Chainlink Price Surges to $22 Amid Increased Holdings Over $20 Billion
As Bitcoin crosses the $95,000 level, the cryptocurrency market is recovering. Chainlink (LINK) is positioned to benefit from increased buying pressure, potentially initiating a bullish rally.
Chainlink ranks as the 13th largest cryptocurrency with a $14 billion market cap. It has risen by 10.35% in the last 24 hours and is trading above $22.
Chainlink Reversal Targets $30
The daily chart for LINK displays a bullish engulfing candle, indicating a reversal after a pullback on December 30 and 31. The price surged by 8.61% on January 1, with an intraday increase of 1.52%.
Photo: TradingView
Currently, LINK trades at $22.02, reclaiming the broken 50-day EMA line. A bullish closing above the neckline at $22 could invalidate the bearish head-and-shoulder pattern. This may lead to a retest of the $30 psychological resistance. Key support levels are at $21.11, $18.36, and $16.20, while the $20 mark indicates high demand.
Analyst Reveals Massive Upside in Chainlink
Crypto analyst Michaël van de Poppe projects significant upside for Chainlink amid the recovery. The LINK/BTC weekly chart shows persistent low-high formations, with the current trend seeking a higher low formation.
Request 02 – $LINK
The uptrend has begun.
It's now searching for a higher low, however, the valuation of Chainlink against Bitcoin is still super low.
I expect a lot of upside to come for LINK in 2025. pic.twitter.com/RBccFUf7oD
— Michaël van de Poppe (@CryptoMichNL) December 30, 2024
The critical resistance level is at 0.0004480 BTC. A successful breach of this resistance could initiate a trend change, leading to higher highs and higher lows for Chainlink.
LINK Holdings Grow by $5 Billion in 2024
In the past year, Chainlink token holders have shown increased bullish confidence. Total holdings rose from $15.2 billion to $20.57 billion, reaching a peak of $29.43 billion over 52 weeks.
Whale confidence also increased, with holdings between $100,000 to $1 million growing from $1.08 billion to $1.34 billion, peaking at $1.36 billion. Additionally, holdings exceeding $10 million increased from $11.32 billion to $15.16 billion. Thus, with a bullish outlook for 2024, Chainlink's upward trend is likely to persist.
Chainlink (LINK) exhibits strong bullish momentum, with analysts anticipating significant upside potential for 2025.
Photo: TradingView