Chainlink (LINK) has performed strongly over the past week, with the token’s price increasing 21.3% over the past seven days. Some analysts shared their predictions and thoughts on LINK, suggesting keeping an eye on the token and its long-term performance.
What’s next for LINK?
Recently, Chainlink announced its partnership with blockchain platform Avalanche and the Australia and New Zealand Banking Group to connect the Avalanche and Ethereum blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
As reported From NewsBTC, the partnership aims to facilitate the “seamless access, trading and settlement of tokenized assets across networks in different currencies in a process called Delivery vs. Payment (DvP)”.
The crypto community seemed to welcome the news. X users express their positive feelings towards the collaboration and the Chainlink token. The sentiment has seemingly translated into LINK’s performance, as the token’s price has soared 9% in the last 24 hours.
Crypto analyst and trader The Lord of Entry shared his prediction for LINK. In post X, the trader highlights that the token’s performance the previous day was strong, as it broke above the $18.5 resistance level. Chainlink LINK unsuccessfully tested the resistance zone last week after falling below it on March 18.
$LINK 4h – #LINK has been strong today but is now encountering some resistance – if you can turn this into support, your next big target is around 28#LINKusdt pic.twitter.com/YlCDRDOFTq
– @TheLordofEntry (@thelordofentry) March 26, 2024
The token continued its upward trajectory throughout the day after successfully rising above the $18.5 price point. In the early hours of Tuesday, LINK rose above the $20 mark but faced resistance near the $20.5 range.
According to the trader, if the token manages to surpass this level and transform it into a support zone, LINK’s next big target would be the US$28 price range.
At the time of writing, LINK has tested this new resistance level, which has risen above it twice in the last hour. The token reached $20.6 on the first attempt and briefly surpassed the $20.7 price range during the second attempt. However, the token momentarily failed to surpass the resistance zone and fell below $20.5 again.
Chainlink’s “Very Strong” Long-Term Performance
Despite failed attempts, LINK Price increased by 9% in the last 24 hours. Interest in the token apparently increased in the same period as its market activity increased by 55.19%, reaching a daily trading volume of $539.9 million.
Its market capitalization also increased by 8.16% in the last day, reaching $12.02 billion. Chainlink is the 14th largest cryptocurrency by this metric, according to data from CoinMarketCap.
Furthermore, LINK has seen a remarkable performance of 182.6% over the past year. As a result, crypto analyst Altcoin Sherpa shared some notes about LINK, suggesting that it should not be actively traded. Sherpa stated that the token is best suited for “buy and hold” as it is a “safe currency that will do strong numbers.”
$LINK: Some notes w. This one-
-you shouldn’t actively negotiate this. Carries more volatile currencies (although it has good liquidity)
-Best buy and hold, this is a safe coin that will make strong numbers
-Still fundamentally v. strong, 1 of the best.
-still waiting… pic.twitter.com/NeJAm2ixXj
– Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
The analyst considers LINK to be fundamentally “very strong” and one of the best tokens based on its long-term performance. Ultimately, Sherpa predicts that the price will “consolidate for a little longer before the next move.”
Chainlink hits $20.6 in the 3-day chart chart. Source: LINKUSDT on Trading.view.com
Featured image from Unsplash.com, chart from TradingView.com
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