Chainlink (LINK) Price Prediction: Rising Outflows and Blockchain Activity Fuel Gains

Chainlink has gained 11% in 24 hours, trading at $11.85, driven by:

1. Easing selling activity: Steady outflows from exchanges over the past month.
2. Growing buying pressure: RSI and CMF indicators show bullish momentum.
3. Rising blockchain activity: 14,000% surge in development activity and increasing active addresses.
4. Increasing speculative interest: Open Interest spikes to $203M and Funding Rates hit monthly highs.

Key Levels:

- Next target: 1.618 Fibonacci level ($13.13)
- Support: Rising trendline and V-shaped recovery

Prediction:

Chainlink's reversing bearish trends, fueled by easing selling pressure, growing buying activity, and rising blockchain usage. Continued momentum could drive LINK toward new highs.

Caution:

- Monitor selling pressure and potential reversals.
- Keep an eye on broader market sentiment.


Blockchain developer, web3 enthusiast with deep knowledge of artificial intelligence prompts.