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Chainlink price forecast: analysts hint at a possible breakout

  • Chainlink (LINK) hovers near $22 with $21.30–$21.40 as key support.
  • Analysts see $26 short-term and $31 long-term if resistance breaks.
  • Strong $839M trading volume shows steady market participation.

Chainlink (LINK), currently trading around $21.77, has faced notable resistance near $22, prompting technical analysts to assess whether LINK can regain upward momentum and challenge higher price levels.

Notably, despite recent declines, market participation remains robust, underscoring the resilience of the cryptocurrency amid broader market volatility.

Chainlink (LINK) price testing key levels

In the short term, Chainlink (LINK) has been hovering between $21.30 and $21.40, forming an important support zone that traders are watching closely.

A rejection at the $22 pivot could push the price down toward the $20 support area, which remains a critical demand level.

Analysts note that sustaining strength above this range is essential for bulls seeking to regain momentum.

The asset briefly spiked above $21.80 in recent sessions but was met with selling pressure that pushed it back below the key resistance, reflecting the cautious sentiment of traders.

The trading volume has remained strong at approximately $839 million, suggesting that market interest is still active and not limited to thin liquidity.

This level of activity indicates that participants are ready to act on significant moves, which could set the stage for a decisive breakout if buying pressure increases.

Triangle pattern sparks optimism

Analyst Ali Martinez has highlighted a triangle pattern on Chainlink’s weekly chart, which lies between a symmetrical and ascending formation.

The pattern shows converging trendlines, with the upper boundary acting as resistance and the lower trendline offering support.

Martinez suggests that a dip to $16 would create a favourable buying opportunity, pointing to this level as the 0.5 Fibonacci retracement mark.

Should the asset rebound from this support, a breakout from the triangle could push Chainlink toward a target of nearly $100, according to the 1.272 Fibonacci extension.

While the triangle pattern does not fit neatly into classic technical categories, it represents a period of consolidation that could precede a significant price movement.

Another analyst, Crypto Monkey, emphasised that a confirmed breakout above the $22 resistance level may open the path toward $26, while a failure to hold support could lead to a pullback.

These observations highlight the importance of short-term price action in shaping the asset’s trajectory.

Long-term resistance and potential

Beyond immediate trading levels, Chainlink faces a long-term red diagonal resistance that has blocked multiple upward attempts since the 2021 peak.

Analyst MarketMaestro noted that overcoming this barrier is critical for sustaining a bullish trajectory, with $31 remaining the next major long-term target.

Holding above intermediate supports such as $17, $21, and $25 is essential to prevent deeper retracements and to maintain the conditions necessary for another rally.

Despite these technical challenges, LINK’s fundamentals remain strong, supported by growing enterprise partnerships and increasing adoption across blockchain applications.

The combination of solid market interest, strategic technical levels, and a potential breakout pattern makes Chainlink (LINK) a focal point for both conservative investors seeking stability and technical traders looking for high-probability setups.

The post Chainlink price forecast: analysts hint at a possible breakout appeared first on CoinJournal.

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Bitwise seeks SEC approval for first-ever Hyperliquid (HYPE) ETF

  • Bitwise has submitted S1 for an ETF tracking HYPE.
  • It would be the first ETF tied to a perp DEX token.
  • Approval could see Hyperliquid exploding to new highs.

$15B asset manager Bitwise seems prepared for the next chapter of digital finance.

The company has filed with the US Securities & Exchange Commission for an exchange-traded fund (ETF) tracking Hyperliquid’s native coin, HYPE.

The S-1 application gained traction as a HYPE ETF would be the first of its kind, offering market players regulated access to a perpetual decentralized exchange token.

That signals the growing influence of DeFi and increasing pressure on Wall Street to expand cryptocurrency offerings beyond the top Bitcoin and Ethereum.

Understanding Hyperliquid

Hyperliquid is a decentralized platform designed specifically for DeFi undertakings.

While traditional blockchains often incorporate multiple use cases, Hyperliquid zeroes in on perpetual futures (perps) trading – a derivatives product that’s gaining remarkable attention in the cryptocurrency markets.

