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.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Chainlink 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

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