Coinspeaker
Chainlink (LINK) Price Breaks $24: Double Bottom Points to $31 and Beyond
With a bullish recovery in the crypto market, as Bitcoin
BTC
$102 494
24h volatility:
3.3%
Market cap:
$2.03 T
Vol. 24h:
$57.61 B
crosses the $102K mark, the DeFi segment is trending once again. The Crypto Fear and Greed Index has risen to 57, reflecting growing market optimism. In response, the DeFi token market cap has surged to $160 billion.
Among the top-performing DeFi tokens, Chainlink has gained nearly 18.71% in the last seven days. Chainlink’s market cap has now reached $15.43 billion. As the token aims to surpass the $25 psychological resistance, price action traders are anticipating a breakout run toward $31.
Chainlink’s 35% Price Surge Breaks Key Levels
In the daily chart, the Chainlink price
LINK
$24.17
24h volatility:
6.4%
Market cap:
$15.25 B
Vol. 24h:
$1.33 B
action reveals four consecutive bullish candles. This rally follows the formation of a long-legged Doji candle on January 13. The lower price rejection avoided a bearish closing below the 100-EMA line, enabling buyers to regain control.
Over the past four days, Chainlink has achieved a remarkable 35% price surge, breaching the $24 resistance level. Additionally, it has successfully avoided a bearish crossover between the 20- and 50-EMA lines, which could have signaled a downturn.
Currently, Chainlink’s price action showcases a bullish breakout above the 23.60% trend-based Fibonacci level at $23.84. This marks a positive conclusion to the double-bottom pattern on the daily chart. Moreover, the RSI line is maintaining an upward trajectory, supporting the bullish momentum in Chainlink.
If the uptrend continues, Fibonacci levels suggest a potential price target at the 61.80% level of $31.13, with a subsequent target at $38.42. On the downside, the critical support level remains at the 50-EMA line near $21.35.
Whale Accumulation Signals Strong Bullish Momentum for Chainlink
Amid the rising Chainlink prices and bullish speculation, new whales are lining up to accumulate LINK tokens. In a recent X post by Onchain Lens, a whale withdrew 142,448 LINK tokens at an average price of $23.74, accounting for $3.38 million.
This bullish entry supports the narrative of new whales driving the rally, indicating the likelihood of Chainlink skyrocketing in the next crypto surge.
On-Chain Metrics Reflect Growing Chainlink Network
The on-chain data reveals a significant increase in large transactions over the Chainlink network. The volume of these transactions has risen from a 7-day low of $35.63 million to the current $185.57 million.
Similarly, the number of active addresses on the Chainlink network has grown sharply, rising from 4.18k to 5.33k over the same period.
Derivatives Data Highlights Growing Bullish Speculation
As Chainlink maintains its bullish trend for over four days, activity in the derivatives market has surged. The DeFi token’s open interest has risen by 17.17% in the past 24 hours to reach $1.09 billion.
Furthermore, the funding rate has stabilized near 0.010%, reflecting traders’ confidence in holding long positions. The long-to-short ratio of top traders on Binance shows a strong bullish bias, with bullish positions outnumbering bearish ones by three to one.
In conclusion, the derivatives data highlights growing bullish speculation, increasing the likelihood of an extended upside in Chainlink.
Chainlink (LINK) Price Breaks $24: Double Bottom Points to $31 and Beyond