Notably, perps allow traders to speculate on future prices of assets without expiry dates.

That has made them attractive to institutions and experienced traders seeking heightened liquidity and flexibility.

Most importantly, Hyperliquid boasts a high-frequency infrastructure that handles the market with speed and efficiency.

This has seen the DEX create a sought-after niche in the blockchain industry.

Bitwise’s HYPE ETF application reflects confidence in the broader cryptography technology and Hyperliquid’s role in the future of decentralized finance (DeFi).

A exchange-traded fund approval would be a game-changer for US investors and the DEX.

Hyperliquid might boom to levels that the BitMEX co-founder predicted as institutional players join.

Pension funds, retail broker accounts, and hedge funds will have a regulated exposure to HYPE via a familiar product: the ETF.

Americans will gain frictionless access to a high-frequency decentralized asset, something that has been somewhat intimidating for non-crypto-native investors.

Everyday investors can use brokerage apps to buy into the altcoin’s exposure without the hurdles of creating wallets and exploring DEXs.

Challenges ahead

While the application stirred optimism, approval remains far from guaranteed.

The US SEC has taken a cautious approach to cryptocurrency ETFs, often citing concerns like investor protection, liquidity, and market manipulation.

Furthermore, Bitwise’s filing comes as the regulator delays its decision on multiple altcoin exchange-traded funds, including Pengu, Avalanche, and Sei.

Moreover, questions linger whether the SEC can endorse an ETF of an asset with a primary utility linked to high-risk perpetual trading.

The regulator will likely prioritize balancing investor safety and innovation when reviewing the application.

HYPE price action

The alt lost 0.2% in the past day to hover at $42.43.

HYPE has declined from its mid-September all-time highs of $58.

Meanwhile, its current outlook mirrors ongoing broader market declines.

Cryptocurrencies extended their downside yesterday after the US revised GDP data.

Bitcoin trades below $110,000 as cryptocurrencies follow September’s history of bearish performance.

The post Bitwise seeks SEC approval for first-ever Hyperliquid (HYPE) ETF appeared first on CoinJournal.

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Bitcoin, Ethereum, altcoins tumble after US GDP surprise; $1.1B liquidations hit market

  • Bitcoin drops below $109K amid hawkish macro data and Fed uncertainty.
  • $1.1B in leveraged positions liquidated, led by ETH longs.
  • Crypto stocks and miners slide, with MSTR and Coinbase under pressure.

The crypto market turned defensive as traders sized up hawkish macro data and tumbling crypto stocks.

Sentiment soured after the US GDP revision, with investors recalibrating their bets on a Fed rate cut. Bitcoin and major altcoins slid, dragged by the specter of sticky interest rates and souring risk appetite.

The recent drop punctuates a volatile week, but for many, it’s more a tactical retreat than a full-on capitulation.

With liquidations mounting and market leaders under pressure, eyes now turn to next week’s economic releases to see if crypto can recapture its footing.

Crypto market liquidations hit $1.1B

Bitcoin, the market’s heavyweight, has slipped below $111,000 and is trading just above $108,000 at press time, its weakest print in September.

Volume surged as sell orders hit exchanges, with the market cap now sitting at $2.17 trillion and daily turnover topping $75.54 billion.

Ethereum fared worse, shedding 8% in a day as the ETH/BTC ratio gave back all its summer gains.

Solana, previously a darling amid corporate adoption chatter, dropped another 6% in the past 24 hours, and is now nearly 20% down on the week.

DOGE limped lower with the pack, unable to shake off risk-off sentiment. XRP, meanwhile, mirrored the sector’s slide, as hopes for a rate-induced bounce faded.

This synchronized selloff triggered over $1.1 billion in liquidations on leveraged positions, with ETH longs accounting for nearly $400 million in forced closes, according to CoinGlass data.

Despite the selloff, trading volumes remain robust, as speculators and long-term holders alike reposition for the coming months.

GDP revision roils crypto stocks; Fed rate cut bets slip

Thursday’s surprise GDP revision jolted macro-sensitive assets, and the crypto sector was front and center.

