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- Chainlink’s (LINK) ongoing pullback could soon be over as analysts predict a decisive bullish reversal to $30 by breaking above its descending resistance.
- This massive move is expected to be triggered by multiple factors including the rising sentiments around recent collaborations with Ripple and Aptos.
A CNF report earlier discussed the possibility of Chainlink (LINK) decisively breaking the crucial resistance range between $18 and $25 to embark on a significant run in a bid to breach its all-time high level at $52 recorded on May 10, 2021. However, a steady movement to the upper boundary of this range was overturned by an unexpected force in the broad market, dragging LINK to the current position at $19, which is a crucial support level.
Price Analysis
According to our market data, LINK’s market performance across all the notable periods, excluding the 90-day chart, has been marked by negative returns and bearish market sentiment. Specifically, the asset has recorded a $3.8% decline on its 24-hour price chart, a 19% decline in the last seven days, and 34% in the last 30 days. Meanwhile, analysts are optimistic of a breakout either in January or February.
Analyzing a thesis by analyst Carl Runefelt, we observe that LINK has been trading in the falling wedge pattern in the daily timeframe. Analysts have usually associated this with a bullish reversal pattern validated by a move above the descending resistance. Meanwhile, his potential breakout target has been positioned at the $30.94 level.
Having recognized the huge potential, whales are aggressively accumulating the dip, as confirmed by CNF in a previous report. As far back as December 23, new whales made a bold move to acquire 362,380 LINK ($8.19 million) from Binance. Fascinatingly, this coincided with impressive on-chain activities as active addresses surged by 0.83% within the period to reach 5,700.
Earlier in November, another analyst identified as JavonTM1 predicted that LINK could be embarking on a 243% rally to send the price to $47. However, the realization is reported to be subject to key underlying initiatives, including the recent partnership between Chainlink and Ripple
Chainlink’s (LINK) Partnerships and Provisions
Ripple was recently reported to have collaborated with Chainlink to bring highly accurate pricing data to its stablecoin RLUSD on-chain. Apart from the provision of quality data, Chainlink also provides an incredible level of decentralized network, reputation system, and secure node operators.
📈 Ripple teams up with Chainlink to enhance its RLUSD stablecoin with secure, verifiable price feeds. This partnership integrates Chainlink’s blockchain tech into Ripple’s ecosystem, aiming to provide robust pricing data. More details in Ripple’s Jan. 7 statement.— Bywire News (@bywirenews) January 10, 2025
At that time, Chief Business Officer at Chainlink Labs Johann Eid highlighted the importance of Chainlink adoption for verifiable data.
We’re thrilled to be working with Ripple on accelerating the adoption of their recently launched RLUSD stablecoin through the adoption of the Chainlink standard for verifiable data. The adoption of tokenized assets such as stablecoins will continue to accelerate in the coming years, and having access to critical on-chain data will accelerate the process.
Meanwhile, layer 1 Proof-of-Stake blockchain Aptos has also integrated Chainlink Data Feeds to boost scalability and Decentralized Applications (DApps) per CNF report.
