Will Chainlink Price Hit $30 After Breaking Key Resistance Levels?

Chianlink price has shown a 40% rally within the last week. This is due to positive market sentiment and interest in the cryptocurrency market.

The price rise which took LINK above the $26 mark has placed the token among the best performing altcoins. Focus has now shifted to whether this bullish trend will push Chainlink to $30.

LINK Price Breaks $26 Resistance Amid Market Optimism

The current surge in Chainlink price has been in line with the general market trend. LINK price has crossed the $26 mark, a level, which it had failed to breach in the previous months.

This breakout has been as a result of increased buying pressure from traders and investors.

Notably, the bullish sentiment is in sync with the market especially when Bitcoin reached its new all time high.

Decentralized oracle services make Chainlink increasingly popular among investors, which contributes to the overall demand for the asset.

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The token’s performance shows increasing trust in the crypto market. This is due to the possible implementation of favorable crypto regulations..

Technical Indicators Suggest Continued Upward Momentum

According to technical analysis, Chainlink price is in a bullish territory. The Awesome Oscillator (AO) is holding positive at 1.75 which means the current strength of the market is increasing.

Furthermore, the Chaikin Money Flow (CMF) is at 0.13 which is indicative that more capital is flowing into the coin and investor sentiment is quite positive for the LINK price.

More so, LINK price is set to face its next significant resistance at $30. 

Getting through this psychological level may result in a potential break to $52 as has been previously observed during the last quarter of 2021.

If the token continues with the same trend then there will be more price hikes in the near future.

Support Levels Offer Stability Amid Chainlink Price Movements

While the market is optimistic about LINK reaching $30, traders are focusing on certain levels. The $23 mark has appeared as the immediate support that will hold in case of any short term price corrections.

A stronger support level is seen at $20 which will most probably come into play in the event of market reversal.

Hence, these levels are important for maintaining the current bullish structure. At press time, Chainlink (LINK) price is trading at $26.31, up 2.81% over the last 24 hours.

Volume surged by 190.02%, reflecting strong market activity. LINK broke the $26 resistance earlier, with $23 acting as support.