- Chainlink could rise to $47 if $20 support holds.
- Low exchange reserves may trigger a supply squeeze.
- On-chain metrics and volume are critical catalysts.
Chainlink Approaches Crucial $20 Support
The cryptocurrency market is buzzing with anticipation as Chainlink (LINK) approaches a critical juncture. According to a recent analysis by crypto analyst @ali_charts on X, if Chainlink’s $20 support level holds firm, the token could surge to an impressive $47. This prediction, is based on a detailed chart created with TradingView, showcasing a 3D perpetual contract on Binance. The chart highlights an ascending trend channel, with LINK currently testing the lower boundary near $20, a level that has historically acted as a strong support zone.
On-Chain Activity Signals Supply Squeeze
The analysis suggests that maintaining this support could trigger a bullish breakout, potentially pushing the price toward the upper trendline at $47. This optimism is fueled by Chainlink’s role as a leading decentralized oracle network, connecting smart contracts to real-world data.
Recent market activity, including low exchange reserves and whale movements, further supports the possibility of a supply squeeze, adding credence to the bullish outlook. However, the chart also indicates volatility, with past price dips testing investor resilience.
Market Risks Remain Despite Positive Outlook
Community reactions on X are mixed but largely supportive. Some users note recent bounces off the $20 mark, while others emphasize on-chain metrics like oracle requests and staking signals as key catalysts. Concerns about potential sell-offs, such as the 2.2 million LINK transferred to Coinbase, have surfaced, but these could be offset by sustained buying pressure. As of now, with the price hovering near $21 (based on the latest data), all eyes are on whether LINK can defend this pivotal level.
Investors are advised to monitor volume and Bitcoin’s performance, as these factors could influence the outcome. If the $20 support holds, $47 could be within reach by late 2025 or early 2026, marking a significant milestone for Chainlink.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
