Top 5 reasons why Chainlink price could hit $32 next?

Over the past few weeks, Chainlink has gained popularity in the market, with investors flocking to purchase this token. Even Donald Trump’s crypto project has devoted significant sums to it. And now, demand could increase even more as Chainlink price moves towards the new ATH. But first, here’s why it can then reach $32.

Top 5 Reasons Why Chainlink Price Could Reach $32

Chainlink is one of the top cryptocurrencies, with a market capitalization of $14.8 billion. More importantly, it is currently valued at $23.18 after a 4% rise in the last 24 hours. However, this is nothing compared to its first rally to $30, which was short as the Bitcoin price. However, things are changing, with several factors favoring Chainlink’s price rise to $32.

1. Whales are buying the LINK price drop

The recent crypto market crash heavily influenced Chainlink, causing the price of LINK to drop to a low of $20. However, the whales turned this into dip buying opportunities, where over $40 million worth of LINK tokens were purchased by the whales. In general, such a massive purchase of whales represents the significant profit potential of the token, which is why the whales embarked on an accumulation journey.

2. Increase in trading volume

Along with the whales, investor interest in the network also increased as in 24 hours the trading volume increased from $838 million to $951 million. There have, however, been significant fluctuations between the two. Despite this, TV growth is significant enough to contribute to the LINK price recovery.

The increased demand is also becoming evident with the number of active addresses and transactions increasing day by day. Overall, this is a significant indication of the rise of on-chain movement and growing investor interest.

3. Technical indicators indicate an uptrend

The token’s price charts show the token near the crucial resistance at $22.27, halting any further downtrend. A significant jump from this point can push the token to a new high. More importantly, the Chainlink token is an ascending channel, where LINK price is likely to make higher highs and lower lows.

Crypto analysts’ Chainlink price prediction sees a move towards $26.20, $30, and $38 once the token tests the resistance zone around $32 to $38 several times.

4. Refuse the foreign exchange reserve

With the crypto-whale withdrawing assets from the crypto exchangesthe exchange reserve of the token has fallen. According to crypto quant data, in the last 24 hours, the foreign exchange reserve fell to 161.5 million, indicating that selling pressure is setting in, with investors focusing on holding rather than selling.

This indication and the rest of the factors confirm the bullishness of Chainlink, which could propel the price to $32.

5. Blackrock-Chainlink Partnership to Increase Chainlink Price

With the purchase of Chainlink tokens by World Liberty Financial, the possibility of a Blackrock-Chainlink partnership has opened, according to industry experts. Over the years, the decentralized network Oracle has formed multiple partnerships, and the one with Blockrock is currently the subject of rumors. If this happens, it could propel LINK price to new highs as Blackrock is one of the largest asset managers with assets worth $11.5 million.

Final Thoughts

Despite the decline in global crypto investor sentiments, many indicators suggest a further rise in Chainlink prices. In this context, the main factors favoring further growth are the constant purchase of whales and increased trading activity for the token. Additionally, technical charts show the token near support, limiting any further decline. Meanwhile, the ascending channel is expected to continue with higher highs and higher lows, favoring bullish momentum. If all factors come together, LINK price could reach $32 in the future. However, the bears may take over temporarily as users’ bullish sentiments diminish.