Chainlink’s (LINK) Price Set to Soar Following Mastercard Partnership

Key Takeaways

• Chainlink announced a partnership with Mastercard.
• The LINK price attempts to reclaim the $12.70 resistance.
• Is Chainlink’s correction over, and are new highs likely in 2025?

Chainlink bounced on June 22 and has increased by 20% since, suggesting the beginning of a bullish trend reversal.

Positive Chainlink news regarding a Mastercard partnership will likely aid the upward movement, bringing positive momentum.

Let’s examine the charts and see if LINK can begin an upward movement and where it will lead.

Chainlink Mastercard Partnership

On June 24, Chainlink announced a partnership with Mastercard, enabling billions of cardholders to purchase crypto directly on-chain.

Chainlink and Mastercard will connect the off-chain and on-chain worlds by partnering with Zero Hash, Swapper Finance, SHift4 Payments, and Xswap and leveraging the Uniswap Protocol.

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The Chainlink-powered Swapper Finance app immediately went live, enabling cardholders to purchase crypto directly on-chain from decentralized exchanges.

More specifically, each partner will provide:

• Swapper Finance: Front-end product delivering the user experience.

• XSwap: Executes swaps on-chain by sourcing liquidity from DEXs like Uniswap.

• zerohash: Provides compliance, custody, and transaction infrastructure (fiat-to-crypto conversion).

• Shift4 Payments: Handles card processing.

• Chainlink: Supplies the data and interoperability standard.

• Mastercard: Provides access to its payment network for broader fiat integration.

Chainlink founder Sergey Nazarov praised the deal: “This is the type of traditional finance and decentralized finance convergence that Chainlink was built to make possible.”

Raj Dhamodharan, Executive Vice President for blockchain and digital assets at Mastercard, stated, “In coming together with Chainlink, we’re unlocking a secure and innovative way to revolutionize on-chain commerce.”

Chainlink Price Analysis

The weekly time frame Chainlink chart shows that the price has traded inside an ascending parallel channel since May 2024.

LINK has traded close to the support trend line since March, bouncing twice.

This week, Chainlink’s price is creating a bullish engulfing candlestick, which will be confirmed with a close above $13.30.

Since the candlestick transpires at the channel’s support trend line and the $12.70 horizontal support area, it will be a decisive trend reversal sign if confirmed.

Technical indicators are at critical levels and could turn bullish with a sustained price increase.

The Relative Strength Index (RSI) is slightly below 50, and the Moving Average Convergence/Divergence (MACD) is slightly below 0.

A Chainlink price increase will cause both indicators to move into bullish territory.

A breakout from the descending resistance trend line will confirm the bullish trend reversal is underway.

Is the Correction Over?

The Chainlink wave count gives a bullish price prediction, suggesting that LINK is on the precipice of a massive upward movement.

According to the count, LINK completed a five-wave increase (green) and an A-B-C correction.

The A-B-C is a running flat correction where waves A and C have the same length.

Since the low of wave A is not breached, the running flat is one of the most bullish types of corrections and often leads to massive price increases.

An upward movement with the same length as the previous one will take the LINK price to $50, close to its all-time high.

The short-term count is also bullish, showing a five-wave increase followed by a deep correction that reached the 0.854 Fibonacci level (green icon).

Chainlink’s correction was contained inside a descending parallel channel, increasing its legitimacy.

Currently, LINK is in the channel’s upper portion, and a breakout from it will confirm the trend reversal.

Chainlink Could Rally

Chainlink announced a partnership with Mastercard on June 24, creating a positive buzz around LINK.

The price has completed long- and short-term correction and could be on the precipice of a parabolic rally.