NewsLINK at $40? Here’s Why Chainlink Will Win Big in the Next Bitcoin Bull Run
Mustafa Mulla7 Nov 20242 min read
Bitcoin has been setting new all-time highs, recently hitting $76,203, and a major factor driving this rally is Donald Trump’s win in the U.S. presidential race. This has sparked a wave of bullish sentiment across the cryptocurrency market. As Bitcoin continues to rise, this optimism is spreading to other cryptocurrencies, particularly Chainlink (LINK), which is showing signs of a potential breakout. Analysts believe LINK could soon reach $40, fueled by the growing investor confidence.
What’s driving the optimism for LINK? Let’s understand better below.
Chainlink (LINK) Breaks Key Level
Crypto analyst ZAYK Charts points out that LINK’s weekly chart is forming a “falling wedge” pattern—a signal that often precedes upward movement. LINK’s immediate resistance lies at the upper boundary of this wedge, around $15. Analysts are closely monitoring this level, as breaking through it could lead to a sharp price increase.
If LINK successfully breaks above this resistance, analysts expect the price to surge toward $40 in the near future, with even more growth possible.
Is Buyer Support Behind Chainlink’s Rally?
Chainlink (LINK) is showing signs of a potential breakout as buying pressure builds. On the four-hour chart, the Relative Strength Index (RSI) recently hit 71, indicating strong buying momentum. This increase suggests more traders are backing LINK’s upward trend.
The derivatives market also shows rising confidence in LINK. Open Interest for Chainlink recently spiked to $203 million, and Funding Rates have surged as well. These indicators suggest that traders are increasingly optimistic about LINK’s future and are betting on further price increases.
Chainlink’s Network Activity Spikes
Chainlink is also seeing significant growth in network activity. According to blockchain analytics platform Santiment, Chainlink ranks as the leading Real World Asset (RWA) project by development activity. Over the past 30 days, development on the Chainlink network has surged by an impressive 14,000%.
Alongside this, the number of active addresses on the Chainlink blockchain has also grown. In just four days, daily active addresses increased from 1,930 to 2,750, showing that more users are engaging with the network.
With rising buying pressure, strong network growth, and increasing interest in the derivatives market, Chainlink appears poised for a continued rally. If these trends continue, LINK could soon break past key resistance levels and target new highs in the coming weeks.
Stay tuned to Coinpedia.
