Chainlink Up 23% In A Month: What Is Going On With LINK?
Chainlink LINK/USD has surged 23.4% over the past month, but technical analysts remain skeptical about the coin’s short-term prospects. CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendChainlink LINK/USD $25.48$16.3 billion+2.7% -2.4%Avalanche AVAX/USD $35.54$14.6 billion+3.2% -2.9%Stellar XLM/USD $0.4188$12.8 billion-3.7% -4.9% Trader Notes: Crypto analyst Michael van de Poppe believes Chainlink will be crucial for banks integrating DeFi in the coming years. He expects significant expansion over the next six months, citing a higher low and an ongoing uptrend. Banks can do custody in the U.S.Banks are very likely going to do #DeFi in the coming years. What do they require?$LINK for data transmission / oracle.I think we'll have a significant expansion in the coming 6 months as, technically, a HL is made and trend is upward. pic.twitter.com/Gt37PcEayM— Michaël van de Poppe (@CryptoMichNL) January 31, 2025 Meanwhile, technical analyst Ali Martinez noted that LINK is consolidating within a range, advising traders to wait for price action near key levels before entering. He emphasized that LINK is currently near the mid-range, making it less favourable for new entries. Upper Boundary: $25.75 – A test could lead to rejection and a pullback toward $24 or lower. Lower Boundary: $22.00 – A retrace here could provide a long opportunity, but a breakdown might signal further downside. Statistics: IntoTheBlock data shows LINK's large transaction volume declined 24.3% and daily active addresses increased by 8.3%. Transactions greater than $100,000 declined from 449 to 325 in a single day. At current price levels, 81% LINK holders are making profit. Community News: Chainlink announced the launch of a new product – Chainlink DeFi Yield Index – targeted at the decentralized finance market. It is a data product that leverages the decentralized oracle network's standard to aggregate lending rates across the decentralized finance ecosystem. Chainlink also launched Data Streams on Scroll, a zero-knowledge-proof-powered scaling solution for Ethereum. This will enable developers on Scroll's zkEVM platform with access to Chainlink's low-latency market data. Read Next: Ripple Announces Chainlink Integration To Boost RLUSD Stablecoin Image: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.