- Chainlink’s (LINK) price surged by over 5% in the last 24 hours, reaching $15.83 with a market cap of $8.9 billion.
- Analysts speculate a potential bull rally, eyeing a $34 price target if LINK can surpass the crucial resistance level at $17.2.
The year 2024 has started on a positive note for several cryptocurrencies, and Chainlink (LINK) is no exception. In the last 24 hours, LINK experienced an impressive surge of over 5%, demonstrating strong buying pressure and bullish indicators. As the crypto community eagerly watches, the question on everyone’s mind is whether LINK is gearing up for a substantial bull rally.
The Bullish Momentum: Breaking Down the Numbers
At the time of writing, LINK is trading at $15.83, boasting a market capitalization exceeding $8.9 billion. Notably, a bullish pennant pattern has emerged on Chainlink’s chart, signaling an increased likelihood of a significant upward movement. \
Ali, a renowned crypto analyst, emphasized the potential for LINK to reach $34 if it manages to surpass the crucial resistance level at $17.2.
AMBCrypto delved into LINK’s liquidation heatmap to validate these predictions. The analysis identified a key resistance zone near $17, with additional critical levels at $15.7 and $15. If LINK breaches the $17.2 resistance, it could pave the way for a remarkable price surge. Conversely, a dip below $14.2 might trigger a sharp decline in its value, warranting caution for investors.
Navigating the Road Ahead: LINK in 2024
Looking ahead, what can investors expect from LINK in 2024? Despite encountering resistance levels, the buying pressure on the token remains robust. Chainlink’s Supply of Exchanges recently decreased, coupled with a surge in supply outside of exchanges—a positive sign of increased demand. Interestingly, whale activity around the token has remained relatively stable, as evidenced by the flat supply held by the top address graph.
Technical Analysis: Insights into LINK’s Future
To assess LINK’s potential to surpass the $17.2 resistance zone, AMBCrypto scrutinized LINK’s daily chart. The Relative Strength Index (RSI) displayed an uptick from the neutral mark, indicating growing strength.
Similarly, the Money Flow Index (MFI) followed suit, heightening the prospects of a continued upward price trajectory. However, the Chaikin Money Flow (CMF) raised concerns as it declined during this period, presenting a nuanced picture of LINK’s future.
As the crypto market navigates through various indicators and metrics, the question of whether Chainlink will reach $34 remains unanswered. The bullish pattern, coupled with resistance levels and technical indicators, paints an intriguing picture for LINK’s future. Investors should remain vigilant and closely monitor key levels to make informed decisions in this dynamic and evolving crypto landscape.
