Several pro-crypto legislations have been approved as of last week, sending bullish sentiment throughout crypto, including in Chainlink (LINK). The LINK cryptocurrency is up over 23% in the past week, thanks to Bitcoin’s rally and the approval of the GENIUS, CLARITY, and Anti-CBDC acts. With LINK’s ongoing climb, analysts are hiking up their price forecasts for the asset, projecting a hike to $23 within the next few weeks, fueled by a potential price retest.
There has been plenty of whale movement around Chainlink in the past week, contributing to LINK’s rise. According to crypto expert Ali-charts on X, whales have purchased over 8 million LINK tokens in the past month. LINK’s price rose over 58% during that span, and remains up 2% on Monday.
In addition, the on-chain analytics platform IntoTheBlock reveals that whale participation is still rising despite the ongoing price rally. Data shows that transactions ranging from $1 million to $10 million have surged by over 1,400%, while those ranging from $100,000 to $1 million have increased by 463%.
Chainlink (LINK)’s Price Path
Chainlink (LINK)’s current price chart also signals promise. LINK has recently broken out and retested a bullish double-bottom pattern. The coin is now poised for a significant price uptick, and could continue this momentum all the way to $23, a 20% climb from current prices. However, LINK’s RSI currently sits in the 80s, indicating a potential dip soon from being overbought. Avoiding this dip could fuel the asset’s surge in the coming week to a new 2025-high.
Also Read: Cardano ADA Price Forecast: $12 Next Target? Here’s When
Analysts at CoinCodex project the Chainlink (LINK) cryptocurrency to reach $22 within the next month. The platform’s analysts write: “According to our current Chainlink price prediction, the price of Chainlink is projected to rise by 5.45% and reach $ 18.92 by August 16, 2025. Per our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 73 (Greed).” LINK could continue its rally by an additional 10% and hit $22 by the end of August, opening the door for a bullish final quarter of the year.
Credit: Source link
