Chainlink (LINK), a decentralized oracle service provider, has seen a notable increase in trading activity with a 6.5% price surge to $16 in the last 24 hours, despite the broader market’s consolidation. Currently ranked 12th by market value among cryptocurrencies, LINK is positioning itself for a potential entry into the top 10.
Chainlink’s Bullish Trajectory
Cryptocurrency analyst Michael van de Poppe has highlighted three key factors that could signal a bullish breakout for LINK. These include liquidity absorption at the $12.20 level, successful resistance tests suggesting an upward trend, and positive trading parity dynamics with Bitcoin and Ethereum, indicating a strengthening position for LINK.
Van de Poppe predicts that Chainlink could experience a significant price increase, potentially reaching $25 to $30 in the upcoming months. Traders and investors are advised to monitor these developments for opportunities in the LINK market.
LINK’s current price trajectory is bullish, with a potential Golden Cross on the horizon, which could signal a major price movement. The Moving Average Convergence Divergence (MACD) indicator also shows a green histogram, suggesting a dominant bullish trend.
If LINK maintains its price above the $15.41 resistance level, it could test the next resistance at $16.47, and possibly break through the $17.67 level in the near future, further confirming the bullish momentum.