Chainlink Price Eyes Major Breakthrough: Is $50 the Next Target?

Chainlink Price has experienced a significant surge since early November, climbing 80% and reaching its highest point since January 2022. The cryptocurrency maintained a strong uptrend for three weeks before encountering a mild market correction. Despite the pullback, analysts remain optimistic about its potential, with some eyeing a breakthrough to the $50 mark. Will LINK bulls support this target or profit-taking investors crash the altcoin lower?

Will Chainlink Price Soar to $50 Soon?

A cryto analyst has expressed optimism about the Chainlink price revisiting its former peak of $50. The prediction was shared alongside a detailed price chart highlighting LINK’s historic performance, including its remarkable surge in 2021. 

With recent signs of bullish momentum, the analyst believes the token is poised for a potential breakout if favorable market conditions persist.

The tweet underscores a promising rally for LINK, suggesting a breakout from a classic ascending triangle pattern. The analyst shows the price steadily climbing, supported by an upward trendline. The resistance level appears to have been breached, signaling potential upside momentum.

The crypto expert anticipated a rise of approximately 26%. The breakout scenario aligns with bullish market sentiments, suggesting a continuation of the upward trajectory.

Source: Tweet

Chainlink’s price could hit $50, and it would be fueled by a market surge like BTC hovering above $98K. Chainlink’s strong development activity and market momentum suggest potential for its price. According to Santiment’s latest data, Chainlink leads the ERC-20 sector with a 30-day development activity score of 417.7, surpassing its closest competitors. 

This consistent innovation and robust development highlight its position as a dominant force in blockchain, which could significantly boost investor confidence and market adoption. 

Santiment

What’s Next For LINK Price?

At the time of this report, the LINK price is trading at $25.50, nearly half its previous all-time high of $52. Despite the considerable difference, technical indicators suggest a growing wave of bullish sentiment among investors.

Chainlink’s price is exhibiting significant bullish momentum, with the potential to challenge critical resistance and support levels. If upward pressure persists, the Chainlink price prediction could test the $30 resistance. Beyond that, a bullish surge of approximately 52% could propel the cryptocurrency toward its all-time high of $52.88, recorded on May 10, 2021.

On the downside, a decline below the crucial $22 support level may result in altcoin falling below $20. This potential drop highlights the importance of the $22 mark as a pivotal threshold for market participants.

The Relative Strength Index (RSI) stands at 69, just below the overbought zone. This positioning indicates room for additional price growth before the asset reaches high levels. Meanwhile, the Moving Average Convergence Divergence (MACD) suggests mounting buying pressure, with the MACD line hovering above the signal line.

Chainlink Price Chart By TradingView

Chainlink’s bullish momentum suggests a promising outlook as it eyes a potential $50 target. With robust development activity and strong technical indicators, LINK could soon achieve significant price milestones.

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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.