LINK's price can hit $20 again IF this prediction holds true

Chainlink (LINK) Price Analysis: Is a Pump Incoming?

On the 20th of March, Chainlink’s Exchange Net Position Change was -5.85 million, indicating a significant withdrawal of tokens from exchanges. This could potentially lead to a decrease in selling pressure, which might result in a price increase for LINK, currently trading at $17.54.

The Pump is Coming

While the overall cryptocurrency market experienced a correction, LINK stood out by losing 14.39% of its value in the last week. However, if the number of tokens withdrawn from exchanges continues to decrease, LINK’s price may stabilize and avoid further decline.

In 2023, Chainlink demonstrated resilience by detaching from market trends and showing pump behavior while other cryptocurrencies struggled. This trend could repeat, considering the liquidation levels analysis.

All Bears May be Liquidated

Analysis of liquidation levels indicated that if LINK reached $18.20, a high number of liquidations could occur, particularly for shorts. The Cumulative Liquidation Levels Delta (CLLD) showed a negative spike, suggesting a bullish bias for LINK as late shorts might be liquidated.

Realistic or Not: LINK’s Market Cap in SOL Terms

Analysts like Michaël van de Poppe have been bullish on Chainlink, and current price levels might present a buying opportunity. The future price action will determine if investing in LINK now will yield profits.

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