• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Saturday, May 10, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Chainlink Nears Breakout as Bulls Target $30

Jordan Avery by Jordan Avery
December 7, 2024
in News
Reading Time: 3 mins read
0
#image_title

#image_title

Share on TwitterShare on Facebook

Introduction

Chainlink (LINK) is close to its 3-year high of $28.50 after a strong rally. On December 1, Chainlink surged 30% in a single day, starting the month with a solid push. Unlike other altcoins, Chainlink has benefited from Bitcoin’s rise toward $100K. Currently, Chainlink is just 10.8% below its January 2022 high. The key now is breaking past the $24 resistance. Bulls must act quickly to push Chainlink toward $30, its next big target.

$24 Becomes Key for Buyers

Over the last week, Chainlink jumped 40%, making it one of the best-performing altcoins. However, weak hands sold their holdings near $24, which caused a pullback. The $24 level is critical. Around 17,000 addresses bought 6.64 million Chainlink tokens near this price. Since they remain in profit, this level acts as strong resistance. Turning this into support is essential for Chainlink to move higher.

If bulls hold above $24, it will boost confidence and attract more buyers. Institutional investors see strong support levels as buying signals, expecting bigger future gains. On the other hand, failing to hold $24 could trigger panic selling. Sellers might rush to exit at break-even prices, pushing Chainlink lower. If Chainlink breaks past $24, it could reclaim prices not seen in three years. This move could spark FOMO (fear of missing out) among retail investors, driving prices quickly toward $30.

chainlink
Source: TradingView

Can Chainlink Reach $30?

The market still shows strong demand for Chainlink. Every sale finds a buyer, which reduces downward pressure. Signs like high trading volume and a bullish MACD crossover support this trend. At the same time, recent data shows over 165 million Chainlink tokens were moved to exchanges. This is the highest level in a year, signaling possible profit-taking. This adds a short-term risk.

Looking back, Chainlink spent much of last year consolidating. Its bull run in the last quarter took the price to $16. Today, profit-taking remains a likely strategy as Chainlink nears key levels.

Bitcoin’s Role in Chainlink’s Performance

Bitcoin’s price movement still affects Chainlink. If Bitcoin climbs past $103K and sets a new all-time high, altcoins like Chainlink could see massive gains. Investors often turn to altcoins to hedge against Bitcoin’s high prices and volatility. On the other hand, if Bitcoin stalls or drops, uncertainty may slow Chainlink’s momentum. Market sentiment around Bitcoin remains key for Chainlink’s next move.

What’s Next for Chainlink?

For Chainlink to hit $30, bulls must treat the current price as a buying opportunity. Turning $24 into support is critical for continued growth. If successful, Chainlink could see a parabolic rise, driven by FOMO and rising demand. However, if Chainlink falls below $24, panic selling could weaken its price. Sellers exiting at break-even levels would leave Chainlink vulnerable while other altcoins take advantage of market momentum.

Conclusion

Chainlink is at a critical point. The $24 resistance will decide its next move. Bulls must hold this level to push Chainlink toward $30 and beyond. Failure to do so could cause a retreat, leaving Chainlink exposed to losses. The next few days will be key for its future.

Tags: AltcoinsbitcoinBlockchainBullrunChainLinkcryptocurrencyCryptoMarketCryptoTradingEthereumFOMOLINKmarketmomentumpricebreakoutresistancesupportlevel
Previous Post

Market Risks Loom for Bitcoin and Crypto

Next Post

Baby Doge Rallies After Musk Post

Related Posts

News

ETH Rallies Despite ETF Outflows— Why?

May 10, 2025
Market Analysis

Memecoin PEPE Set for Comeback in Bull Market

May 8, 2025
Solana On-Chain Metrics Signal Bearish Turn
News

Solana On-Chain Metrics Signal Bearish Turn

May 7, 2025
News

State Bitcoin Bills Collapse, NC Moves Ahead

May 6, 2025
Featured

Fartcoin Faces Risk as Momentum Slows Down

May 5, 2025
Solana Accumulation Phase: $100 Could Be It
News

Solana Accumulation Phase: $100 Could Be It

May 4, 2025

Press Releases

News

ETH Rallies Despite ETF Outflows— Why?

by Alex Mercer
May 10, 2025

Introduction Imagine watching Ethereum jump nearly 32% in under three days while ETFs are screaming, “I’m out!” to the tune...

Read more
DOGE, SHIB, PEPE Rally Then Dip as BTC Surges

DOGE, SHIB, PEPE Rally Then Dip, BTC Surges

May 9, 2025

State Bitcoin Bills Collapse, NC Moves Ahead

May 6, 2025

Bitcoin After $97K: 3 Possible Paths

May 2, 2025
WLFI Raises $1B Backed by Trump What's Next

WLFI Raises $1B Backed by Trump What’s Next?

April 29, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier