Chainlink prices rise 30% in 9 days – Is $20 the next target?

• LINK has risen by over 30% in the last nine days.
• Over $300 million worth of LINK tokens have been unlocked in the last 24 hours.

Chainlink [LINK] has recently experienced significant upward trends, propelling its price to levels not witnessed in years. Given the 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 minor decline on 31st January, LINK has been on an upward trend for the last eight days. Utilizing the price range tool, it’s evident that LINK has witnessed a remarkable gain of over 30% since the upward trend began.

A detailed analysis showed that on 1st February, LINK experienced an 11.4% surge, reaching around $17.1.

Furthermore, by the end of 2nd February, it registered a further increase of over 3.7%. During this trading session, LINK briefly traded above $18, marking its highest point since April 2022.

The chart showed that the LINK price trend was now positioned above its short Moving Average (yellow line). The yellow line initially served as resistance but has now transformed into a support level.

Source: Trading View

At the time of this writing, LINK was close to entering the overbought zone on its Relative Strength Index (RSI).

Priced at around $18, with a 1% increase at the time of writing, LINK could potentially breach the 70 threshold on the RSI, indicating entry into the overbought zone if the upward momentum persists.

More money flows into Chainlink 

The positive price trend of Chainlink has garnered increased attention and investments from traders, as indicated by data from Coinglass.

An analysis of the LINK Open Interest on Coinglass showed that it currently stands at over $540 million. A closer examination of the Open Interest chart highlights that it last reached such levels in April 2021.

This surge in open interest signifies a notable influx of new capital into the market.

Source: Coinglass

More LINKs unlocked

While Chainlink experienced a notable surge in its price, approximately 19 million LINK tokens, valued at around $341 million, were unlocked from three non-circulating supply contracts.

Data from Spot on Chain showed that 15.95 million LINK, equivalent to about $287 million, was transferred to Binance, while 3.05 million LINK, valued at $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 on a four-hour timeframe showed a temporary decline of around 4% before witnessing a recovery. This suggests that the recent unlocking of assets did impact the price momentarily, but it quickly bounced back.

With the current positive price recovery, LINK has the potential to reach $20 in the coming weeks. However, a price correction may occur before it resumes an upward trajectory and gets into the $20 price range.