On September 17, Chainlink (LINK) announced that Awwal Bank would adopt their services to develop new generation on-chain applications in Saudi Arabia. This bank is one of the largest financial institutions in Saudi Arabia, with total assets exceeding 100 billion USD.
Just a month ago, the network launched the “Data Streams” feature to provide real-time pricing with high throughput for traditional financial products across 37 different blockchains. This series of partnerships and developments has contributed to reinforcing the positive sentiment of investors.
In another development, Caliber (CWD), a diverse real estate and digital asset management platform, has announced the completion of a $6.5 million LINK purchase for its digital asset treasury strategy (DAT).
On-chain data shows that Chainlink reserves on exchanges are currently at their lowest level since June 2022. The steady outflow trend of LINK from exchanges is a very encouraging signal for long-term investors.
This indicates significant accumulation over the years. It also reduces the threat of immediate sell-offs and promises steady price growth as investor confidence remains strong.
The cup and handle pattern appearing on higher time frame price charts indicates the potential for a bullish breakout up to $125.
What is the price prediction for Chainlink in September?
Despite positive news and the decline in exchange reserves, Chainlink has experienced uncertain momentum over the past month. The market structure on the daily time frame indicates a bullish trend, with $21.87 identified as a notable low.
There is a reasonable price gap, also known as an imbalance, just above the $20 level. The CMF index at +0.03 does not indicate strong capital inflow.
The MFI index is on an upward trend, reflecting bullish momentum.
When considering lower time frames, a range-bound pattern between $21.87 and $25.4 has been recorded. At the time of writing, LINK is trading below the midpoint of the range, specifically at $23.64. This suggests that the possibility of a decline to the lower end of the range is entirely plausible.
Traders should pay attention to the short-term demand area at $23 to see if the lower end of the range will be tested again, or whether Chainlink buyers can establish a bullish trend.