Chainlink price is currently facing resistance after breaking out of an extended consolation zone. LINK price is down 2.1% in the last 24 hours and is trading at $14.71. After surging to an intra-day high of $15.15, Chainlink encountered rejection. However, a key historical pattern on the LINK chart promises a potential 167% rally in the coming days. Can LINK deliver on this promise?
Historic Pattern Repeats: What It Means for Chainlink Price
During the previous market cycle, Chainlink price soared to a high of $53 before the bear market began. LINK price dropped to a low of $3.66 before entering a period of consolidation that lasted over 1 year. This was followed by a 167% breakout in late 2023, when the early phase of the 2025 bull market began.
Over the past 8 months since March 2024, LINK price action has repeated the above pattern; on November 4, Chainlink broke out of the consolidation zone. If history repeats, the price of LINK is expected to surge by 167%, which would put it at around $35.
Chainlink Price Analysis: Bullish Signals or Warning Signs?
Chainlink price forecast shows the asset is struggling below the $15.35 resistance level. This zone was tested twice before and proved to be a strong resistance. Chainlink will need extra juice to break through.
Key resistance levels to watch for include $15.35, $16.73, and $18.50. On the flip side, Chainlink will likely find support around $13.40; below that, the price would drop into the $10-$13 range.
The Chainlink relative strength index (RSI) is at 56.20 and rising, signaling that buying pressure is increasing. There is a short resistance around 57, but if it rises higher than this, Chainlink price could blow past the $15.35 resistance.
The trading volume dropped by 28% in the last 24 hours, which means market activity has dropped. This could be because the $15.35 resistance level serves as a profit-taking zone, resulting in a pullback.
Can LINK Realistically Reach $40?
A Chainlink price rally to $40 is possible since the crypto asset has hit those prices before. The rising RSI shows the buying pressure is increasing on the asset. The historical pattern also suggests Chainlink returning to $40 and beyond is possible.
Additionally, the monthly total value enabled soared to $17 billion in November, up from $16 billion in October. With such a huge number, the demand for LINK is bound to surge in the future. This means a price increase to $40, and even $100 is possible.
Frequently Asked Questions (FAQs)
Yes, a rally to $40 is possible as Chainlink has reached similar levels before. Historical patterns suggest a potential 167% surge, and rising demand for LINK supports this outlook.
The major resistance levels to watch are $15.35, $16.73, and $18.50. Breaking past these levels could open the path to higher prices.
Chainlink may find strong support at $13.40. If this level fails, the next support range lies between $10 and $13.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/chainlink-price-analysis-can-link-soar-to-40-as-historic-pattern-repeats/
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