Chainlink price retraces but forecasts confirm LINK at $35

The token LINK on Chainlinkprotagonist during the December crypto market bull rallyunderwent a sharp correction, with a decline of 15% which brought him under the $25. Despite that, Chainlink was among the biggest losers following the news of the FOMC rate cutaccording to a recent update from CNF.

LINK price trend analysis in brief:

• Significant whale retreat: 529,000 LINKS withdrawn from Binance, worth $15.5 million.
• Reduction of liquidity: Large pullbacks often lead to speculation and market movements.
• Support level at $23: tested several times but still stable.
• Technical signals: The four-hour chart highlighted a potential buy signal (unconfirmed).
• Trading volume increasing: +49%, which pushed the price further downwards.

LINK price trend

The LINK token showed volatility caused by large-scale activity of whales (large investors). Over the past three days, one large holder has retreated further 529.000 token LINKfor a value of $15.5 millionfrom Binance, as reported by CNF.

These large withdrawals usually reduce market liquidity, leading to speculation about the whale’s intentions.
Analysts see this movement as possible positioning signalconsidering the solid Chainlink support level at $23. This level has been tested several times and remains stable.

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Support Levels and Price Predictions

The analyst Ali Martinez highlighted a “buy signal” for LINK on four-hour chartindicating a possible bounce if the token managed to maintain the support level at $26,8. However, LINK failed to sustain this leveland a increase in trading volume (+49%) pushed the price even lower.

Platforms like CoinCodex they remain optimistic, predicting a strong recovery for LINK. According to forecasts, the token could reach $40 in Januarywith a annual maximum of $75 expected in May 2025.

Currently, Chainlink (LINK) is exchanged at $23,26reflecting a decline in 6.03% in the last 24 hours and a loss of 21.32% in the last week.

Long-Term Trust in LINK

Despite the short-term fluctuationsi LINK fundamentals and thebroader market optimism support its long-term potential. Analysts expect LINK to maintain a average price of $45 by 2025representing a significant improvement compared to current levels.

With an increase in the expected value of 120%, the usefulness and adoption of Chainlink they keep it positioned as one of the best performing crypto assets.

While the recent retracement raises doubts about LINK’s ability to regain momentum, Market analysts expect a recovery to $35 by January 2025. LINK has seen a 63% increase in the last monthmaking its path worthy of attention as the year draws to a close.

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