Chainlink Price Analysis: Can LINK Soar to $40 As Historic Pattern Repeats?

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As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The current Chainlink (LINK) price action has caught my attention due to its uncanny resemblance to a historical pattern that played out during the previous market cycle.

The current price of Chainlink (LINK) is experiencing resistance following its breakout from a prolonged consolidation period. Over the past 24 hours, LINK has dropped by 2.1%, now trading at $14.71. After reaching a peak of $15.15 during the day, Chainlink encountered a rejection. However, an important historical pattern on its chart indicates the possibility of a significant 167% increase in the upcoming days. Will Chainlink fulfill this prediction?

Historic Pattern Repeats: What It Means for Chainlink Price

In the past market trend, Chainlink’s price peaked at $53 prior to the onset of the bear market. Subsequently, its price plummeted to a bottom of $3.66 and then remained stagnant for more than a year during consolidation. Later in late 2023, there was a significant surge of 167% that marked the early stages of the 2025 bull market.

For approximately 8 months since March 2024, LINK’s price behavior has mirrored the pattern mentioned earlier; on November 4, Chainlink broke free from its holding zone. If past trends persist, the value of LINK could potentially rise by a significant 167%, which would estimate it to be around $35.

Chainlink Price Analysis: Bullish Signals or Warning Signs?

The projected Chainlink price analysis indicates that the asset is finding difficulty surpassing the $15.35 barrier, a level previously tested and proven resistant on two occasions. To overcome this hurdle, it might require additional strength or momentum.

Notable levels of potential resistance can be found at $15.35, $16.73, and $18.50. Conversely, Chainlink might find a base around $13.40; if it falls below this point, the price could slide into the $10-$13 area.

 

Currently, the Relative Strength Index (RSI) for Chainlink is at 56.20 and climbing, indicating an upsurge in buying interest. A minor barrier around 57 might be encountered, but if it surpasses this level, Chainlink’s price may break through the $15.35 resistance.

 

 

Over the past day, the trading volume decreased by approximately 28%, indicating a decrease in market activity. This decline might be due to the $15.35 price point acting as a profit-taking area, leading to a reversal or withdrawal of funds.

Can LINK Realistically Reach $40?

It’s plausible that Chainlink could reach $40 again, as it has reached this price point previously. Moreover, the escalating Relative Strength Index (RSI) indicates growing interest in purchasing the asset. Additionally, past trends hint that a return to $40 and potentially beyond for Chainlink is a possibility.

Furthermore, the monthly value accumulated reached an impressive $17 billion in November, marking a rise from $16 billion in October. Given this substantial figure, it’s reasonable to anticipate a significant rise in demand for LINK moving forward. This could potentially lead to a price hike, with estimates reaching as high as $40, and even $100 becoming a possibility.

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2024-11-20 19:12