Chainlink (LINK) has shown a recovery after bouncing back from its buy zone. The token is now bullish, with a clear technical structure pointing toward positive price movements in 2024 and beyond.
As of Jan. 4, 2025, LINK’s current price was at $23.31, showing a 2.39% increase in the last 24 hours. Despite recent upward momentum, investors remain cautious, monitoring key support and resistance levels as the cryptocurrency heads into 2025.
Technical analysis: support and resistance levels
The Chainlink chart highlights the 25% Fibonacci retracement level as a critical pivot point, which has played a key role in price stabilization. This Fibonacci level and other technical indicators provide a strong base for potential upward movement.
Chainlink is positioning itself for long-term growth, with key resistance zones identified at $22, $31, and the more ambitious $44 target for 2025.
These levels are important as they are price markers for the broader market trend. The current price action has built momentum, signaling a potential breakout above previous resistance levels. However, investors should approach cautiously, especially around significant retracement zones, such as the 50% Fibonacci level.
Chainlink price movements and market metrics
Chainlink has shown significant movement recently, climbing from around $22.76 to its present value of $23.31. This surge indicates a growing sense of investor confidence, although trading volume has slightly decreased by 3.20%. The market capitalization is now approximately $14.87 billion, reflecting a 2.32% increase.
With a circulating supply of 638.09 million LINK, a substantial portion of the total token supply has yet to be released, potentially influencing future price fluctuations.
RSI and MACD indicators show bullish sentiment
The Relative Strength Index (RSI) for Chainlink is currently at 62.48, indicating a bullish trend without the immediate risk of overbought conditions. As the RSI rises towards 70, it suggests that the token still has room for growth before reaching overbought territory.
Besides the RSI, the Moving Average Convergence Divergence (MACD) has a positive trend. The MACD line is above the signal line, indicating a strong buy signal. This is in line with a prevailing bulls-long outlook for Chainlink, suggesting that if the momentum persists, then Chainlink will continue to exhibit bullish behavior.
