Chainlink Shows Renewed Strength After Reclaiming $16 As Buyers Continue Calling the Shots

As one of the renowned decentralized oracle networks, Chainlink’s price action continues to attract significant attention in the crypto sector.

According to Bit Guru, Chainlink is making a strong push with room to climb even further

The market analyst pointed out, “After a brief cooldown, the price is now stabilizing around $15.70, suggesting buyers are still active.”

Even though LINK is witnessing a slight pullback to trade at $15.80, the sixteenth-largest cryptocurrency recently reclaimed the $16 price zone, thanks to heightened weekly exchange outflows worth a whopping $11.27 million.

Source: CoinMarketCap

Cryptocurrencies exiting crypto exchanges usually signal an intensified hodling trend because these coins are held for future purposes other than speculation.

As a result, selling pressure is tamed, as shown in Chainlink’s case, where more bullish momentum is expected.

Bit Guru added, “A move above $15.85 could trigger the next leg up, potentially retesting $16.20 and beyond. If bulls hold support at $15.50, the uptrend remains intact. Watch closely — LINK might be gearing up for a new short-term high.”

Chainlink’s Development Activity Goes Through the Roof

Chainlink continues to be a development haven, thanks to product innovations and technological advancements, such as its novel Cross-Chain Interoperability Protocol (CCIP), which enables seamless cross-chain transfers.

In the past month, Chainlink’s development activity skyrocketed by 50% more than that of Ethereum.

As Chainlink witnesses a bullish development trend, this altcoin is eyeing a Golden Pocket target of $23, which will play an instrumental role in strategic decision-making.