Can Chainlink’s tie up with Saudi Awwal Bank propel LINK to $125?
**Key Takeaways**
Investors are increasingly bullish on Chainlink (LINK) due to a combination of strong partnership announcements, strategic moves by digital asset treasury companies, and consistent accumulation by holders. These factors have boosted investor confidence in holding LINK.
—
**Why Are Investors Bullish on Chainlink?**
On September 17th, Chainlink announced a significant partnership with Saudi Awwal Bank, one of Saudi Arabia’s largest banks with over $100 billion in total assets. The bank will leverage Chainlink’s services to develop next-generation on-chain applications in the region, marking a major milestone for the network.
Just a month prior, Chainlink launched Data Streams, offering real-time, high-throughput pricing for traditional finance products across 37 different blockchains. These developments, alongside a series of strategic partnerships, have strengthened investor sentiment significantly.
Moreover, Caliber (CWD), a diversified real estate and digital asset management platform, revealed the completion of a $6.5 million LINK purchase as part of its digital asset treasury (DAT) strategy. This move highlights growing institutional interest.
On-chain data further supports the bullish outlook: Chainlink reserves on exchanges are at their lowest levels since June 2022. The steady outflow of LINK from exchanges indicates substantial accumulation by long-term holders, reducing the risk of immediate sell-offs and suggesting potential for steady price appreciation.
Additionally, a “cup and handle” pattern has been identified on higher timeframe price charts, signaling a possible bullish breakout towards $125.
—
**What Are the Next Price Levels to Watch?**
In the short term, the key price levels to monitor are $21.87 on the downside and $25.81 on the upside. These extremes define the current trading range.
For the longer term, the next significant resistance levels are at $31, $38, and $47. Breaching these levels could confirm a sustained upward trend and potentially lead to further gains.
—
**Chainlink Price Prediction for September**
Despite the positive news and decreasing exchange reserves, Chainlink’s momentum has been somewhat uncertain over the past month. The daily market structure remains bullish, with $21.87 marking an important swing low. There is also a “fair value gap” or imbalance just above the $20 level.
The Chaikin Money Flow (CMF) indicator sits at +0.03, suggesting mild capital inflows but not strong buying pressure. Meanwhile, the Money Flow Index (MFI) continues to climb, reflecting growing bullish momentum.
On lower timeframes, LINK’s price has been forming a range between $21.87 and $25.40. At the time of writing, the price sits below the mid-range level at $23.64. This positioning implies a possible price pullback towards the lower boundary of the range.
Traders should watch the $23 short-term demand zone closely to see if Chainlink revisits the range lows or if bulls can push for an upward move out of the current consolidation.
—
**Conclusion**
Chainlink’s recent strategic partnerships, institutional accumulation, and technical patterns provide a strong foundation for confidence among investors. While short-term price action shows some caution, the long-term outlook remains positive, with key resistance levels to watch for signs of a breakout. Staying informed on these developments will be crucial for those tracking LINK’s next moves.
https://ambcrypto.com/can-chainlinks-tie-up-with-saudi-awwal-bank-propel-link-to-125/
