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.

As one of the renowned decentralized oracle networks, Chainlink's (CRYPTO: LINK) price action continues to attract significant attention in the crypto sector.

After a brief cooldown, the price is now stabilizing around $15.70, suggesting buyers are still active, according to Bit Guru.

However, the market analyst noted that 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,” Bit Guru said.

A recent report by blockchain analytics firm Glassnode revealed that a heightened level of weekly exchange outflows, amounting to $11.27 million, occurred as LINK pulled back slightly from the $16 price zone.

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

As a result, selling pressure is tamed, and in Chainlink's case, more bullish momentum is expected as a result.

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 went up by 50% more than that of Ethereum (CRYPTO: ETH).

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.