Key Notes
- Chainlink (LINK) crashed a whopping 9% in the past 24 hours and trades at $17.51 at press time, claiming the 11th position in the market.
- Whales have bought a massive 1.10 million LINK tokens in the past day, suggesting increased interest from investors.
- Cardano's Charles Hoskinson expressed possibilities of his blockchain integrating the oracle network.
Chainlink (LINK), one of the leading blockchain oracle protocols in the digital asset space, is on a bullish path to new all-time highs this cycle. While the LINK token is ranked as the 11th-largest digital asset by market cap, it has crashed a whopping 9% in the past day and trades at $17.51 at the time of writing, down 66.86% from the all-time high (ATH).
Despite this crash, Chainlink LINK $18.11 24h volatility: 0.4% Market cap: $11.56 B Vol. 24h: $626.33 M has been ranked as the top Real World Assets (RWA) protocol by development, followed by Synthetix (SNX) and Dusk Found (DUSK). Reserve Protocol (RSR) and Centrifuge (CFG) formed the top five of blockchain analysis platform Santiment’s list of top RWA assets by development.
On the other hand, another bullish data came from prominent analyst Ali Martinez, also known as “ali_charts” on social media platform X (formerly Twitter). The analyst noted that in the past 24 hours, whales have bought a massive 1.10 million LINK (worth approximately $19 million). These purchases suggest that whales are increasingly bullish on Chainlink and the protocol could outperform its peers during the current cycle.
Whales bought over 1.10 million #Chainlink $LINK in the last 24 hours!
Go to @SimpleFXcom , claim the $5,000 bonus via my link https://t.co/GLjkpQvNJr , and get some before the rebound. pic.twitter.com/IpS6fpli57
— Ali (@ali_charts) February 18, 2025
Cardano founder Charles Hoskinson also expressed why he is bullish on Chainlink, adding that it is important to “get our Oracles sorted out.” The crypto entrepreneur expressed possibilities of his blockchain integrating the oracle network, adding that he has “re-engaged those conversations.”
Hoskinson’s words are critical as blockchain adoption expands into traditional finance, with Chainlink’s oracles bridging the gap between on-chain and off-chain assets.
Chainlink (LINK) Price Analysis
Chainlink (LINK) price analysis on the daily chart below shows that the price is currently near the lower Bollinger Band at $15.72, signaling potential support in this range. The upper band is around $23.93, which could act as a resistance zone if a bullish move occurs. Also, the contraction of bands suggests a possible period of low volatility before a major move.
Source: TradingView
The MACD indicator shows that the MACD line (blue) and the signal line (orange) are very close to each other. A bullish divergence was confirmed but was immediately followed by a bearish divergence, suggesting uncertainty in the crypto market.
Source: TradingView
Additionally, the Relative Strength Index (RSI) reads a value of 36.25, indicating strong bearish pressure. However, if the RSI moves above this level, towards the 50 level, a short-term reversal might be possible. If the price holds above key support levels, LINK could regain momentum toward the $20-$25 range in the coming weeks. However, the 20-day EMA at $19.75 poses a major resistance.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
