Recently, Chainlink’s price movement has caught the attention of traders. The technical chart structure suggests the price could rise to $50. In the weekly chart, LINK is trading with a 12% increase, focusing on entering the top ten list of cryptocurrencies. The decrease in LINK supply on exchanges might support the price increase.
Could Chainlink Price Surge by 100%?
After hitting a low of $18 on January 13, Chainlink’s price surged by 50% to $27. However, due to selling pressure in the overall cryptocurrency market, LINK faced a drop of 5.85%, trading at $24.38 at press time.
“Chainlink 
$26 (LINK) is experiencing a strong bullish breakout, targeting $50!” said Ali Martinez, a prominent cryptocurrency expert.
LINK Testing Key Support Levels
For an upward trend, Chainlink needs to break the narrow range between $24 and $27. After three consecutive days of increases, LINK was rejected at the resistance level of $27.14. Additionally, with a strong pullback of over 5.5%, LINK is testing the support level of $24.128 again.
As indicated by trend-based Fibonacci levels, a breakout above the resistance level of $27.14 could propel the price to approximately $32.027, representing a potential upside of around 32%.
On-chain metrics and significant developments suggest a bullish momentum for Chainlink. The blockchain analysis platform Santiment reported that two key on-chain metrics signaled upward momentum for Chainlink’s price. Over the past month, LINK supply on exchanges decreased by 0.95%, indicating reduced selling pressure as investors withdraw tokens from trading platforms.
Moreover, the average age of LINK in wallets has dropped by 6.3%, signaling increased activity and a potential shift towards accumulation by holders. Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is gaining more demand. The blockchain platform Sonic Labs officially announced the deployment of Chainlink’s CCIP, providing developers with advanced tools for cross-chain token transfers and messaging capabilities.
Sonic Labs aims to facilitate seamless interoperability using CCIP and create high-performance decentralized finance (DeFi) applications. Chainlink’s price targets and technical indicators present significant insights for traders.
