Chainlink (LINK) seems to be standing out in the crypto space now as its price displays a strong bullish trend. According to the experts on social media platform X, the token is preparing for an incredible push.
Recently various analysts have shared their own take on the token with some suggesting a price correction while others expect even bigger gains ahead for LINK in the short term.
For instance, CryptoFeras on X, sees $26.6 as a resistance level and explained that if the price breaks the point, LINK could push up to $30.85 in coming days. The same analyst also noted that if the price decides to fall back to $22, the level could act as a strong buying zone which could give investors a chance to re-enter the market.
At the time of writing, Chainlink is trading at $24.98, which shows a 4.27% drop in the past 24 hours, while trading activity has dropped by 19% compared to the previous day. This results in $2.27 billion in trading volume, according to CoinMarketCap.
However, on the technical side, LINK has recently broken out of a bullish flag and pole pattern and is now facing resistance near $27.
Meanwhile, the Relative Strength Index (RSI) stands at 65. This means the token is not yet in overbought territory and still has room for growth.
In addition to this, data from Ali chart on X shows Chainlink has been adding nearly 3,000 new wallet addresses every day. This is its fastest growth in the past five months. This surge in network participation is a bullish sign because it reflects higher interest from new users entering the LINK ecosystem.
However, on-chain metrics are flashing a different signal. According to Coinglass, LINK’s major liquation points are at $24.29 on the downside and $26.69 on the upside. This is where traders have taken large leverage positionÂ
Data also shows that around $48.53 million in long trades and $13.18 million in short trades are positioned at these levels. One red flag still remains. More than $18 million worth of LINK tokens have recently been transferred onto exchanges, which often mean that some long-term holders might be preparing to sell.
Despite this, experts and traders remain focused on whether LINK can clear the $27 resistance level and continue its push toward the highly anticipated $30 mark.
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