Introduction
Chainlink (LINK) is close to its 3-year high of $28.50 after a strong rally. On December 1, Chainlink surged 30% in a single day, starting the month with a solid push. Unlike other altcoins, Chainlink has benefited from Bitcoin’s rise toward $100K. Currently, Chainlink is just 10.8% below its January 2022 high. The key now is breaking past the $24 resistance. Bulls must act quickly to push Chainlink toward $30, its next big target.
$24 Becomes Key for Buyers
Over the last week, Chainlink jumped 40%, making it one of the best-performing altcoins. However, weak hands sold their holdings near $24, which caused a pullback. The $24 level is critical. Around 17,000 addresses bought 6.64 million Chainlink tokens near this price. Since they remain in profit, this level acts as strong resistance. Turning this into support is essential for Chainlink to move higher.
If bulls hold above $24, it will boost confidence and attract more buyers. Institutional investors see strong support levels as buying signals, expecting bigger future gains. On the other hand, failing to hold $24 could trigger panic selling. Sellers might rush to exit at break-even prices, pushing Chainlink lower. If Chainlink breaks past $24, it could reclaim prices not seen in three years. This move could spark FOMO (fear of missing out) among retail investors, driving prices quickly toward $30.
Source: TradingView Can Chainlink Reach $30?
The market still shows strong demand for Chainlink. Every sale finds a buyer, which reduces downward pressure. Signs like high trading volume and a bullish MACD crossover support this trend. At the same time, recent data shows over 165 million Chainlink tokens were moved to exchanges. This is the highest level in a year, signaling possible profit-taking. This adds a short-term risk.
Looking back, Chainlink spent much of last year consolidating. Its bull run in the last quarter took the price to $16. Today, profit-taking remains a likely strategy as Chainlink nears key levels.
Bitcoin’s Role in Chainlink’s Performance
Bitcoin’s price movement still affects Chainlink. If Bitcoin climbs past $103K and sets a new all-time high, altcoins like Chainlink could see massive gains. Investors often turn to altcoins to hedge against Bitcoin’s high prices and volatility. On the other hand, if Bitcoin stalls or drops, uncertainty may slow Chainlink’s momentum. Market sentiment around Bitcoin remains key for Chainlink’s next move.
What’s Next for Chainlink?
For Chainlink to hit $30, bulls must treat the current price as a buying opportunity. Turning $24 into support is critical for continued growth. If successful, Chainlink could see a parabolic rise, driven by FOMO and rising demand. However, if Chainlink falls below $24, panic selling could weaken its price. Sellers exiting at break-even levels would leave Chainlink vulnerable while other altcoins take advantage of market momentum.
Conclusion
Chainlink is at a critical point. The $24 resistance will decide its next move. Bulls must hold this level to push Chainlink toward $30 and beyond. Failure to do so could cause a retreat, leaving Chainlink exposed to losses. The next few days will be key for its future.
The post Chainlink Nears Breakout as Bulls Target $30 first appeared on The VR Soldier.
