Chainlink Surges 30% in 9 Days – Eyes Set on $20 Milestone

Chainlink's [LINK] recent rally has propelled its price to unprecedented levels, leaving many wondering if the $20 mark is within reach. Analyzing the current trajectory, investors are eager to know when LINK might hit this significant target.

Breaking Records: LINK's Steady Climb

Examining Chainlink's daily timeframe chart reveals a consistent upward trajectory over the past eight days, with a minor dip on January 31. Utilizing the price range tool, the data indicates an impressive 30% gain during this period.

Key Milestones: LINK's Noteworthy Performances

On February 1, LINK experienced an 11.4% surge, reaching approximately $17.1. By the end of February 2, it marked its highest point since April 2022, briefly trading above $18. The chart shows LINK's price trend now positioned above its short Moving Average, which has shifted from resistance to support.

Source: Trading View

Overbought Territory: RSI and Potential Hurdles

At the time of writing, LINK is on the verge of entering the overbought zone on its Relative Strength Index (RSI). Priced around $18, with a 1% increase, LINK may breach the 70 threshold on the RSI, signaling overbought conditions if the upward momentum persists.

Increased Attention: Influx of Investments

Chainlink's positive trend has attracted attention and investments, evident in the rising LINK Open Interest on Coinglass, surpassing $540 million. This level was last seen in April 2021, indicating a significant influx of new capital into the market.

Source: Coinglass

Unlocking LINK: Temporary Impact on Price

Amid the surge, about 19 million LINK tokens, valued at $341 million, were unlocked from non-circulating supply contracts. Despite a temporary 4% decline after the unlocking, the price quickly recovered, showcasing resilience.

What Lies Ahead: Potential for $20

With the ongoing positive trend, LINK shows promise in reaching $20 in the coming weeks. However, a potential price correction might precede its ascent to the $20 range, offering investors a cautious outlook.

In Summary: LINK's Ascent Amid Unlocking and Attention

Chainlink's remarkable surge raises expectations of reaching the $20 milestone. However, the unlocking of tokens and potential market corrections emphasize the need for a balanced assessment of LINK's future movements.