The coupling price seems to be set for a potential outbreak of 20% as the momentum comes from both technical patterns and the growing acceptance in the ecosystem.
According to data from crypto.news, Chainlink (link) had risen around 6% at $ 17.27 on 14 May Asian times, which extended the rally, which started on 6 May as the macro conditions illuminated. It is now almost 70% higher than the lowest level this year, giving the token a market rating of almost $ 11.39 billion.
Open interest in link has also risen sharply, reached up to $ 768.65 million, the highest level since 11 March, when, according to Coinglass, it was $ 400 million. Rising open interest generally indicates that the participation of the trader and increased speculative activities, often to be seen before the most important price movements.
Facts Also shows that the weighted financing speed of the Altcoin has remained positive for the past 7 days. In principle, a positive financing rate means that traders who go for a long time pay a small fee to shorts. It is a sign that more people lean bullish and are willing to set their long positions.
The daily graph shows that Link has been strongly recovered after the soil at $ 10.21 in April. It is now broken above the 50-day advancing average, a strong sign that the bull’s terrain wins.
Toking has also formed a reverse head and shoulder pattern, a traditional arrangement that often signals a trend removal. The head is around $ 10, with the two shoulders near $ 16.
As an addition to the Momentum, the average directional index has risen to 20, indicating that a strong trend starts to take shape.
Zooming in on the 4 -hour graph has exchanged Link in a rising breder pattern. If it succeeds in breaking above the upper limit of that channel, it can activate another leg higher.
Based on this setup, the following likely price target for Link is around $ 20.95, which would be a profit of 21% compared to the current levels. If the Bullish Momentum continues, Link could push to its year to date of $ 27.3 in the coming weeks, so that the profit is further extended to 58%.
Ecosystem growth supports Bullish story
Momentum on Technical Front is also matched by a series of fundamental catalysts in the Chainlink ecosystem. New partnerships and integrations at the protocol level are the positioning of kin link to set a greater use, which can strengthen the demand for link in the coming weeks.
Chainlink was recently picked As an official service provider for the Kickstart program of BNB Chain. This means that new projects on the BNB chain can now use in Chainlink’s tools for data, cross-chain support and computer use, together with direct support of Chainlink laboratories and exposure to co-marketing.
Dolomite, also a decentralized margin trade platform integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), making safe, seamless transfers about arbitrum, Ethereum and Berachain possible.
Earlier last week too, Chainlink too extensively The footprint with 12 new integrations of the Chainlink -Standard in six important services, including implementations on eight different block chains: Gravity Alpha, Monad, Nex Protocol, Polygon, Ronin, Rootstock, Superseed, Taiko and Zora.
In the meantime, Link could also benefit from regulatory headwind. The American administration is reportedly investigating updates of crypto rules to better handle the effects on chains and other digital assets.
If clearer rules play a role, that would unlock a wave of Tokenized Real-World assets that can move in the chain, something that Chainlink is well positioned to support. More demand for tokenization can mean that more projects integrate its services, which of course would stimulate the usefulness of link and possibly the price.
Chainlink is also a made-in-usa cryptocurrency, which could strengthen its attraction while the Trump administration insists on home-grown blockchain projects.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
