Chainlink Price Reverses 1% as Altcoin Market Awaits Parabolic Altseason
1min read Chainlink (LINK) has shown signs of a potential price reversal, as the altcoin market prepares for a possible parabolic altseason. The large-cap altcoin, with a fully diluted valuation of about $13.8 billion, closed last week in a hammer candlestick, indicating a potential bullish reversal. In the past 24 hours, link price gained around 1 percent to trade at about $13.76 on Monday, March 17 during the early New York session. However, LINK price has dropped over 28 percent since the second inauguration of U.S. President Donald Trump.
From a technical analysis standpoint, Chainlink price has been forming a macro rising trend, characterized by higher highs and higher lows. In the weekly time frame, the LINK price has been retesting the lower boundary of a rising channel, signaling a potential reversal. In case of a sustained bullish sentiment, LINK price is aiming for $24 in the short term, which coincides with the daily 1.618 Fibonacci Retracement. However, a sustained closure below $13 will lead to a further correction towards $10 in the near future.
The Chainlink network has grown into a vital lifeline for the mainstream adoption of web3 protocols. The network has attracted the attention of top-tier web3 institutional investors. In the last week, the Chainlink network reported 11 integrations of the Chainlink standard across 4 services and 12 different chains. Meanwhile, on-chain activities show whale investors have not been aggressively accumulating LINK in the recent past. For instance, market data shows that LINK transactions greater than $100 have dropped from 620 transactions on March 14 to around 121 transactions on Monday.
Looking ahead, LINK price could trade at an average price of $47 during 2025 and close the annual trade for 2030 with a price tag of $189. The potential for a major rebound in LINK price is supported by the network's growth strategy and the increasing adoption of web3 protocols. However, the lack of aggressive accumulation by whale investors and the potential for a further correction towards $10 in the near future are factors that could impact the price of LINK in the short term.
Ask Aime: What is the potential impact of Chainlink's (LINK) current price movements on its future price trajectory, given its recent technical and market activity?
