Chainlink Price Prediction: LINK Surpasses Dogecoin To Become 10th Largest Crypto After 11% Weekly Pump, But Investors Flock To This New Meme Coin With Time Running Out

General

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The Chainlink price is up 0.55% in the last 24 hours to trade for $20.17 as of 6:50 a.m. EST time even as trading volume plunged 22%.

Over the last week, the Chainlink price has jumped 11%, with LINK also soaring 34% in a month. That has catapulted the altcoin to the tenth position on CoinMarketCap’s list of crypto tokens by market capitalization, and pushed Dogecoin (DOGE) outside of the top 10.

Some analysts attribute the surge in Chainlink price to a huge transaction by a large holder. Data according to IntoTheBlock shows that LINK whale transactions greater than $100,000 totaled more than $1.29 billion over the past week. As indicated in the chart below, there have been more exchange outflows than inflows over the same duration. This suggests that the current holding sentiment from LINK traders is stronger than an intention to sell.

IntoTheBlock’s exchange metric shows that $260.50 million worth of LINK was withdrawn from exchanges in the past seven days. This is compared to the $160.92 million in inflows.

LINK Whales

Others anticipate more gains for the Chainlink price, saying that it could sustain the uptrend. The token is up 16% since February 9. According to the analyst, it could breach the $21.00 resistance level soon, to bring $25.00 into focus.

Chainlink Price Prognosis As Large Holders Drive LINK

The Chainlink price is trading with a bullish bias after breaking a multi-month consolidation between $13.08 and $16.86. The token is confronting resistance due to the upper band of the Bollinger indicator at $21.70.

From a technical standpoint, the Chainlink price could drop considering the Relative Strength Index (RSI)is about to call a sell signal. This will be executed once it crosses below the signal line (yellow band).

If traders heed this call, the Chainlink price could drop, going as low as to test the centerline of the Bollinger indicator at $17.62. Below this, the altcoin could find support due to the $16.86 support, or in a dire case, extend a leg down to the lower band of the Bollinger indicator at $13.55.

In a dire case, the Chainlink price could revisit the bottom of its previous market range at $13.08, levels last tested on January 8.

LINK

TradingView: LINK/USDT 1-day chart

However, it is impossible to ignore the fact that LINK bulls continue to maintain a strong presence in the market. The large volumes of green histogram bars of both the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) show this. Beyond that, the MACD is still moving above its signal line (orange band), showing that the market is still leaning in favor of the upside.

If the bulls increase their buying pressure, the Chainlink price could push north, clearing the range high at $20.85. In a highly bullish case, the altcoin could extend the climb to the $24.00 psychological level. Such a move would constitute a climb of around 20% above current levels.

Meanwhile, many investors are looking at Sponge V2, a veteran in the meme coin sector that took the stage following the discontinuation of its forerunner, Sponge V1.

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Promising Alternative To Chainlink

Sponge V2 is a formidable contender in the meme coin sector, with analysts saying it could record exponential gains at launch. The token recently migrated to the SPONGE V2 Polygon version of the digital asset, a move that was accelerated because of a recent malicious attack on its liquidity pool.

Earning Sponge V2 is easy, particularly for Sponge V1 holders. All they need to do is stake their holdings. Investors who buy and stake the token now will receive a special V2 token bonus. The transition is achieved through a unique distribution mechanism, wherein Sponge V1 tokens are permanently locked in a staking contract.

According to analyst and YouTuber Jacob Bury, Sponge V2 could record 100X gains at launch, like its predecessor, Sponge V1.

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More than 8.281 billion SPONGE tokens have been staked for 195% staking rewards per annum. Staking helps reduce token supply by removing the tokens from circulation, thereby tilting the supply-demand dynamics in favor of demand. To acquire $SPONGEV2, the stake-to-bridge utility is the exclusive method, which distinguishes it from a standard presale.

Sponge V2 token will soon list on multiple exchanges. Before then, the staking function gives you amazing opportunities to earn passive income. Buy and stake Sponge V2 to start earning rewards today.

Visit the Sponge V2 website here.

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