Why is Chainlink (LINK) Price Up?

Chainlink’s LINK token has seen notable price appreciation this week, rising around 12% over the past 7 days to trade around $15.6 at the time of writing. This price action comes even as the broader crypto market faces sellers and downturn.

A key driver seems to be accumulating demand from large LINK whales and investors. Earlier today, our team reported that major wallets began building a sizable LINK position after prices declined below $15 yesterday. This dip-buying suggests strong confidence in Chainlink’s long-term outlook.

Popular analyst Michaël van de Poppe also commented positively on LINK’s technical setup. With over 670k followers on Twitter, van de Poppe tweeted: “$LINK seems ready for continuation after sweeping the lows. As long as it stays above $13.50-14.25, everything is likely continuing towards $25-30.”

In other words, van de Poppe believes LINK has found reliable support around $13.50-$14.25. As long as prices hold above this demand zone, he sees scope for an additional 68-122% upside towards the $25-30 area over the medium-term.

Zooming into the daily LINK/USD chart, the first level of resistance aligns with the 1.618 Fibonacci extension level around $17.8. Beyond that, LINK appears to have open air until the psychologically-key $20 level.

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The 200-day simple moving average currently resides around $10.2. This signals that LINK remains in a clear long-term uptrend as its price action trades well above this benchmark.

LINK’s relative strength index (RSI) reading of 56 shows no overbought or oversold conditions, signaling room for further momentum since RSI between 50 and 70 is a bullish territory.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!