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The cryptocurrency market has historically been known for its volatility, and while efforts were being made to stabilize the market, fluctuations are still expected to be a common occurrence.

Like many other cryptocurrencies, Chainlink (LINK) remains under pressure after Bitcoin hit levels below $26,000 after a wave of risk aversion swept through world markets.

Chainlink (LINK) has weakened from $7.91 to $5.74 since August 09, 2023, and the current price stands at $6.24. But where is the price of Chainlink (LINK) going next, and what can we expect from September 2023?

Today, Crypto Lists will discuss Chainlink (LINK) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you got if trading with leverage.

Chainlink (LINK) aims to bridge the gap between blockchain smart contracts and real-world data

Chainlink is a decentralized oracle network and cryptocurrency that aims to bridge the gap between blockchain smart contracts and real-world data, events, and APIs (Application Programming Interfaces).

It is important to mention that smart contracts alone cannot access data outside of the blockchain, which is where Chainlink comes in. Chainlink provides a decentralized oracle network that connects smart contracts to real-world data sources, web APIs, and various other external resources.

Chainlink is built on a flexible framework that can retrieve data from any API, and every oracle within the Chainlink network is incentivized to provide accurate data since a reputation score is assigned to each. The LINK token is used within the Chainlink ecosystem, and node operators stake LINK as collateral to participate in the network. Node operators can earn rewards for providing accurate data, while users also pay LINK as fees for using the Chainlink oracle services.

The popularity of this project is growing, and Chainlink is used in various applications, including decentralized finance (DeFi), insurance, supply chain management, gaming, and more. Its ability to bring real-world data onto the blockchain enables the creation of more complex and versatile smart contracts.

On August 31, global payment processing platform SWIFT released results from transactional tests involving the use of Chailink infrastructure to facilitate the transfer of tokenized value across multiple public and private blockchains. The test involved CitiBank and a handful of other global financial institutions.

Rating: 9.17/10
Supply: 67,009,549 / 1,000,000,000
Release date: May 20, 2019

Description: Discover Chainlink and be part of the DeFi revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Chainlink whales have reacted positively to Swift’s recent update

On-chain data showed that Chainlink whales have reacted positively to this recent development. According to the data firm Santiment, crypto whales with balances of 100,000 to 1 million LINK only held 188 million tokens as of August 30. But since SWIFT released the positive tokenization test results, the whales have accumulated another 2 million LINK tokens.

The timing of this buying optimism suggests that Swift’s recent update has increased the whales’ confidence that Chainlink could play an important role in facilitating a large-scale collaboration between DeFi and TradFi institutions. The newly-acquired 2 million LINKs are worth approximately $12 million at the current price, and if the whales continue to buy, the increased market liquidity could propel LINK to higher price levels.

Increased whale activity and growing usage are certainly pros for LINK; however, investors should consider that LINK is highly volatile and remains a highly risky investment, while the wider dynamics of the cryptocurrency market also play an important role in determining the price of LINK. At the same time, recession fears and aggressive monetary policy from major central banks will continue to influence the cryptocurrency market in the weeks ahead.

Technical analysis for Chainlink (LINK)

After hitting recent highs above $8 in July 2023, Chainlink (LINK) has encountered losses of more than 20%. The price has now stabilized above $6 support, but a break below this level would indicate that LINK could probably test the support level at $5. Some analysts say that more investors could purchase LINK in the weeks ahead, but as long the price of LINK is below $7, the price of this crypto remains in the SELL-ZONE.

Technical analysis for Chainlink (LINK)

Main support & resistance levels for Chainlink (LINK)

Main support & resistance levels for Chainlink (LINK)

On this chart (the period from January 2023), I marked the important support and resistance levels that can help traders understand where the price could move. The more often price tests a level of resistance or support without breaking it, the stronger the area of resistance or support is.

When the price passes through the resistance, that resistance could potentially become support. Chainlink (LINK) remains in the “bearish phase, “but if the price advances above $7, it could be a sign of a trend reversal, and the next target could be located around $8. The important support level is $6, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $5.5. If the price drops below $5, which represents very strong support, the next target could be located around $4.

What speaks for the rise in the Chainlink (LINK) price

Chainlink (LINK) remains in the “bearish phase,” but it is important to say that the amount of LINK traded over the last several days saw an increase. According to the data firm Santiment, crypto whales with balances of 100,000 to 1 million LINK have accumulated 2 million LINK tokens on the last day of August 2023.

The newly-acquired 2 million LINKs are worth approximately $12 million at the current price, and if the whales continue to buy, the increased market liquidity could propel LINK to higher price levels.

The price of Chainlink (LINK) is usually correlated with the price of Bitcoin, and if the price of Bitcoin jumps again above the $28000 support level, that could have a positive influence on the price of LINK.

What indicates further downfall for Chainlink (LINK)

Chainlink (LINK) is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. At the same time, the macroeconomic landscape remains uncertain, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine.

Chainlink (LINK) has stabilized now above $6 support, but a break below this level would indicate that LINK could probably test the important support level that stands at $5. The price of Chainlink is also correlated with the price of Bitcoin, and when the price of Bitcoin drops, that usually has a negative influence on the price of LINK.

What do analysts and experts say?

September has a reputation for being a historically weak month for stocks and riskier assets, and the September Effect is a supposed market anomaly whereby investment returns are relatively weak. Chainlink (LINK) remains under pressure after Bitcoin hit levels below $26,000 after a wave of risk aversion swept through world markets, but it is also important to say that Chainlink whales continue to be active.

On August 31, global payment processing platform SWIFT released results from transactional tests involving the use of Chailink infrastructure to facilitate the transfer of tokenized value across multiple public and private blockchains.

On-chain data showed that Chainlink whales have reacted positively to this recent development. According to the data firm Santiment, crypto whales with balances of 100,000 to 1 million LINK only held 188 million tokens as of August 30. But since SWIFT released the positive tokenization test results, the whales have accumulated another 2 million LINK tokens that are worth approximately $12 million at the current price.

If the whales continue to buy LINK even more, the price of LINK could advance again above resistance at $8, but investors should also keep in mind that the cryptocurrency market remains extremely volatile, making it difficult to predict accurately what a coin’s price will be in a few hours and even harder to come up with a long-term target price. Many crypto analysts agree that the price of Chainlink is also in correlation with Bitcoin, and if the price of Bitcoin drops below $25000 support, we can see new lows for LINK.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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