The US economy grew 3.8% in Q2, well above expectations, sending Treasury yields to a three-week high and cooling bets on imminent rate cuts.

Bitcoin was hit hardest, breaching $109,000 and touching its lowest in nearly a month.

Ethereum’s losses deepened as investors bailed on high-beta alts. Crypto-tied stocks like MicroStrategy (MSTR), the largest corporate BTC holder, slid 4.5%, while Coinbase (COIN) tumbled 4.1%.

Miners took an even bigger hit: Cipher Mining (CIFR) plunged 9.4% despite positive news, while HIVE, Bitdeer, and Bitfarms dropped by 6-8% each.

Stablecoin issuer Circle (CRCL) and Galaxy Digital (GLXY) extended industry-wide declines. August trading volumes soared, spot and derivatives hit an annual high of $9.72 trillion, with Gate exchange leaping ahead in market share.

But liquidations kept mounting as leveraged longs were wiped out in the latest downturn, and crypto equities are now sitting at multi-month lows.

All eyes are on Friday’s data releases and next week’s Fed commentary to see if battered risk assets find relief, or prepare for another round of turbulence.

The post Bitcoin, Ethereum, altcoins tumble after US GDP surprise; $1.1B liquidations hit market appeared first on CoinJournal.

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Ethereum price dips to $3,830 as key indicator signals momentum breakdown

  • Ethereum fell to $3,830 on Thursday, dropping nearly 9% in 24 hours as Bitcoin dived to near $108,000.
  • Crypto analyst IncomeSharks highlighted Ethereum price weakness amid the OBV indicator breakdown.
  • XRP, Solana and BNB also dropped to or below key levels as cryptocurrencies plummeted.

Ethereum (ETH) price has experienced significant volatility in the past week, with its value extending its decline in the past 24 hours as bears pushed the token to lows of $3,830.

Having traded above $4,760 earlier this month, the near 9% dip in the past 24 hours and 16% dive in the past week have ETH hovering at a key level.

Broader weakness that also has Bitcoin near $108,000 and top altcoins struggling could align with a technical breakdown to see Ethereum’s price plunge to lows of $3,500 in the short term.

Ethereum price dives nearly 9% as key indicator signals breakdown

The latest dump for cryptocurrencies has Ethereum’s price hovering below $3,850 as of writing.

While bulls could reclaim the area above $3,860 and eye $4,000, analysts are pointing to a critical breakdown in the On-Balance Volume indicator as a potential signal for further losses.

As crypto analyst IncomeSharks highlighted on X, the ETH price is down amid a breakdown of the OBV momentum.

The indicator, which measures cumulative volume flow, showed a clear divergence from price action, and IncomeSharks says that while it retains the horizontal support, it is signalling weakness as buying pressure wanes.

Per the analyst, the loss of momentum suggests a bearish outlook.

On the weekly chart, Ethereum price has touched a key level below which sellers could target support around $3,500.

Both the weekly relative strength index (RSI) and on-balance volume (OBV) are downsloping.

The RSI remains above 55, suggesting room for bulls to navigate the downside pressure.

Notably, the daily RSI puts Ethereum in oversold territory, which might mean bear exhaustion.

Ethereum price chart by TradingView

Top altcoins fall to critical support levels

The downturn in Ethereum’s price is not an isolated event, as several top altcoins have also breached critical support levels.

As noted, this comes amid a broader market correction that aligns with the wobbly action seen on Wall Street over the past two days.

With BTC dropping to near $108,000 and Ethereum slipping to intraday lows near $3,800, top alts XRP, Solana (SOL), and Binance Coin (BNB) followed suit.

XRP was down 6% to $2.78 amid a downtrend line breakdown, while Solana, after a brief rally in recent days, has corrected to dip below $200.

A 7% drop in the past 24 hours saw SOL price hover near $197.

Meanwhile, BNB has encountered resistance after a notable surge that included multiple new all-time highs above the $1,000 mark.

But with profit taking widespread, BNB price held near $964, about 5% down in the past 24 hours.

The post Ethereum price dips to $3,830 as key indicator signals momentum breakdown appeared first on CoinJournal.