Chainlink (LINK) currently trades at $15.74, 24-hour volume up to $834.3 million. Token’s current market capitalization now values at $10.67 billion. In the past 24 hours, the LINK price improved by 9.78%, while the weekly change surged 20.02%, a good signal for strong sentiment for the uptrend.
Technical charts provided by TradingView, monitoring LINK versus USDT on Binance, span a period of a year and a half. LINK spent nearly a year consolidating between the levels of $8 and $17, and the price action was confined by a down-sloping trendline. Recently, the trendline was violated, which could signal a change of sentiment in the marketplace.
At the going price, the token trades at around $17.12, and the analysts see a rally to $30.82, expecting a rise of roughly 30.82%. An even higher target comes in at $50 if the breakout continues and the momentum holds.
Support zone for LINK is between $12 and $14, providing a buffer for price corrections. A breakout was indicated by a robust bullish candlestick, which shows new buying interest.
However, the volume information to confirm the breakout does not exist, raising the factor of doubt. Failure to have strong volume confirmation makes the breakout a false signal.
LINK’s strong momentum could drive prices higher
It has been likened to ETH’s decisive 2020 price surge, which started with a breakout of consolidation and rocketed upward from $200 to over $1,000. History, thus, indicates LINK could mark significant rises if similar conditions and pressure are established.
In spite of the favorable setup, investors must exercise caution due to overall market volatility. The total crypto market capitalization has gone up by 9.35% to a record $3.55 trillion, which favors a bullish trend for LINK. Numerous collaborations of the token with major companies fortify the token’s long-term prospects as well.
If LINK maintains the same momentum and the overall market performs well, it could reach new highs above $30. The price may then rise to $50 in the near future.
