of confidence among major players in the cryptocurrency market. This surge comes on the heels of Analyst Ali’s report that Chainlink whales have engaged in a substantial buying spree, acquiring approximately 7 million $LINK tokens valued at over $105 million within the past week.
As of the latest data from CoinMarketCap, Chainlink is currently trading at $16.28, boasting a 24-hour trading volume of $737 million—a staggering 150% increase. The cryptocurrency is up by 10.85% in the last 24 hours, securing its position as the 14th largest cryptocurrency with a market cap of $9 billion.
Breaking a six-week consolidation period, the Chainlink (LINK) price reached a new yearly high of $17.68 earlier today. Despite this achievement, LINK continues to trade within a long-term horizontal resistance area, leaving investors wondering if a breakout is on the horizon before the year concludes.
The recent positive momentum follows LINK’s journey from a low of $4.90 in June to overcoming challenges such as a long-term descending resistance trend line in September. The subsequent upward movement led to a peak of $16.58 in November, with a temporary slowdown before the surge to $17.68.
Chainlink (LINK) Price Prediction For New Year
Changelly’s projection for Chainlink indicates a bullish market sentiment of 93%, as reflected by technical indicators. The Fear & Greed Index stands at 73 (Greed), further affirming positive sentiment among investors. However, despite the current enthusiasm, experts anticipate the LINK price will settle at $16.20 by the end of 2023.
Looking ahead to the new year, cryptocurrency experts forecast Chainlink’s performance in January 2024. experts predict a minimum trading cost of $16.20, with a potential maximum reaching $21.13 during the month. The average expected value for Chainlink in January is estimated at around $18.67, suggesting a possible return on investment (ROI) of 36.7%.
However, the crypto community eagerly awaits whether the bullish momentum will persist and whether LINK will break free from its long-term resistance, shaping its trajectory in the coming year.
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