Can Chainlink collaborate with Awwal Bank to push the price of LINK up to 125 dollars?

On September 17, Chainlink (LINK) announced that Awwal Bank will adopt their services to develop new generation onchain 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 collaborations and developments has contributed to strengthening the positive sentiment of investors.

In another development, Caliber (CWD), a diversified real estate and digital asset management platform, has announced the completion of its purchase of 6.5 million USD LINK 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 trend of LINK flowing out of exchanges is a very encouraging signal for long-term investors.

Source: CryptoQuantThis indicates significant accumulation over the years. It also reduces the threat of immediate sell-offs and promises stable price growth as investor confidence remains strong.

The cup and handle pattern appearing on higher time frame price charts indicates a potential bullish breakout up to 125 USD.

What is the price prediction for Chainlink in September?

Despite positive information and a decrease in reserves on the exchange, Chainlink has experienced uncertain momentum over the past month. The market structure on the daily timeframe shows a bullish trend, with the level of 21.87 USD identified as a notable low.

LINK Price Chart | Source: TradingViewThere is a reasonable price gap, also known as an imbalance, just above the 20 USD level. The CMF index at +0.03 does not indicate strong capital inflow.

The MFI index is trending upward, reflecting bullish momentum.

LINK price chart | Source: TradingViewWhen looking at lower time frames, a range-bound pattern between $21.87 and $25.4 has been noted. 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 feasible.

Traders should pay attention to the short-term demand area at 23 USD to see if the low of the range will be tested again, or if Chainlink buyers can establish an upward trend.

Mr. Teacher