Chainlink Price Targets $50 on Bullish Flag Pattern Breakout, Predicts Popular Analyst
Highlights
- Chainlink price surge this week can triggered a rally to $50 with flag-and-pole breakout.
- A breakout above $27.14 could propel LINK to $32, in the near term, per Fibonacci levels.
- Santiment reports declining LINK supply on exchanges and younger mean dollar invested age as potential catalysts.
Chainlink price movement has been on investors’ radar recently as technical chart setup shows a further rally to $50. On the weekly chart, LINK is trading 12% up while eyeing the spot in the top ten crypto list. The drop in the LINK supply on the exchanges can further aid to the price rally ahead.
Will Chainlink Price Rally 100% From Here?
After forming a bottom at $18 on January 13, the Chainlink price shot up by 50% moving all the way to $27. However, amid the broader crypto market sell-off, the LINK price is trading 5.85% down at $24.38 as of press time.
Prominent cryptocurrency analyst Ali Martinez has highlighted a significant bullish breakout for Chainlink (LINK), suggesting the token is on track to reach $50. “Chainlink (LINK) is in the middle of a bullish breakout, targeting $50!” Martinez shared in a recent post.
LINK Testing Key Support Levels
However for the breakout to happen, the Chainlink price needs to break out of the narrow range of $24-$27. After three consecutive days of rally, LINK faced rejection at the resistance level of $27.14. Moreover, with a strong pullback of over 5.5% today, LINK is once again testing the support at $24.128.
A bullish breakout above the $27.14 resistance level, as indicated by trend-based Fibonacci levels, could propel the price toward the 61.80% level at $32.027, representing an upside potential of approximately 32%.
Conversely, a bearish close below $24.128 might trigger a decline to the 50 EMA line at $21.97, presenting a downside risk of 15.15%.
On-Chain Metrics And Key Development
Blockchain analytics platform Santiment has reported that two key on-chain metrics are signaling bullish momentum for the Chainlink price. Over the past month, the supply of LINK on exchanges has dropped by 0.95%, indicating reduced selling pressure as investors move tokens off trading platforms.
On the other hand, the average age of LINK in wallets has decreased by 6.3%, suggesting increased activity and a potential shift toward accumulation by holders.
Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) continues to see more demand. Blockchain platform Sonic Labs has officially announced the deployment of Chainlink’s CCIP while equipping developers with advanced tools to enable cross-chain token transfers and messaging capabilities.
Using CCIP, Sonic Labs aims to facilitate seamless interoperability, empowering the creation of high-performance decentralized finance (DeFi) applications.
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz
- Just In: DeFi Dev Corp Launches Japan’s First Solana Treasury Company, SOL Price Reacts
- Pi Network Mainnet to Get Major Upgrade in Q4, Says Expert
- Bitwise Solana ETF to Launch This Week as It Amends Staking, Fees? Bloomberg Weighs In
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
