Chainlink (LINK) is up 10% in the last 24 hours. Analysts are expecting LINK to rise to $50, and technical indicators are pointing to a potential breakout above.$LINK
The Chainlink (LINK) cryptocurrency has surged by over 10% in the last 24 hours, leaving the $27.81 support level behind and reaching $28.9. Currently trading at around $29.98, LINK is said to have the potential to climb to $50 in the coming weeks. This rise came as Chainlink broke out of a long-term downtrend. The cryptocurrency attracted attention with this move supported by strong buying momentum and technical formations. During the rise, LINK’s market capitalization increased by over 9% to over $18.7 billion. In addition, Donald Trump’s World Liberty Finance company made a significant investment by purchasing $2.3 million worth of LINK tokens in line with BlackRock partnership speculations.
ZAYKCharts analysts predict that if Chainlink continues its current momentum and breaks through critical resistance levels, LINK’s price could rise to $55.39. This would represent a 467% increase. Moreover, Chainlink’s market interest and strong demand suggest that the price is on an upward trend in the long term. “We expect Chainlink to rise to $34. If it makes a one-hour close above $30.4, we will follow this situation closely,” commented famous crypto analyst Ali.
On the 4-hour chart of LINK, the Relative Strength Index (RSI) is trading above the 50 level but is approaching the overbought zone, which could be a possible correction signal. The MACD indicator, on the other hand, is showing that the bullish momentum is weakening and a consolidation phase may begin. However, the candlesticks are forming near the upper band and the Chaikin Money Flow (CMF) is moving in the positive territory, indicating increasing buying momentum. These indicators support the potential for a breakout to the upside for the LINK price.
LINK’s current rally has increased investor interest, with a price increase of 190% after the breakout. Additionally, open interest in LINK derivatives has increased by 13.82% in the last 24 hours to $908.70 million. This increase indicates increasing market demand and investor interest.
Chainlink’s market movements and technical indicators provide important signals for investors. According to analysts’ estimates, LINK has the potential to reach higher prices if it breaks through the upcoming resistance levels. In addition, Chainlink’s long-term growth potential is also supported by technical analysis and market conditions. Investors should closely follow market trends and technical indicators to help them make informed investment decisions.
