On December 13, the price of Chainlink (LINK) reached an all-time high of $30.56, a position that it has not yet seen since January 2021. The price gained concurrent with open interest in futures, which stood at its record-high level of $770 million. That a price and open-interest uptick is happening and gaining attention makes investors believe Chainlink will grow further.
Chainlink Open Interest Shoots Up
Chainlink’s futures open interest recently demonstrates that the market is performing well and that investors are growing more confident. Based on LINK’s open interest, which is around twice that of Toncoin and TRON, the futures market shows great demand for this coin.
#Chainlink‘s token $LINK has hit its highest price in nearly 2 years, and Futures Open Interest (OI) just surged to an all-time high of $770.27M!
For context:
$LINK OI: $770M
— glassnode (@glassnode) December 12, 2024
While some traders are winning, long-term investors have been holding onto their respective positions, meaning there remains a sound investment plan amidst that volatility. The analysts opine that Chainlink’s overall fundamentals are improving since there is an upward trend shown by active addresses.
Favorable Forecasts Anticipated
Analysts are enthusiastic about Chainlink’s potential price trajectory. Current forecasts indicate that LINK may increase by 9% to attain $32.77 by January 12, 2025. The technical indicators reveal a positive sentiment, as evidenced by a Fear & Greed Index score of 76, signifying high greed in the market.
In the preceding month, Chainlink has documented 17 green days out of 30 and has had a price volatility of 23%. Considering these factors, numerous experts assert that it is an opportune moment to get Chainlink.
Strategic Alliances Boost Trust Rating
Chainlink’s strategic alliances are generating hope regarding its future. World Liberty Financial recently garnered attention by acquiring LINK tokens valued at $1 million.
Furthermore, partnerships with prominent entities such as Emirates NBD and Swift Network aim to bolster the use of decentralized finance (DeFi) solutions and incorporate blockchain technology into conventional financial systems. As Chainlink forges these alliances, its status as the preeminent oracle network is reinforced.
Market analysts estimate LINK might value $50 in the following months depending on the continuation of present trends. Based on current price movements, LINK appears to have passed significant resistance thresholds, thereby allowing possible additional increases.
Given the buying of tokens by whales and the general positive attitude in the market, Chainlink seems equipped for constant development in this dynamic bitcoin environment.
The latest price rise by Chainlink and unprecedented open interest numbers point to more investor and trader confidence. LINK is ready for more advancement in the ever-changing crypto market given its improving foundations and upcoming strategic connections.
Featured image from MoneyCheck, chart from TradingView
