Chainlink (LINK) Breaks Above $30, Targeting More Upside

Key Takeaways

• The daily chart indicates a developing five-wave impulsive structure with a corrective Wave (iv) likely complete.
• The hourly chart highlights a bullish Wave (iii) in progress, with Fibonacci levels at $22.74 and $30.81 as key support and resistance.
• Though minor pullbacks could occur, RSI on both time frames supports near-term bullish momentum.

Chainlink (LINK) has shown significant price action in higher and lower time frames, with potential Elliott Wave structures and Fibonacci retracement levels guiding future projections.

The daily chart reveals a larger impulsive structure in development, while the hourly chart highlights recent bullish momentum, offering critical zones to monitor for continuation or retracement.

LINK Price Analysis

The daily chart shows Chainlink in a five-wave Elliott Wave pattern that started after a prolonged correction and ended at nearly $10 at the start of November. Following Wave (ii) completion, LINK surged impulsively, completing Wave (iii) near $30.81. 

A corrective Wave (iv) retraced the price towards $17.90 on Jan 13, aligning with the 0.618 Fibonacci level.

The recent rebound above $22.74 confirms the potential end of Wave (iv) and the start of its next upward advancement. 

Wave (v) appears to be underway, aiming to break the prior Wave (iii) high of $30.81. A clear ascending structure suggests that bullish momentum could extend further.

The Relative Strength Index (RSI) on the daily time frame is neutral-to-bullish, reflecting room for additional upside before entering overbought territory.

However, a failure to maintain support above $22.74 may trigger deeper corrections, invalidating the current wave count.

Since its recent low on Jan 19, the price gained over 20% and hit a barrier of around $26. Some signs of struggle have been seen, but the overall outlook is bullish.

LINK Price Prediction

On the 1-hour chart, LINK is advancing within a lower degree five-wave structure. Wave (i) reached a peak of $26.88 before a shallow corrective Wave (ii) retraced to $22.17, respecting the 0.382 Fibonacci retracement level.

Currently, LINK is progressing through Wave (iii), with bullish targets aligning near $30.81.

The RSI on the hourly chart remains elevated, suggesting strong buying momentum but cautioning against immediate overextension.

Minor pullbacks during Wave (iii) are likely, with $25.00 serving as interim support. A subsequent corrective Wave (iv) could retest levels near $26.50 before the final push in Wave (v) targets the $35–$40 zone.

Key Levels to Watch

• Immediate Resistance: $26.88 (Wave (i) high).
• Secondary Resistance: $30.81.
• Major Resistance: $35.00–$40.00 (Wave (v) target zone).
• Immediate Support: $25.00 (0.236 Fibonacci retracement).
• Key Support: $22.74 (0.382 Fibonacci retracement).
• Critical Support: $17.90 (0.618 Fibonacci retracement).
• Short-Term Target for Wave (v): Above $35.00 if momentum sustains.
• Invalidation Zone: Below $17.90, negating the bullish wave structure.

In summary, Chainlink shows strong bullish prospects on daily and hourly time frames, with critical levels and wave counts providing a roadmap for potential targets.

While immediate momentum supports further gains, traders should watch for retracements to key Fibonacci zones for validation.