Chainlink (LINK) has performed well over the past week, with the token price increasing by 21.3% over the past 7 days. Some analysts have shared their predictions and thoughts on LINK, suggesting to keep an eye on the token and its long-term performance.
What’s next for LINK?
Recently, Chainlink announced a partnership with blockchain platform Avalanche and Australia and New Zealand Banking Group to connect Avalanche and Ethereum blockchains using Chainlink's Cross-Chain Interoperability Protocol (CCIP).
As reported by NewsBTC, the partnership aims to facilitate “access, trading, and seamless settlement of tokenized assets in different currencies across the network in a process called Delivery vs. Payment (DvP).” There is.
The crypto community seems to be taking this news positively. X users expressed positive sentiment towards the collaboration and Chainlink’s tokens. This sentiment appears to have been reflected in his LINK performance, as the price of the token soared by his 9% in the past 24 hours.
Crypto analyst and trader The Lord of Entry has shared his predictions on LINK. In the X post, traders highlight the token’s strong performance over the past day, breaking above the $18.5 resistance level. Chainlink’s LINK tested the resistance zone unsuccessfully over the past week after breaking below it on March 18th.
$LINK 4 hours – #Link It was solid today, but we are now hitting resistance – if we can turn this into support, the next big target will be around $28#LINKusdt pic.twitter.com/YlCDRDOFTq
— @TheLordofEntry (@thelordofentry) March 26, 2024
The token continued its upward trajectory throughout the day after successfully pushing the price above $18.5. Early on Tuesday, LINK surged above the $20 mark, but faced resistance near the $20.5 range.
According to the trader, LINK’s next big target will be the $28 price range if the token can break above this level and move into the support zone.
As of this writing, LINK has tested this new resistance level and has exceeded it twice in the past hour. The token reached $20.6 on the first try, and during the second try it briefly crossed the $20.7 price range. However, the token temporarily failed to reverse the resistance zone and fell back below $20.5.
Chainlink's 'very strong' long-term performance
Although the attempt failed, LINK's price has increased by 9% in the past 24 hours. Interest in the token appears to have increased over the same time frame as market activity increased by 55.19%, reaching a daily trading volume of $539.9 million.
The market capitalization also increased by 8.16% in the past day, reaching $12.02 billion. According to CoinMarketCap data, Chainlink is the 14th largest cryptocurrency by this index.
Moreover, LINK has seen an impressive performance of 182.6% over the last year. As a result, crypto analyst Altcoin Sherpa shared some notes on LINK and suggested that it should not be actively traded. Sherpa said the token is suitable for a “buy and hold” as it is a “safe coin that can produce strong numbers”.
$LINK: Just a note lol. This one-
-This should not be actively traded. Load more volatile coins (but this has better liquidity)
– Better to buy and hold, this is a safe coin that brings strong numbers
-Still basically vs. strong, the best one.
-I'm still hoping… pic.twitter.com/NeJAm2ixXj
— Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
Analysts believe LINK is fundamentally “very strong” and one of the best tokens based on long-term performance. Ultimately, Sherpa expects prices to “consolidate a little longer before the next move.”
Chainlink hits $20.6 in the 3-day chart chart. Source: LINKUSDT on Trading.view.com
Featured image from Unsplash.com, chart from TradingView.com
