CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
CoinGape 2025-01-23 08:19:47

Chainlink Price Targets $50 on Bullish Flag Pattern Breakout, Predicts Popular Analyst

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. Source: Ali Martinez 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%. Source: TradingView 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. Source: Santiment 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. The post Chainlink Price Targets $50 on Bullish Flag Pattern Breakout, Predicts Popular Analyst appeared first on CoinGape .

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta