The trend for Chainlink price has been very indecisive in the last week and month, but it seems to have a better picture in the broader setting for October, as it has grown from $10.60 to $11.13—a gain of almost 4%.

Some forecasts even show Chainlink breaking above the $12 point by the beginning of next month. Further predictions suggest that in 2025, the Chainlink price could slide within the corridor of $10 to $15.

Chainlink Price to Break Out in October, Eyes $13

Chainlink has been among the best performers for the week, appreciating as it followed the broader market rally and breaking out above key resistance. The contracting Bollinger Bands promise a potential upside beyond the $13 level in October, while the converging MACD indicator favors the same approach to the positive zone. But first, Chainlink price, in order to fulfill these price predictions, needs to overcome the resistance to advance further.

Chainlink has been doing exceptionally well lately, primarily due to several key network developments. Factors supporting LINK’s price upside bias have included the introduction of staking, scaling of its data Oracle network, and its latest addition, Secure Mint.

At the time of the last update, the Chainlink price was $11.17, down 1.34% in the last 24 hours but up over 5.3% in a week. The big question is: Could the upward move help this token burst past the pivotal resistance, falling at $13?

Credit: TradingView

Technical analysis with indicators gives a sell signal for both short- and long-term Chainlink outlooks. However, that does not impede the coin from leaving about 53% green days in the last month of trading. Its price volatility in this period stands at about 5.75%.

Bullish Momentum Supported by Technical Analysis

Several reasons substantiate this bravado. Firstly, Chainlink’s exchange reserves are low, and one only can sell a small portion of the total supply. This scarcity could add to an impending rally because only limited tokens would be available on the exchanges.

Secondly, the Chainlink network has also seen increased active addresses and transaction counts, indicating increased demand for this digital cryptocurrency. More noticeably, whale activity has spiked, or heavy investment interest.

Currently, there has been an imbalance in traders’ positions, with a majority selling the token while others taking on long positions. Analysts suggest that this might be a source of a short squeeze if the Chainlink price broke over resistance, pushing short sellers to cover their positions.

LINK Token Gains Momentum as Whales Buy In

Some crypto analysts see the token as one of the few investment opportunities currently available, especially at the current entry points. Some, in fact, are confident in notable growth potential based on technical patterns that could lead to the appearance of price action similar to the previous all-time high.

Just a few days ago, in a strategic move to further secure its bridge and increase its adoption, Ronin, the EVM blockchain for gaming, implemented the Chainlink CCIP. Another client is purchasing  tokens from the open market, driving demand and possibly setting the stage for a Chainlink price explosion.

Moreover, Santiment reported a recent whale accumulation of the token following a market correction. In general, this reflects the conviction in the future value of an asset and, therefore, the demand, which drives up the price. Large holders have increased from 489 to 502 in the first week of October, which is impressive, which means whale interest in the coin is on the rise.

The post How High Will Chainlink Price Go in October? appeared first on CoinGape.

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Filed under: News - @ October 16, 2024 6:29 pm