Chainlink Price Breaks Out of a Multi-Year Downtrend
Chainlink price current rally can be attributed to its recent breakout from a prolonged downtrend. The cryptocurrency experienced a notable shift in Q4 2024 after consolidating within a falling wedge pattern. Amid this recovery, Donald Trump’s World Liberty Finance has bought LINK tokens worth over $2.3m due to the Blackrock partnership speculation as we earlier reported.
According to ZAYKCharts, the breakout began after Chainlink price surpassed resistance levels at $13.50 and $17.50 earlier this year. These price levels, which previously acted as barriers, have now turned into key support zones. Following the breakout, Chainlink’s price has accelerated, with strong buying activity pushing it higher.
At press time, Chainlink is approaching critical resistance near $30.40, with analysts closely monitoring its price action for confirmation of further movement. A decisive close above this level is expected to pave the way for additional gains.
Moreover, Ali, a top crypto analyst on X, stated, “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.” Beyond $30.40, intermediate resistance zones are identified in the $35–$40 range, with a longer-term target of $55.39 being projected.