Chainlink price prediction: Will LINK hit the $16.5 level?

The current crypto market is struggling, including some of the top assets like Ethereum, Binance Coin, and Bitcoin.

The situation has escalated, with 54 newly created wallets having withdrawn 2.08 million LINK tokens. The tokens amount to 30.28 million dollars, according to Lookonchain, an on-chain analytic platform.

In the past seven days, the huge accumulation took place on the world’s largest crypto exchange. In a post on X, Lookonchain revealed that institutions and whales were responsible for this significant accumulation.

Institutions and whales have accumulated notable amounts, demonstrating their confidence and interest in the price as it approaches the resistance level. The value of LINK has dropped 8.44% in the past 24 hours to 13.26 dollars.

The latest LINK crypto prediction establishes that Chainlink can reach a peak of 27.61 dollars in 2024. However, the coin can also hit a low of 10.17 dollars at the year’s end.

Expert technical analysis indicates a bullish outlook for LINK, spotting its golden crossover at 50 EMA and crossing 200 EMA. It is tracked over an hourly time frame, with the price reaching a resistance level of 14.8 dollars.

The recent golden crossover and new data hint at bullishness all over the chart. At the day’s start, LINK was nearing the resistance level, while its open interest had surged almost 2% in the past 4 years.

It is signaling a potential shift in traders’ and investors’ interest in LINK. If its 4-hour candle closes over 14.9 dollars, Chainlink can hit the target price of 15.5 dollars and 16.5 dollars in the coming days.

It is worth noting that the market currently has more short sellers than long buyers.

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