Chainlink Price: Cup And Handle Breakout Could Fuel Over $30 Surge

Chainlink price broke out of a descending consolidation pattern after correcting from its December high of $26.

If the resistance trendline at around $22 is broken, it could indicate a potential continuation of upward momentum.

Weeks of declining volatility and lower highs, followed forming a triangle pattern.With the breakout point LINK was trading at $22.14, up by 1.14%.

The market highlighted up to 48% projected target, pointing toward the $33 range. The anticipated price increase could suggest renewed interest in Chainlink as a key DeFi asset.

The growth of an ongoing stablecoin reserve of $45 Billion would support buying pressure and potential bullish sentiment.

Chainlink price faced resistance near $27 and corrected down to $20, testing support levels repeatedly. The current structure suggested that $30+ could become achievable if momentum sustains.

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Strong volume could confirm the move toward higher targets. Chainlink remains a solid project as its historical data performance showed.

If momentum persists, LINK would attract further interest, potentially challenging its previous highs between $30-$35 range.

LINK Potential Cup & Handle Breakout

LINK also rallied through a giant cup and handle pattern, breaking resistance at $18 and retesting before moving higher.

The breakout aligned with Elliott Wave theory, initiating Wave 3, which signaled a strong bullish momentum. Chianlink price surpassed $22 with projections targeting ATH in Q1 2025.

The cup spanned from $5 to $35 between 2020 and 2023, followed by a handle forming between $18 and $11, set breakout confirmed above $18.

The trendline stranding for multi-year resistance, was decisively broken, signaling potential long-term upside.

Elliott Wave analysis suggested a five-wave structure. Wave 1 peaked near $35, and Wave 2 corrected to $11. Wave 3 could extend beyond $100.

The handle retest reinforced bullish confidence. If sustained, LINK would likely reach significant price milestones, achieving a new ATH in early 2025.

Chainlink Price Short-term Risk

LINK’s short-term risk fully reset following its November-December rally, matching with levels last observed before the price surge.

The market illustrated significant volatility during 2021 to 2022, with the blue indicator reflecting frequent spikes and dips in short-term risk.

Short-term risk dropped sharply by the end of 2024, suggesting reduced speculative pressure and a reset market state.

Its value zone remained attractive, but further move could improve accumulation opportunities for long-term holders.

Future sparks, such as broader market movements or positive fundamentals, could propel LINK higher. Chainlink price displayed resilience during risk resets, reinforcing its for a new upward phase.

LINK Sentiment Analysis

The sentiment analysis for LINK revealed a moderately bullish outlook from both crowd sentiment and smart money sentiment metrics.

The crowd sentiment gauge recorded a value of 0.23, indicating a slight positive bias among retail participants.

Same market condition with smart money sentiment which showed a stronger bullish inclination, registering at 0.39.

This alignment could signal potential upward momentum in LINK’s price, especially if external catalysts or market trends support this sentiment.

Despite being in the lower bullish range, the positive sentiment alignment anticipated a growing market readiness for upward movement.

The bullish moved possibly through improved market conditions. If this sentiment strengthened, Chainlink price might retest resistance levels, potentially exceeding $10.

However, any shifts in broader market sentiment could temper this bullish outlook. But both metrics emphasized cautious optimism for LINK in the short term.