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Chainlink (LINK) has performed strongly over the past week, with the token’s price increasing 21.3% in the last seven days. Some analysts have shared their predictions and thoughts on LINK, suggesting keeping an eye on the token and its long-term performance.
What Is LINK’s Next Steppingstone?
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 by NewsBTC, the partnership aims to facilitate the “access, trade, and seamless settlement of tokenized assets across networks in different currencies in a process called Delivery vs. Payment (DvP).”
The crypto community appeared to receive the news well. X users expressed their positive sentiments towards the collaboration and Chainlink’s token. The sentiment has seemingly translated to LINK’s performance, as the token’s price soared 9% in the last 24 hours.
Crypto analyst and trader The Lord of Entry shared his prediction for LINK. In the X post, the trader highlights that the token’s performance in the past day had been strong as it broke above the $18.5 resistance level. Chainlink’s LINK unsuccessfully tested the resistance zone over the past week after falling below it on March 18.
$LINK 4hr – #LINK has been strong today, but now banging into some resistance – if it can flip this into support your next big target is around 28#LINKusdt pic.twitter.com/YlCDRDOFTq
— @TheLordofEntry (@thelordofentry) March 26, 2024
The token continued the upward trajectory throughout the day after successfully rising above the $18.5 price. In the early hours of Tuesday, LINK surged above the $20 mark but faced resistance near the $20.5 range.
According to the trader, if the token can break above this level and turn it into a support zone, the next big target for LINK would be the $28 price range.
As of this writing, LINK tested this new resistance level, which has been rising above it twice in the past hour. The token reached $20.6 in the first attempt and briefly surpassed the $20.7 price range during the second attempt. However, the token momentarily failed to flip the resistance zone and fell below $20.5 again.
Chainlink’s “Very Strong” Long-Term Performance
Despite the failed attempts, LINK’s price surged 9% in the past 24 hours. Interest in the token has seemingly risen in the same timeframe 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 past day, reaching $12.02 billion. Chainlink is the 14th-largest cryptocurrency by this metric, according to CoinMarketCap data.
Moreover, LINK has shown a remarkable 182.6% performance in the last year. As a result, crypto analyst Altcoin Sherpa shared some notes on LINK, suggesting that it shouldn’t be actively traded. Sherpa stated that the token is a better fit to “buy and hold” as it is a “safe coin that is going to do strong numbers.”
$LINK: A few notes w. this one-
-you shouldn't be actively trading this. Loads more volatile coins (though this has nice liquidity)
-Better to buy and hold, this is a safe coin that is going to do strong numbers
-Still fundamentally v. strong, 1 of the best.
-still expecting… pic.twitter.com/NeJAm2ixXj
— Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
The analyst considers LINK fundamentally “very strong” and one of the best tokens based on its long-term performance. Ultimately, Sherpa predicts the price will “consolidate for a bit longer before its next move.”
Featured Image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
