Chainlink (LINK) is on a tear. After announcing a strategic partnership with a European Union company to launch a tokenized asset settlement system, the token’s price has soared 36% in a week and has gained 110% in the past month.
The euphoria intensified on Wednesday (December 3), with the formation of an “impressive candle” on the chart. The price of LINK jumped from $18.58 to $26.92, representing a 45% increase in a single day and reaching a two-year high. Trading volume also followed the euphoria, surpassing $8.6 billion, an increase of 271% compared to the previous day.
LINK’s market cap now stands at $15.52 billion, cementing its position as the 15th largest cryptocurrency in the world. This exceptional performance puts Chainlink on the radar of investors, who see the partnership and recent price movements as a sign that the cryptocurrency is poised for a new phase of growth.
From a technical perspective, the picture is mixed. The Relative Strength Index (RSI) is in the overbought zone, indicating that the bullish momentum may be running out. However, the "golden cross" formed on the daily chart, a classic trend reversal signal, could help sustain the rally.
The next target for LINK is the $30 mark, which represents a 21% increase from the current price. If the price manages to sustain above $25, the probability of achieving this objective increases considerably.
It is important to note that the cryptocurrency market is extremely volatile and subject to rapid price swings. While Chainlink is currently experiencing a period of great euphoria, investors should proceed with caution and conduct in-depth analysis before making any decisions.
