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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Chainlink Price Prediction For September: Buy LINK Now?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Chainlink LINK price prediction

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Chainlink (LINK) has been a standout in the crypto market recently, registering an 11% increase over the past six days, even as the broader crypto market sentiment remains subdued.

Will Uptober Start Early For Chainlink?

A significant factor that might be driving this price action is the behavior of LINK’s major holders. On-Chain analysis firm, Santiment, highlighted this in a recent tweet, stating: “Chainlink’s key shark tier that holds between 10K-100K LINK has been on an accumulation spree.”

Diving deeper into the data, there are now 3,127 wallets holding between 10,000-100,000 LINK, marking the highest level since December 3, 2022. These wallets have added a staggering $9.6 million worth of LINK in just three days. Since September 3rd, there’s been a 3.2% rise in the number of wallets in this category, with 98 new wallets emerging. This group has accumulated 0.154% of the entire LINK supply in the same period.

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LINK Price Prediction: Chainlink Needs To Clear $6.25 For Hopes of a Fresh Rally

1 year ago

However, Chainlink’s journey hasn’t been entirely smooth. The token has been ensnared in a sideways range for an exhausting 485 days, which is over 15 months. The LINK/BTC pair has been on a downward trajectory for more than three years.

Chainlink’s much-anticipated release of the Cross-Chain Interoperability Protocol (CCIP) was met with significant hype. Yet, despite its potential to revolutionize cross-chain communication, its release didn’t provide the expected boost to LINK’s price.

Also the news that a tokenization experiment by interbank messaging system Swift and Chainlink successfully transferred value across multiple blockchains could not move price substantially. In June Chainlink and Swift announced that they would be collaborating with dozens of financial institutions such as BNP Paribas, BNY Mellon, The Depository Trust & Clearing Corporation and Lloyds Banking Group and others.

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Chainlink LINK price prediction

Chainlink Price Prediction For September: Buy LINK Now?

1 year ago

However, the upcoming Chainlink’s SmartCon in October from October 2nd to 3rd might be the catalyst the token needs. Rumors are rife about a potential major announcement between Swift and Chainlink Labs, which could connect web3 infrastructure to the banks involved in previous tests.

If history is any indication, Chainlink could experience a surge in price leading up to the event, driven by the euphoria and speculation. “Uptober” could come early for the Chainlink price.

LINK Technical Analysis

The recent 11% surge in LINK’s price suggests that the market might already be reacting to the upcoming hype. However, the 4-hour chart indicates a rejection at the 23.6% Fibonacci retracement level at $6.37, which aligns closely with the 200 EMA at $6.40. For LINK to sustain its upward trajectory, it’s imperative to breach this level, with the next significant target being the 50% Fibonacci retracement level at $7.08.

Chainlink LINK price
LINK stops below 200 EMA, 4-hour chart | Source: LINKUSD on TradingView.com

The 1-week chart paints a picture of LINK’s prolonged downtrend. The recent hold above the 23.6% Fibonacci retracement level at $5.92 is a positive sign for the bulls, potentially paving the way for another try on the upper trendline of the downtrend channel.

Chainlink LINK price
LINK continues downtrend, 1-week chart | Source: LINKUSD on TradingView.com

However, several difficult challenges lie ahead. The 50% Fibonacci retracement level at $7.20 is the first major resistance. If LINK can push past this, a breakout from the 15-month downtrend channel becomes possible. For this to happen, Chainlink would need to break above the $8.30-$8.40 area as it currently stands, and would then encounter the 78.6% Fibonacci retracement level at $8.58. Large selling pressure can be expected at this point.

Should LINK falter at this juncture, a return to the downtrend channel is likely. Conversely, if the $8.58 mark is surpassed, it would signal a significant win for the bulls, potentially setting LINK on a path to challenge its 15-month high at $9.61.

Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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