- Chainlink price opened the second month of 2024 on a bullish note which could catalyze a bullish breakout from the consolidation established in the past three months.
- The rebound of the ETH/BTC pair is expected to trigger the much-anticipated altseason that could propel Chainlink’s price higher toward $30.
Chainlink (LINK), a blockchain abstraction layer that is focused on democratizing smart contracts from different chains, has grown to a mature network that has so far secured more than $9.6 trillion. Chainlink network has a vibrant community of investors and developers, thus the LINK price is well positioned to rally beyond its all-time high in the confirmed macro crypto bull cycle.
Furthermore, Chainlink core developers have introduced several game-changing products in the past few years including the Cross-Chain Interoperability Protocol (CCIP), which entered the mainnet early access phase on the Avalanche, Ethereum, Optimism, and Polygon blockchains in July last year.
Worth noting that Chainlink network continues to provide crucial oracle services to smart contract developers and is already tapped by various web3 protocols like AAVE, Coinbase, and Synthetics, among many others. Additionally, Chainlink network is working with traditional financial giants like ANZ bank and Swift to unlock the vast potential of real-world asset (RWA) tokenization.
Poppe on Chainlink Bullish Analysis
According to a popular crypto analyst based in Amsterdam, The Netherlands, Michaël van de Poppe, Chainlink (LINK) price preparing for the next bullish phase after a successful correction. The crypto analyst argued that LINK price has already established a correction bottom around $12.20, which was retested severally and never invalidated. As a result, Poppe believes LINK price is en route towards the next psychological resistance range between $25 and $30.
Notably, the LINK price on the weekly time frame must consistently close above the resistance/support level of around $16.4 in order to guarantee a continued bullish outlook. Meanwhile, the LINK bull has the upper hand, and the weekly bars have closed above the 200 Moving Average despite the death cross with the 50 MA that happened in late 2022.
#Chainlink is still stuck in a range but is likely going to break to the upside.
Why?
– Has taken the liquidity by the dip to $12.20.
– Multiple tests of resistance.
– $BTC pair bottoming.
– $ETH starting to wake up.Seems likely we'll see $25-30 in the coming months. pic.twitter.com/fDwA49H7as
— Michaël van de Poppe (@CryptoMichNL) January 30, 2024
The crypto analyst highlighted that Chainlink’s bullish outlook is largely pegged to Ethereum and Bitcoin’s price action in the coming few weeks. Ideally, the ETH/BTC pair must continue on a bullish outlook to signal further crypto cash rotation in the coming months. Furthermore, Bitcoin price is expected to consolidate in the range between $38k and $49k in the coming weeks before the pre-halving rally kicks off in the near term.
The higher low is confirmed on $LINK.
If Ethereum picks up pace, we'll see a massive breakout on Chainlink in the coming period.
We'll likely run to $25-30 in the coming period. pic.twitter.com/D514NHv1mK
— Michaël van de Poppe (@CryptoMichNL) February 1, 2024
LINK Price Action
After closing last month on a bullish outlook, Chainlink’s price opened February on a similar note amid the anticipated altcoin season. The mid-cap altcoin has a fully diluted valuation of about $$15 billion and a total liquidity of approximately $82 million on different decentralized financial (DeFi) platforms.
The altcoin has attracted notable attention from crypto traders as it has a volume-to-market cap ratio of about 9.23 percent. According to the latest market data, LINK price has rallied about 20 percent in the past 20 days to trade around $17.89.
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