Despite the bearish price fluctuations, the number of long-term holders of LINK has increased.
The indicators revealed high buying pressure, suggesting higher prices.
While several cryptocurrencies recorded encouraging gains in the past 24 hours, Chainlink (LINK) It hasn’t performed that well, but the latest analysis suggests that LINK will reclaim $12.10.
Let’s take a look at the current state of LINK and see how likely it is to regain those levels in the short term.
Will the bulls win?
Chainlink bulls have retreated in the past 24 hours after the price only saw a slight uptick. In fact, the token recorded an 8% price drop last week.
At the time of writing, the token is trading The stock price is $10.7 and the market cap is over $6.5 billion.
AMBCrypto reviewed data from IntoTheBlock and found that only 35% of LINK investors are making a profit. However, there was some good news in that the number of wallets that have been holding LINK for over a year is on the rise.
This suggests that long-term investors have confidence in LINK’s upside.

Source: IntoTheBlock
The latest data suggests that LINK may be on the brink of a bull run. Popular crypto analyst Crypto Tony recently wrote: Tweet The analyst said he would re-enter if Chainlink regains the $12.1 mark.
Therefore, AMBCrypto planned to evaluate LINK’s on-chain data to examine the likelihood of the token regaining $12.1.
What we expect from LINK
AMBCrypto’s analysis of Santiment data revealed that there was high buying pressure on the token, due to a decrease in on-exchange supply and an increase in off-exchange supply.
Another bullish indicator is the MVRV ratio, which improved significantly last week, suggesting that Chainlink may soon begin a bull run.
Despite this, network growth has slowed, which means fewer new addresses are being created to transfer tokens.

Source: Santiment
However, at the time of writing, LINK Fear and Greed Index It was in the “greedy” phase. When the indicator reaches that level, it signals that the price may move lower.
So, we took a look at the daily chart and thankfully, the MACD indicated a possible bullish crossover. Chainlink’s Money Flow Index (MFI) also recorded a slight upswing, further hinting at a price surge.

Source: TradingView
read Chainlink (LINK) Price Prediction 2024-25
According to our analysis, Chainlink needs to surpass $11.28 before targeting $12 in the coming days.
The reason for this is that an increase in liquidations is on the way, which often leads to a price correction. However, if the bears gain the upper hand, LINK could plummet to $9.3.

Source: Highblock Capital