Chainlink (LINK) is seeing significant growth in the cryptocurrency sector, with a 20% increase in value in just one week and a potential change in its long-term trajectory.
For several months, the cryptocurrency has been on a downward trajectory; However, it is currently showing great importance Signs of recovery. The next important level for LINK is $17, and investors and experts are watching the stock closely.
Chainlink has started to attract the attention of both institutional and retail investors after breaking out of the bearish channel and crossing the major exponential moving averages. This technical breakout could pave the way for larger gains.
Pisces activity increases confidence
Whale activity has been one of the main drivers of the bullish momentum we are currently seeing in LINK. like IntoTheBlock This may be the case, as LINK’s large transactions have jumped by 8.56% in the past 24 hours. The rise indicates that the big players are very optimistic, something that has not gone unnoticed.
Interest in the retail sector is also growing, with a 2.10% increase in new titles and a 1.09% increase in daily active users. According to Chainlink, Chainlink has become popular on social media santiment search, The sentiment and weight metrics showed a jump of 0.28%. Investors are talking, and the talk is fueling LINK’s bull run.
Correlate price action
Currently, at $16.94, Chainlink is up 11% over the past 24 hours, poised to take the next jump and break above the $17.12 resistance barrier. Analysts believe that if it crosses this specific barrier, the path to $30 will become more likely. Some expect that continued momentum could facilitate a retest of LINK’s all-time high of $52.88, achieved in May 2021.
The cryptocurrency market as a whole is seeing a bullish month of November, with Bitcoin remaining above $98,000. This broader confidence is fueling Chainlink’s potential, but it still needs to catch up to previous highs.
#chainlink
Trying to break multi-year resistance. It is likely to enter a bullish expansion phase. + The weekly Relative Strength Index (RSI) breakout has been confirmed. $link#Encryption $alternative
https://t.co/2bZ8zNcP61 pic.twitter.com/Efm0dE9KfZ
– Kevin Svenson (@KevinSvenson_) November 22, 2024
A journey in the making
Coinglass data shows a rise in Chainlink futures contracts traded, indicating increased trader curiosity and confidence. Additionally, increased open interest in LINK will help support the positive story. Although technical indicators and market sentiment predict the future, reaching a new all-time high will need steady market confidence and favorable conditions.
Chainlink is enjoying a current of optimism at the moment, driven by whale activity and growing retail interest. If it can continue on this path and break through key resistance levels, LINK may be able to surprise everyone and regain its old glory.
Featured image from DALL-E, chart from TradingView
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