2025-12-10 13:28 |
Chainlink (LINK) began the week trading above $14 but has dropped to the $13.8 level as the broader crypto market gave up some of its earlier gains.
The cryptocurrency is now trading above a key support zone and could rally higher over the next few days or weeks.
The primary catalyst that could push LINK’s price higher is the growing ecosystem activity, with declining exchange reserves suggesting that whales are accumulating the coin.
Chainlink exchange reserve declines to 1.7 billion LINKLINK has added 15% of its value over the past seven days as the cryptocurrency market recovered from the dump earlier this month.
According to CryptoQuant, the Chainlink Exchange Reserve has dropped to 1.7 billion as of Tuesday, December 9.
The LINK reserve at the exchange has hit a 16-month low, suggesting lower selling pressure from investors and a reduced supply available in the market.
In addition to the reduced selling pressure, a decline in reserves also indicates an increase in the scarcity of a coin, an added confluence for a bullish market movement.
Chainlink’s spot and futures markets show large whale orders, cooling conditions, and buy dominance. All these factors are signals of a potential rally in the near-to medium-term.
Chainlink is also gaining adoption from protocols within the crypto ecosystem.
Earlier today, Codatta, an AI-focused layer, announced that it has adopted Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to transfer XNY across Base and BNB Chain securely.
Furthermore, Stable also announced on Monday that it is integrating Chainlink CCIP to enable cross-chain LBTC transfers.
The declining exchange reserves and the growing partnerships have enhanced Chainlink’s enhanced real-world utility, increased institutional credibility, and broader adoption.
All these developments could push LINK’s price higher in the long term.
LINK eyes $16 as the coin finds support above $13The LINK/USD 4-hour chart is bullish, and Chainlink is up 15% over the last 7 days. At press time, LINK is trading at $13.82, down by nearly 1% over the past 24 hours.
LINK has overtaken Hyperliquid’s HYPE to become the 12th-largest cryptocurrency by market cap.
If LINK continues its upward movement, it could rally towards the next major resistance level at $15.01, its 20-day Exponential Moving Average (EMA).
A successful close above this resistance point could see LINK surge toward the next key resistance at $17.68.
The Relative Strength Index (RSI) on the 4-hour chart is 48, near the neutral 50 level, suggesting fading bearish momentum.
However, for the recovery to continue, the RSI needs to be above the neutral level.
The Moving Average Convergence Divergence (MACD) showed a bullish crossover a few days ago, suggesting that the buyers are currently in control of the market.
However, if the bullish recovery fails, LINK could retrace and retest the daily support at $13.31.
The post Will rising adoption push LINK’s price above $15? Check forecast appeared first on Invezz
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