Why Chainlink Price Jumps 10%, Will LINK Hit $50?
Chainlink (LINK) price surges trading near $29.98 with potential to rally toward $50, following a breakout from a multi-year downtrend.
Highlights
• Chainlink breaks multi-year downtrend, targets $55.39 amid bullish patterns.
• LINK price surges 190% post-breakout, open interest climbs to $908.7M.
• Technicals show RSI nearing overbought at 61.70, suggesting a possible correction.
Chainlink (LINK) price has witnessed a surge climbing over 10% in the last 24 hours after establishing support at the intra-low of $27.81. The cryptocurrency is trading near $29.98, with analysts suggesting a potential rally toward $50 in the coming weeks.
This trend follows a breakout from a long-term downtrend that spanned multiple years, supported by strong buying momentum and technical patterns. Subsequently, during the rally, LINK’s market capitalization jumped by over 9% surpassing the $18.7B market cap despite a dip in the 24 hour trading volume by 32%.