Chainlink has recently drawn significant interest from traders due to its price trends. Technical analyses indicate that the cryptocurrency could potentially climb to the $50 mark. Currently, LINK has shown a 12% weekly gain, positioning itself to break into the top ten cryptocurrencies. A notable drop in LINK’s availability on exchanges may further support a price increase.
Could Chainlink Price Surge by 100%?
Chainlink, after experiencing a low of $18 on January 13, saw a notable rebound, reaching $27. However, overall market pressures led to a 5.85% decrease, with LINK currently valued at $24.38.
Is LINK Testing Key Support Levels?
For Chainlink to maintain an upward trajectory, it must overcome resistance within the $24 to $27 range. Following three consecutive days of gains, LINK faced a setback at the $27.14 resistance point, subsequently testing its support level at $24.128.
- Breaking the $27.14 resistance could drive the price up to approximately $32.027.
- On-chain data suggests reduced selling pressure, with LINK supply on exchanges down by 0.95%.
- There has been a 6.3% decline in LINK’s average wallet age, indicating increased activity among holders.
- The deployment of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) by Sonic Labs is enhancing its usability in decentralized finance.
Recent developments and technical metrics are painting a positive picture for Chainlink’s future. With increasing demand for its interoperability solutions and a bullish outlook from market experts, LINK is poised for potential upward movement, making it a focal point for traders in the coming months.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/can-chainlink-reach-50-this-year