As the altcoin market gears up for a potential major rally, Chainlink (LINK) is flashing signals of a possible trend reversal. The large-cap altcoin, with a fully diluted valuation of about $13.8 billion and an average 24-hour trading volume of around $373 million, ended last week with a hammer candlestick – a sign that a price rebound could be on the way.
In the past 24 hours, LINK has gained around 1 percent, trading at approximately $13.76 as of Monday, March 17, during the early New York session. However, the price has dropped more than 28 percent since the second inauguration of U.S. President Donald Trump 
Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President .
Key Technical Levels to Watch
From a technical analysis perspective, LINK has been following an overall upward trend, forming higher highs and higher lows over time. On the weekly chart, the price is currently retesting the lower boundary of a rising channel, which could be a sign that a reversal is approaching.
If bullish momentum picks up, LINK could rise to $24 in the short term, aligning with the daily 1.618 Fibonacci retracement level. However, if the price falls below $13 and stays there, further losses toward $10 may follow.
Chainlink’s Role in Web3 Expansion
Beyond price action, the Chainlink network continues to grow and play a key role in the adoption of Web3 technologies. Recently, it has attracted attention from major institutional investors, including World Liberty Financial (WLFI), a project backed by President Donald Trump.
Last week, the Chainlink network reported 11 new integrations across 4 services and 12 different blockchain ecosystems. This expansion highlights its increasing importance in the decentralized finance space.
Whale Investors Are Moving Cautiously
Despite Chainlink’s growth, on-chain data suggests that large investors have not been aggressively accumulating LINK in recent weeks. According to data from IntotheBlock, transactions involving more than $100,000 worth of LINK have dropped significantly, from 620 transactions on March 14 to around 121 on Monday.
With LINK at a crucial technical level, traders are watching to see if buyers can regain control. While Chainlink’s strong fundamentals and expanding presence in Web3 are positive signs for the long term, short-term price movements will depend on whether it can hold above key support levels.
FAQs
LINK price could trade at an average price of $47 during 2025.
LINK price could close the annual trade for 2030 with a price tag of $189.
Credit: Source link