Chainlink Price Prediction for March 7

Tech

Chainlink Price Prediction for March 7

Over the past 24 hours, the price of Chainlink (LINK) faced a solid buying demand as it surged toward the high of $17.5. However, the price failed to surge further as it witnessed a bearish domination and declined sharply. The fear/greed index has surged, now showing a fear sentiment at level 35. Meanwhile, Chainlinks trading volume has surged by 9.4% in the last 24 hours, reaching $1.15 billion.

Looking at the longer trend, LINK‘s price has been declining since mid-December, dropping from a high of $31 to about $15 on 3 February. In recent weeks, LINK price has been under strong bearish pressure following Bybit’s hack, touching a low around $13. In the last 24 hours, its market capitalization has dropped by 0.6%, hitting $10.8 billion.

LINK Faces Strong Liquidations

Market confidence in LINK appears to be strengthening, evidenced by increased volatility and a notable ascent beyond the $15 resistance mark on the 24-hour chart. Despite this upward movement, LINK struggled to sustain its buying demand amidst rising selling pressures, leading to significant liquidations.

Data from Santiment highlights a correlation between price fluctuations of LINK and the accumulation trends in prominent wallets. Currently, the five largest wallets hold 18.15% of LINKs total supply, valued approximately at $2.93 billion.

In the last day, Chainlink has faced considerable selling pressure resulting in liquidations. According to Coinglass, around $3.16 million worth of LINK trades were closed. Of these, long position liquidations accounted for $2.12 million, with sellers liquidating about $1.04 million in positions.

Meanwhile, trading interest in Chainlink seems to be waning. Theres been a 0.41% decrease in open interest, which tracks unresolved trading contracts, now totaling $519 million. This suggests a reduction in trader engagement.

Looking ahead, the outlook for LINKs price is becoming increasingly optimistic. The long/short ratio, at 1.2, reflects a growing bullish sentiment, with 57% of traders now expecting a price rise.

Chainlink Price Prediction: Technical Analysis

Chainlink‘s price continues to be under strong bullish pressure as it recently broke above the bearish consolidation. However, the price failed to maintain its bullish momentum due to rising selling dominance. As a result, LINK price rejected $17.5 and dropped toward $16; however, buyers are aiming for a recovery. As of writing, Chainlink’s price stands at $17.05, having dropped by 0.94% in the last 24 hours.

The LINK/USDT trading pair is struggling to validate a clear trend as the recent rejection plunged buyers‘ confidence. With the Relative Strength Index (RSI) hovering around the buying region at level 59, there is a possibility that Chainlink’s price could retest its resistance level at $17.6.

If it sustains above this level, it could benefit buyers and potentially push the price for $19.85. On the other hand, if the price fails to hold its current momentum, it might face a drop toward $15.62.

LINK Price Prediction: What to Expect Next？

Short-term: According to BlockchainReporter, LINK price might aim for the $17.6 resistance. If the price moves above that level, we might see a trade around $19.85. On the downside, $15.62 is the range.

Long-term: According to the latest Chainlink price prediction by Coincodex, Chainlinks price is expected to increase by 7.80%, reaching $17.52 by April 6, 2025. Technical indicators from Coincodex suggest a currently Bearish sentiment, with the Fear & Greed Index indicating a level of 34, classified as Fear. Over the past 30 days, Chainlink has experienced 13 green days, representing 43% of the time, along with a price volatility of 9.72%. Based on this forecast, it is currently considered an unfavorable time to purchase Chainlink.

LINK price is trading at $17.05 at the time of writing. The LINK price has dropped by over 0.94% in the last 24 hours.

Throughout the day, the LINK price might aim for the $17.6 resistance. If the price moves above that level, we might see a trade around $19.85. On the downside, $15.62 is the range.

According to long-term forecasts, the Chainlink price might reach $17.52 by April 6. This makes LINK price a bad investment considering its monthly yield.