Chainlink (LINK) has gained 36.55% over the past week, reaching $25, its highest value since January 2022. This sharp rise aligns with an ongoing altcoin rally, erasing months of market losses. Indicators suggest LINK could continue climbing in the coming weeks.
Bearish Sentiment Could Benefit Chainlink
Despite the rally, Chainlink’s Weighted Sentiment remains in the negative zone, according to data from Santiment. Weighted Sentiment reflects the market’s perception of an asset. A negative reading often means retail investors haven’t entered the market yet, leaving room for further growth.
Santiment highlighted this dynamic on X , noting, “Markets move opposite to the crowd’s expectations. Retail disbelief could fuel LINK’s rally further.”
Rising Investor Confidence
Another bullish signal for LINK comes from its Coins Holding Time metric. This data shows most investors are holding their tokens longer, suggesting confidence in future gains. An increase in holding time often correlates with strong price momentum, as fewer tokens are sold.
Additionally, whales are playing a significant role. Rising buying pressure from large investors has helped drive LINK’s recent surge.
Chainlink Price Prediction: $30 Within Reach?
On-chain analysis shows strong support between $22 and $25, as per IntoTheBlock’s In/Out of Money Around Price (IOMAP) metric. This support could act as a springboard for LINK to target $30.
Currently, 79% of LINK holders are in profit, reflecting solid investor positioning. However, sustained buying momentum is crucial for further price gains.
If selling pressure grows, LINK risks dropping below the $20 mark. But for now, market dynamics favor a continued upward trajectory.
