Chainlink Price Prediction for February 24

Over the past 24 hours, the price of Chainlink (LINK) made a solid decline as it dropped below the crucial level of $17. Currently, bears are aiming for further drops below the Fib levels. The fear/greed index has dropped, now showing a neutral sentiment at level 40. Meanwhile, Chainlink’s trading volume has surged by 15.57 % in the last 24 hours, reaching $323.58 million.

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 consolidating within a range bound zone as bears strongly defend a surge above $20. In the last 24 hours, its market capitalization has surged by 5.6%, hitting $10.73 billion.

LINK’s Price Faces Over $2 Million in Liquidation

The cryptocurrency market continues to be under strong bearish influence as LINK price continues to struggle despite buying pressure. As a result, the price dropped below the crucial level of $17, triggering significant long liquidation.

In the last 24 hours, Chainlink has seen a significant amount of long position liquidations. According to Coinglass, about $2.07 million in LINK trades occurred, with long liquidations accounting for $2.03 million of this volume.

Amidst this bearish pressure, interest in Chainlink trading has dropped. Open interest, which tracks the total number of outstanding trading contracts, has dropped to $514.3 million, reflecting a 5.3% decrease in just 24 hours.

Looking ahead, the upcoming trends for LINK’s price appear to be tilting towards an upward correction. The long/short ratio trades at 1.4981, suggesting that 60% positions are expecting LINK price to surge.

Chainlink Price Prediction: Technical Analysis

Chainlink’s price continues to be under intense bearish pressure as it recently dropped below the $17 level. As buyers failed to defend the decline, LINK price is now dropping below immediate Fib channels. As of writing, Chainlink’s price stands at $16.82, having dropped by 5.76% in the last 24 hours. 

The LINK/USDT trading pair is facing multiple rejections as sellers defend an immediate surge ahead. With the Relative Strength Index (RSI) hovering below the midline at level 34, there is a possibility that Chainlink’s price could drop and retest $15.5. If it sustains above this level, it could benefit buyers and potentially push the price for $20.

On the other hand, if the LINK price rebounds from its current level, we might see a strong correction.

LINK Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, LINK price might continue to decline. If the price maintains its current momentum, we might see a retest of $15.5. On the upside, $20 is the range.   

Long-term: According to the latest Chainlink price prediction from Coincodex, the price of Chainlink is expected to decrease by -12.29%, reaching $16.04 by March 22, 2025. Technical indicators suggest a bearish sentiment, while the Fear & Greed Index indicates a neutral stance at 49. Over the past 30 days, Chainlink has experienced 13/30 (43%) green days and 13.64% price volatility. Given this forecast, it is currently considered an unfavorable time to buy Chainlink.

Investment Risks for Chainlink

Investing in LINK price can be risky due to market volatility. Investors should:

• Conduct technical and on-chain analysis.
• Assess their financial situation and risk tolerance.
• Consult with financial advisors if necessary.