Chainlink 
$29 (LINK) cryptocurrency has surged by over 10% in the last 24 hours, surpassing the support level of $27.81. Currently trading at approximately $29.98, LINK shows potential for further growth, with analysts predicting it could reach up to $50 in the coming weeks.
Breaking Free from Long-Term Downtrend
The recent rise of Chainlink is attributed to its break from a prolonged downtrend. This movement has garnered attention, supported by strong buying momentum and technical formations. During this upward trajectory, LINK’s market capitalization has increased by over 9%, surpassing $18.7 billion.
In addition, Donald Trump’s World Liberty Finance company purchased $2.3 million worth of LINK tokens, fueled by speculation surrounding a partnership with Blackrock.
Analysts Predict Up to 460% Price Increase
ZAYKCharts analysts suggest that if Chainlink maintains its momentum and breaks through critical resistance levels, the price of LINK could reach $55.39, which equates to a 467% increase. Moreover, the growing market interest and strong demand for Chainlink are viewed as positive indicators for potential long-term price increases.
Renowned crypto analyst Ali noted, “We see that Chainlink aims to reach $34. I will monitor hourly closes above $30.4.”
Technical Analysis and Future Expectations
On LINK’s 4-hour chart, the Relative Strength Index (RSI) remains above 50 but is nearing the overbought zone, signaling a potential correction. The MACD indicator also suggests that the upward momentum may be weakening, hinting at a possible consolidation phase.
Additionally, candlestick formations continue near the upper band, and the Chaikin Money Flow (CMF) remains in positive territory, indicating increasing buying momentum. These indicators support the potential for LINK’s price to break upwards.
LINK’s recent rise has attracted investor interest, evidenced by a 190% price increase after the breakout. Furthermore, open positions in LINK derivatives have risen by 13.82% in the last 24 hours, reaching $908.70 million, indicating strengthened market demand and investor interest.
Chainlink’s market movements and technical indicators present significant signals that investors should monitor closely. According to analysts, if LINK surpasses upcoming resistance levels, it holds substantial potential for higher prices.
Finally, Chainlink’s long-term growth potential is supported by the current market conditions and technical analyses. Investors should closely track market trends and technical indicators to make informed investment decisions.
