Chainlink (LINK) Experiences a 20% Surge: Are More Gains Coming?

The cryptocurrency market saw a significant rebound over the past 24 hours, with Bitcoin (BTC) momentarily reaching close to $94,000.

Chainlink (LINK) was among the standout performers, soaring approximately 20% and currently trading around $14.50 according to CoinGecko, marking its highest point since mid-November.

Potential Price Targets

CHAINLINK (LINK) has been supported by the overall market recovery and excitement surrounding the launch of the first spot LINK ETF in the United States by Grayscale, already active on NYSE Arca.

Experts point to this as potentially setting the stage for a more pronounced rally. Notable market observers, including X user Rand, foresee a bullish reversal with a possible rally above $15 confirming this trend.

Analyst Bitcensus believes LINK maintains strong support above $13, with predictions of a rise to $46 if stability persists. Another optimistic voice in the industry, CW, sees LINK potentially breaching the $100 mark in the coming weeks, as it has been within an upward trading channel.

Market Indicators

Data suggests a shift of LINK tokens from centralized exchanges to self-custody, a bullish sign, as fewer than 130 million coins remain on such platforms, nearing a 44-month low from early December. This decrease indicates lower immediate selling pressure.

Despite the positive trends, the Relative Strength Index (RSI) points toward caution, currently at around 74, indicating LINK may be overbought and could face downward pressures.