- LINK is up more than 30% in the past nine days.
- More than $300 million worth of LINK tokens have been unlocked in the last 24 hours.
Chain link [LINK] has recently experienced significant upward trends, pushing the price to levels not seen in years. Given its current trajectory, when can we expect LINK to reach the $20 price range?
Chainlink breaks price trend record
An examination of Chainlink’s daily timeframe chart showed a consistent upward trajectory over the past few days.
Apart from a small decline on January 31, LINK has been trending upward over the past eight days. Using the price range tool, it is clear that LINK has witnessed a remarkable gain of over 30% since the start of the uptrend.
A detailed analysis showed that LINK rose 11.4% on February 1, to around $17.1.
Moreover, a further increase of more than 3.7% was registered at the end of February 2. During this trading session, LINK briefly traded above $18, marking its highest since April 2022.
The chart showed that the LINK price trend was now positioned above the short moving average (yellow line). The yellow line initially served as resistance, but has now turned into a support level.
Source: trading view
At the time of writing this article, LINK was close to entering the overbought zone on its Relative Strength Index (RSI).
Priced around $18, up 1% at the time of writing, LINK could potentially cross the 70 threshold on the RSI, indicating it is entering overbought territory if the upward momentum continues.
More money flows into Chainlink
Chainlink’s positive price trend has attracted increased attention and investment from traders, as evidenced by data from Mint glass.
An analysis of the LINK Open Interest on Coinglass shows that it currently stands at over $540 million. A closer look at the Open Interest chart shows that it last reached such a level in April 2021.
This increase in open interest represents a notable influx of new capital into the market.
Source: Coinglass
More LINKs unlocked
While Chainlink experienced a notable price increase, approximately 19 million LINK tokens, worth approximately $341 million, were unlocked through three non-circulating supply contracts.
Dates of Spot on chain showed that 15.95 million LINK, equivalent to approximately $287 million, was transferred to Binance, while 3.05 million LINK, worth $54.3 million, was sent to a multi-sig wallet.
How much are 1,10,100 LINKs worth today?
An analysis of the LINK movement over a four-hour time frame showed a temporary drop of about 4% before recovery. This suggests that the recent asset release had a temporary impact on the price, but it quickly recovered.
With the current positive price recovery, LINK has the potential to reach $20 in the coming weeks. However, a price correction may take place before it resumes an upward trajectory and enters the $20 price range.