📈 Trump’s Investment in LINK
Chainlink [ $LINK ] is drawing attention after Donald Trump’s World Liberty purchased 177,928 LINK tokens worth $4.7 million on January 20, 2024. This notable investment has sparked optimism among traders, despite the market facing profit-taking corrections.
📊 Bullish Sentiment Among Traders
On-chain analytics from Coinglass reveal a Long/Short Ratio of 1.03, reflecting bullish sentiment. Additionally, 53% of top traders hold long positions, indicating confidence in LINK’s potential. Over-leveraged positions between $23.98 and $25 further highlight traders’ interest.
🛠️ LINK’s Technical Analysis
LINK recently retested the breakout level of a bullish cup-and-handle pattern on the weekly chart, positioning it for significant upside. A daily close above $26.70 could ignite a 175% rally to $75, though this target remains dependent on broader market trends and Trump’s pro-crypto agenda.
📊 RSI Signals Room for Growth
LINK’s Relative Strength Index (RSI) sits below the overbought zone, signaling ample room for further gains. This aligns with bullish on-chain metrics and Trump’s World Liberty investment, boosting traders’ confidence in LINK’s upward potential.
📉 Current Price Action
LINK trades near $23.90, down 2.55% in the past 24 hours. However, trading volume surged by 29%, reflecting strong investor activity and anticipation of future growth.
⚠️ Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Always do your research before investing.
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