Chainlink (LINK) has captured the crypto market’s attention as it approaches the $35 mark, demonstrating remarkable strength in recent trading sessions. Chainlink price has had excellent performance over the past month, with the token price surging by over 119% from around $15 to the current level of over $29.
The LINK token also recently reached its highest level – going past the $30 mark – since three years ago when it set an all-time high. This comprehensive analysis explores the technical setup and fundamental developments that could influence LINK’s price trajectory in the coming weeks.
How World Liberty Financial and global partnerships are boosting Chainlink’s credibility
The recent developments surrounding Chainlink have added substantial weight to its bullish case. Chainlink appears to be gaining significant momentum and breaking new price levels. The token’s overall trading year has also been positive, with the price appreciating significantly.
World Liberty Financial’s strategic accumulation of LINK tokens, with two consecutive $1 million purchases, demonstrates strong institutional confidence in the protocol. This backing from a Trump-endorsed platform significantly enhances LINK’s credibility and could attract more institutional investors.
The surge in open interest to record highs above $860 million in LINK futures markets is particularly noteworthy. This massive increase in open interest, coinciding with price appreciation, suggests that traders are opening new long positions rather than closing existing ones, indicating strong bullish sentiment.
Furthermore, Chainlink’s expanding ecosystem through partnerships with Emirates NBD and Swift Network strengthens its fundamental value proposition. These collaborations with traditional financial institutions validate Chainlink’s oracle technology and its crucial role in bridging the gap between conventional finance and DeFi.
Technical analysis: Healthy momentum to push LINK towards $40?
Most technical indicators hint at a bullish 2025 coming for the token, but two key ones to discuss are the RSI and MACD. Looking at the trading chart taken over a period of 1 month, the LINK price has established a strong support level around the $29 zone, with consistent buying pressure maintaining this level.
The Moving Average Convergence Divergence (MACD) indicator corroborates the token’s positive momentum since the MACD line crosses above the signal line. This is typically a bullish signal for traders. Also, this crossover suggests that the short-term momentum is gaining strength over the longer-term trend.
The Relative Strength Index (RSI) currently hovering around 56.61 shows that LINK is in healthy territory, neither overbought nor oversold. This positioning properly sets the token up for further upward movement without fear of a pullback anytime soon. The moderate RSI reading combined with the recent price action suggests that the current rally might turn out to be sustainable as it is backed by genuine buying interest rather than mere hype.
Chainlink (LINK) Trading Chart. TradingView
Chainlink price prediction
Given the signals shown by technical and fundamental factors, LINK appears poised for continued upward momentum. The token’s impressive 119% surge over the past month, along with strategic partnerships, suggests a potential target of $40-45 in the near term, as long as the market conditions stay favorable.
The chart above shows that the price action has formed a series of higher lows and higher highs, which usually means a clear uptrend pattern. The recent consolidation of nearly $30 could serve as a springboard for the next leg up, particularly if the token can maintain its current support levels.
The key level to watch remains the $35 psychological barrier – a decisive break above this level has the capacity to trigger a new wave of buying pressure and accelerate the upward movement.
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