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Home»Bitcoin»Chainlink is on the verge of breakthrough: is LINK’s rise to $50 coming?
Bitcoin

Chainlink is on the verge of breakthrough: is LINK’s rise to $50 coming?

October 24, 2024No Comments3 Mins Read
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  • Chainlink is preparing for a breakout.
  • Whales are accumulating LINK as the end of the year approaches.

Chainlink (LINK) has approached a potential breakout as it nears a critical market point.

At press time, LINK was trading in a falling wedge pattern on the weekly time frame, with many traders predicting a significant upward move soon.

These developments could drive up the price of LINK as it becomes an even bigger player in the crypto world.

LINK action and price prediction

Looking at recent price action, Chainlink has gained around 0.5% over the past week. However, the last 24 hours saw a drop of 5.6%.

Despite the short-term losses, LINK’s trading volume surged by more than 10%, with approximately $290 million changing hands.

The volume to market capitalization ratio stands at 4%, indicating sufficient liquidity to support continued trading activity.

As LINK heads towards a possible breakout, all eyes are on the $15 level. If LINK manages to break and hold above this resistance, it could trigger a rally targeting $50 by next year.

Source: TradingView

LINK is currently trading below the 50-day moving average, and reversing this level could reignite the bullish momentum. Traders are watching this signal closely, as it could confirm a breakout from the descending wedge pattern.

If a breakout occurs, LINK could see a sharp rise, making it one of the top contenders in the crypto market in the final quarter of the year.

Whale orders and big trades

Large trades and whale orders offer additional clues to LINK’s future direction. On the K line chart, large transactions appear as circles, the size of which represents the transaction amount.

Whale orders are marked by horizontal lines, with Chainlink’s large orders concentrated around the $11 area.

These trades suggest that large investors are positioning themselves for a move higher, as whales typically accumulate when they expect prices to rise.

The longer these orders remain unfilled, the more likely it is that they will drive up the price of LINK.

LINKLINK

Source: Coinglass

LINK expands into RWA and AI

Chainlink’s expansion into real-world assets (RWA) and artificial intelligence (AI) also paves the way for significant price increases.

Chainlink’s role as a provider of secure oracles for smart contracts positions it perfectly for the upcoming tokenization of RWAs.

As major financial players like BlackRock explore the tokenization of stocks, bonds and real estate, Chainlink could become a central infrastructure for these assets.


Read Chainlink (LINK) Price Prediction 2024-2025


This integration could absorb massive amounts of liquidity into LINK, further increasing its price.

Chainlink finds itself at a pivotal moment. If LINK holds key support levels and breaks above $15, the sky could be the limit.

Next: XRP Ledger Liquidity Deposits Rise, But Altcoin Faces Resistance – What’s Next?



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