The chainlink price indicates a reversal in the form of technical and basic things.
The Chanlink (link) was trading at $ 18.80 on Monday, which increased by 20% from its lowest level last week as the cell-off was recently reduced.
The link has many catalysts that can drive more priced over the long term. It is the largest inguel provider in the Crypto industry, which offers solutions to major decentralized finance players such as AAV and compound.
The Chanlink has also become a major player in the real-world asset tooling industry through its cross-chain interoperability protocol. CCIP is a safe interoperability network that enables tokens and messaging in many series.
Additionally, Chanlink has partnered with major financial services companies. It has a collaboration with Swift, a network that transfers trillions of trillions of trillions of dollars, and other partnership with firms such as UBS, Coinbase and Emirates NBD.
A new catalyst may soon push the price of the chainlink more. The link balance on exchanges has fallen in recent weeks, with 140 million link tokens currently held in December on exchanges tracked by coing glass below 150 million.
The decline in exchange balance suggests that investors are holding on the token, which is a rapid indicator. It also indicates the increasing demand for staking services of the chainlink. More than 40.87 million link tokens are currently stacked, with a yield of 4.32%.
Chainlink price forecast
The daily chart shows that the link reached $ 31 in December before going down at $ 16 last week. It coincides below with 61.8% Fibonacci Retration Level and 200-Day Experience Moving Averages, indicating strong support and hesitation to less than a bear below this level.
The price of the channel has also created a rapid flag pattern, a famous continuity signal. It is now trying to break above the major resistance level at $ 19.12, which is its highest swing in May last year.
Therefore, tokens are likely to rebound and retake the next major resistance level at $ 25.60, 23.6% retracement level, which is about 35% above the current price.
