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Chainlink has soared 190% since breaking a multi-year downtrend, with its price nearing $30.40. Analysts predict further growth toward $55, backed by strong technical patterns and increasing market demand.
Chainlink Surges Past $29 Amid Breakout Momentum
After finding support at the intra-low of $27.81, the price of Chainlink (LINK) has surged, increasing more than 10% in the past 24 hours. Experts predict that the cryptocurrency might rise to $50 in the next several weeks, and it is now selling at $29.98.
This trend is a continuation of the strong purchasing momentum and technical patterns that helped the market break out of a multi-year downturn. Even though the 24-hour trading volume dropped by 32%, LINK's market cap jumped by more than 9% during the rally, going beyond the $18.7B market cap.
Donald Trump’s $2.3M LINK Purchase Sparks Speculation
The recent escape from a long downtrend is the reason behind the present surge in Chainlink price. Once the cryptocurrency broke out of its falling wedge pattern in Q4 2024, it underwent a dramatic change. As previously mentioned, Donald Trump's World Liberty Finance purchased LINK tokens valued at more than $2.3 million during this recovery, all because of the speculation surrounding a potential partnership with Blackrock.
As per ZAYKCharts, the breakout started when the price of Chainlink broke through the $13.50 and $17.50 resistance levels earlier this year. Once serving as obstacles, these price levels are now crucial support zones. Strong purchasing activity has pushed Chainlink's price higher since the breakout.
Key Resistance Levels at $30.40 Could Unlock Gains
As of this writing, analysts are keeping a close eye on Chainlink's price action to confirm any additional movement as it approaches critical resistance near $30.40. Additional gains are anticipated following a definitive close above this level.
In addition, X's top crypto analyst Ali said, “Chainlink looks like it wants to break out to $34. I will be watching for an hourly close above $30.4 to confirm the breakout.” After $30.40, there are expected to be intermediate resistance zones between $35 and $40, with a longer-term target of $55.39.
Several technical patterns have emerged recently that lend credence to the bullish trend in Chainlink's price action. Two falling wedge patterns have been identified by cryptocurrency analyst ZAYKCharts during the past three years.
467% Rally Projected Amid Bullish Momentum
The first wedge appeared in 2021 and was filled in by early 2022; the second pattern was filled in by late 2024. The bullish breakouts that completed both patterns marked the end of Chainlink's lengthy downtrend.
The present course of Chainlink price may, therefore, pave the way for future expansion. If LINK price keeps going up and breaks through important resistance levels, analysts at ZAYKCharts predict a 467% rally, bringing the price to $55.39, Coingape shares.
The current LINK price rally is being driven even higher by the 190% gain in Chainlink's price since the breakout, which indicates strong market demand and growing investor interest. Moreover, open interest in LINK derivatives has also climbed by 13.82% in the last 24 hours, hitting $908.70 million.
RSI and MACD Signal Possible Correction Ahead
On the LINK price 4hr chart, the Relative Strength Index (RSI) is climbing over the 50 level, confirming the continuous positive trend. However, the RSI has lately moved into the overbought region and is now below its signal line with a rating of 61.70, signaling a likely correction soon.
Adding to the drop risk, the Moving Average Convergence Divergence (MACD) is converging, suggesting a decreasing bullish momentum. This MACD trend hints at a consolidation phase looming, backing the crypto analyst estimate of a breakout to $34.
Moreover, the candlesticks are constantly formed near the upper band without breaking below the middle band, which is a signal that indicates a strong bullish momentum. Adding to the Chainlink price bullish momentum, the Chaikin Money Flow (CMF) is moving in the positive area, which is an indication of increased buying momentum, so a probable LINK price bullish breakthrough to the upside is approaching.
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