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Is a Chainlink rebound on the cards? The odds are…

2min Read

Despite the bullish sentiment around Chainlink, the altcoin’s value decreased in the last 24 hours.

Is a Chainlink rebound on the cards?

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  • 12 addresses bought LINK worth $17.5 million.
  • The price dropped but a recovery could be imminent.

Though Chainlink [LINK] has been affected by the market drawdown, the cryptocurrency seems to be making its mark as one of the projects with great long-term potential. This was evident based on a new revelation by Lookonchain.

According to Lookonchain, 12 new wallets possibly belonging to an institution accumulated LINK. Details from the post showed that the total LINK accumulated was worth $17.5 million.

However, that was not the only thing that happened with the transaction.

A fall is not the end

The buyer also sent the tokens out of Binance. Transactions signal a sentiment of trust in the long-term performance of a cryptocurrency.

Despite the bullish sentiment around Chainlink, its value has decreased in the last 24 hours. At press time, LINK changed hands at $13.52. This price represented a 1.24% decrease within said period.

However, according to CoinMarketCap’s data obtained by AMBCrypto, the slight decrease was a signal of LINK’s strength.

This conclusion was because most altcoins, close to Chainlink’s market cap, nosedived much harder. So, it was not surprising that analyst Ali Martinez posted a bullish thesis for LINK.

Martinez considered the LINK/USD 12-hour chart. According to his findings, LINK might rebound toward $15.20 or $17.30. The analyst concluded that the Tom DeMark (TD) Sequential presented a buying opportunity.

The TD Sequential is a technical tool designed to identify a potential price reversal. In most cases, the reversal happens due to trend exhaustion.

In Chainlink’s situation, sellers had become fatigued. So, this offered buyers the opportunity to capitalize on a potential uptrend.

LINK holders may soon reap some gains

Furthermore, AMBCrypto considered it necessary to assess the growth of the Chainlink network. To do this, we looked at the number of LINK holders since the 1st of December 2023.

Santiment’s on-chain data showed that the LINK holder count, as of then, was 699,710. However, press time data showed that the number had grown to 711,000.

This increase was a testament to the initial inference that the sentiment around the cryptocurrency was bullish.

A chart showing the number of holders who own the Chainlink token against the price

Source: Santiment

Regarding the price, the Aroon indicator showed that LINK’s possible rise to $17 might take a while. As of this writing, the Aroon Up (orange) was 0%. On the other hand, the Aroon Down (blue) was 85.71%.


Read Chainlink’s [LINK] Price Prediction 2024-2025


Thus, LINK’s momentum showed bearish signals at press time. However, the RSI reading had begun to rise, sitting at 44.91 at press time. Should the indicator continue to move upward, then LINK might hit $14.

Chainlink price analysis

Source: TradingView

Furthermore, if the RSI flips the 50.00 midpoint, the price of LINK might reach $15. This could also foreshadow a higher value for the cryptocurrency.

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Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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