Chainlink (LINK) Price Reaches $30 for the First Time Since 2021 — Rally Shows No Signs of Stopping

Key Takeaways

• Chainlink reached a 1,120-day high of $30.94.
• The price is nearing a critical resistance at $36.40.
• Can LINK break out and move to its all-time high?

Chainlink’s price increased by 70% in November. It has continued that increase so far in December, posting gains of 52%. On Dec. 13, LINK reached a 1,120-day high of $30.94.

LINK faces only one more resistance before it can target its all-time high of $53. Let’s examine the price action and see if Chainlink can break it.

Chainlink Crosses $30

The weekly time frame chart shows that LINK has increased rapidly since the beginning of November, creating five bullish weekly candlesticks in six weeks. LINK reached a high of $30.95 this week, the highest price since November 2021.

During its increase, LINK broke out from the critical resistance at $23.22, created by the 0.382 Fibonacci retracement resistance and a horizontal resistance area.

It currently trades at the 0.5 Fibonacci retracement resistance at $28.90. Since this is not combined with any horizontal resistances, it is considered a minor resistance level.

If Chainlink’s price closes above it, it can reach the next resistance at $34.50. Similarly to the $23.22 one, this is a Fibonacci and horizontal resistance area.

Also, it is the final resistance before the all-time high, so a breakout above it can greatly accelerate the rate of increase.

Technical indicators are bullish, supporting the upward movement. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and above their bullish thresholds.

The RSI also moved above 70, previously leading to parabolic upward movements.

So, the weekly timeframe chart suggests the LINK price will break out from the $28.90 resistance and reach the next target at $34.60, possibly moving higher.

What Analysts Are Saying

Chainlink has been trending in the news since Donald Trump’s World Liberty bought  41,335 LINK at $24.2 for $1 million on Dec. 12. The LINK price has increased 20% since.

The account has bought more LINK  since. His holdings have now crossed the $2 million threshold.

Chainlink also announced  that Lista DAO, a liquid staking protocol with over $600 million in TVL, upgraded to the Chainlink standard. Two days ago, validators of the Ronin Ecosystem, one of the biggest gaming ecosystems in the crypto space, voted to adopt  Chainlink’s CCIP.

Investors and analysts are also bullish. Cephii suggests  the price will reach a new all-time high soon. Inmortal shares  the same idea, noting the similarities between the range deviations in 2024 and 2023.

Let’s look at the wave count and see what awaits.

Chainlink Rally Continues

The long-term wave count implies that LINK is in an extended wave three (white) of a five-wave upward movement.

The sub-wave count is black, showing that LINK is in sub-wave three. Giving wave three 1.61 times the length of wave one leads to a high of $37.88, close to the previously outlined long-term resistance.

The LINK price will likely reach the target because of the confluence and since this is the most common ratio between waves three and one.

The shorter-term count agrees, suggesting that LINK has likely completed sub-wave three in this upward movement.

The minor sub-wave count is in yellow, displaying a completed five-wave increase. Additionally, the RSI has developed a bearish divergence (green), implying a short-term decline could occur.

Therefore, LINK could dip slightly before resuming its upward movement toward $36.40-$37.80, completing its long-term wave three in the process.

Then, the price could begin a lengthier correction before the upward movement resumes.

2025 Will be Bullish

Chainlink’s upward movement exceeded $30 for the first time since 2021. LINK is nearing a long-term confluence of resistances at $36.40, likely to act as a temporary top.

However, the long-term trend is still bullish, and another upward movement will likely take the price to a new all-time high.