Oracle service provider Chainlink (LINK) seems to be ready for another price rally amid the major resurgence in the altcoin market. The LINK price has bounced back to $16 gaining 3% in the last 24 hours eyeing a potential target to $20.

Also, the Chainlink trading volumes in the last 24 hours have surged by a staggering 50% moving to $878 million.

On-chain Data Highlights Strength for Chainlink (LINK)

On-chain data provider Santiment highlights the Binance funding ratio for Chainlink (LINK) tilted majorly towards the longs.

According to Santiment, the Binance funding rate ratio for Chainlink (LINK) has shifted predominantly in favor of long positions, reaching its highest point in four weeks. As LINK has surpassed the $16 mark, it’s advised to monitor whether a potential fear of missing out (FOMO) triggers a local peak or if prices sustain their upward momentum, potentially heading towards $20 with minimal resistance.

Courtesy: Santiment

According to crypto analyst Ali Martinez Chainlink is currently trading above a crucial support zone. Notably, over 17,000 addresses have acquired 47 million $LINK within the price range of $14.4 to $14.8. The potential for this level to hold suggests the possibility of a rebound in the near term.

Courtesy: Ali Charts

In the weekly chart, the price is currently navigating within an ascending triangle pattern, situated just above the interim support level at $14.66. Additionally, the RSI (Relative Strength Index) exhibits incremental movement while adhering to diagonal support, indicating a potential continuation of the bullish phase.

In the event that market forces successfully maintain the price within the ascending triangle pattern, a breakout above the resistance zone ranging from $16.19 to $16.70 becomes plausible. This breakout could set the stage for an upward trajectory towards the subsequent significant resistance level beyond $17.5, potentially reaching $18 by the conclusion of 2023 or in the early days of 2024.

Chainlink Staking v0.2 A Massive Hit

The Chainlink Staking v0.2 community pool has reached full capacity, with an additional 19 million LINK staked within just 7 hours since the opening of Early Access.

In a message on X (formerly Twitter) Chainlink expressed its gratitude to the community, including both v0.1 migrators and new stakers, for actively engaging in the v0.2 launch. A total of 40,875,000 LINK has been contributed, actively contributing to the security of the Chainlink Network and the verifiable web.

Following the General Access launch scheduled for December 11, Staking v0.2 will be accessible to everyone as pool space becomes available upon the completion of withdrawals by existing stakers

The post Chainlink (LINK) Price Bounces Back With $20 Target And Strong On-chain Metrics appeared first on CoinGape.

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Filed under: News - @ December 8, 2023 8:13 am