Chainlink (LINK) Price Analysis: Is LINK Poised for a Major Rebound?

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As the altcoin market prepares for a possible parabolic altseason in the near future, Chainlink (LINK) price has signaled a potential reversal soon. The large-cap altcoin, with a fully diluted valuation of about $13.8 billion and a 24-hour average trading volume of around $373 million, closed last week in a hammer candlestick.

In the past 24 hours, LINK price gained around 1 percent to trade at about $13.76 on Monday, March 17 during the early New York session. However, LINK price has dropped over 28 percent since the second inauguration inauguration of U.S. President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President

Midterm Target for LINK Price

From a technical analysis standpoint, Chainlink price has been forming a macro rising trend, characterized by higher highs and higher lows. In the weekly time frame, the LINK price has been retesting the lower boundary of a rising channel, signaling a potential reversal.

In case of a sustained bullish sentiment, LINK price is aiming for $24 in the short term, which coincides with the daily 1.618 Fibonacci Retracement. However, a sustained closure below $13 will lead to a further correction towards $10 in the near future.

Chainlink Network Growth Strategy Amid Low Demand from Whales

The Chainlink network has grown into a vital lifeline for the mainstream adoption of web3 protocols. As Coinpedia noted, the Chainlink network has attracted the attention of President Donald Trump-backed World Liberty Financial (WLFI) among other top-tier web3 institutional investors.

In the last week, the Chainlink network reported 11 integrations of the Chainlink standard across 4 services and 12 different chains.Meanwhile, on-chain activities show whale investors have not been aggressively accumulating LINK in the recent past. For instance, market data from Intotheblock shows that LINK transactions greater than $100l have dropped from 620 txns on March 14 to around 121 txns on Monday.