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Chainlink (LINK) is riding a wave of bullish momentum, as reports suggest that the President of the United States has made an on-chain purchase of $1 million worth of LINK, further boosting market sentiment.
LINK Key Statistics
- Current Price: $28.2
- Market Cap: $17.7 billion
- Trading Volume (24h): $2.95 billion
- Circulating Supply: 626.8m LINK
- Total Supply: 1 billion LINK
- CoinMarketCap Ranking: #12
LINK has experienced a notable rally, climbing 17% in the past 7 days and an impressive 104% over the last 30 days. This outstanding growth underscores increasing excitement surrounding Chainlink’s expanding role in blockchain innovation.
LINK/USD Market
Key Levels
- Resistance: $29.45, $32.00, $35.00
- Support: $21.65, $14.68, $12.00
The daily chart for LINKUSD reveals a significant bullish momentum, with the current price standing at $28.24, reflecting a remarkable 17.27% increase. The price is trading well above the 20-day simple moving average (SMA) at $21.65, which serves as an initial support level. Additional support is observed at $14.68, aligning with the lower Bollinger Band, while a deeper retracement could test $12.00, which coincides with prior consolidation zones. The RSI is currently at 69.64, nearing the overbought threshold of 70, suggesting that while the uptrend is strong, a temporary pullback could occur if bullish momentum weakens.
On the resistance side, the immediate level to watch is $29.45, the recent high achieved during this rally. Should LINKUSD break this level, the next resistance could emerge around $32.00, a psychological round figure and a potential Fibonacci extension level. A further bullish breakout might aim for $35.00, which marks a historical resistance from a previous price cycle. If LINKUSD fails to breach these resistance levels, a retracement toward the $23.88 region, aligned with the middle Bollinger Band, could be expected. The current chart setup suggests cautious optimism, with bullish momentum persisting as long as key support zones remain intact.
Can Chainlink Surpass the Recent High of $29.4 as Momentum Builds?
Chainlink (LINK) is steadily climbing toward its recent high of $29.4, driven by strong market momentum and growing investors’ confidence. Currently, LINK is demonstrating bullish strength, supported by its recent recovery and increasing trading volume. Technical indicators point to sustained upward movement, with immediate resistance at $29.4 and support around $21. If LINK surpasses this key resistance, it could open the door for further gains, potentially marking a significant milestone in its price trajectory.
LINK Partners With Trump’s Coin – What Next?
Fundamentally, Chainlink’s robust adoption and critical role in blockchain ecosystems directly influence its price. As the leading decentralized oracle network, its integration into DeFi protocols and enterprise solutions increases its utility and demand. Recent high-profile partnerships and adoption by institutional players highlight its value proposition, signaling trust and long-term growth potential. This heightened demand for LINK tokens to facilitate oracle services drives buying pressure, contributing to its price appreciation and reinforcing its upward trajectory.
LINK/BTC Performance Insight
The LINK/BTC daily chart shows a significant bullish momentum, with the price trading near the upper Bollinger Band, indicating strong upward pressure. The RSI at 68.41 reflects near-overbought conditions, suggesting potential caution but maintaining bullish strength. LINK/BTC has risen sharply from its recent low of 0.0001446 to a high of 0.0002915, showcasing a 17.02% gain. Bullish signals on the RSI Divergence Indicator reinforce the positive sentiment. Immediate support lies at 0.0002217, with resistance at 0.0002915 as the next critical level. A sustained breakout above resistance could further solidify the bullish trend.
A well-known cryptocurrency enthusiast, ChainLinkGod, recently shared on X that the President of the United States, Donald Trump, has reportedly made an on-chain purchase of $1 million worth of LINK. He suggested that this development signals a wave of success and substantial growth ahead for the cryptocurrency, implying increased confidence and potential institutional interest in LINK’s future.
The President of the United States for the next four years just purchased $1M of $LINK onchain
You’re going to get tired with how much winning you’re about to experience pic.twitter.com/n8NZNtxLUu
— Zach Rynes | CLG (@ChainLinkGod) December 12, 2024
Alternatives to LINK
Chainlink’s expanding prominence within the DeFi sector underscores its pivotal role in delivering vital on-chain data and fostering seamless cross-chain connectivity. With its ecosystem supporting over $16 trillion in transaction value, Chainlink has solidified its position as a cornerstone for decentralized finance protocols, enabling real-time data access and integration across multiple blockchain networks. While Chainlink remains a key player, emerging projects are also capturing investor attention, with Wall Street Pepe ($WEPE) standing out as a notable example. Despite prevailing market challenges, $WEPE has raised an impressive $7.8 million in its presale, reflecting strong investors’ interest. Currently priced at $0.000213, the token presents an attractive opportunity for early participation.
Wall Street Pepe’s unique appeal lies in its creative take on the iconic Pepe the Frog meme, combined with a utility-driven ecosystem tailored to everyday crypto investors. Central to its offering is a private insider community where traders can share insights and refine strategies. Complementing this are advanced trading tools, real-time market signals, and actionable advice designed to empower smaller investors navigating the complexities of the crypto market.
Wall Street Pepe Poised To Become Better
The project’s momentum is further evidenced by its growing online community, particularly the expanding “WEPE Army” on Twitter. With over 4.7 billion $WEPE tokens staked at an impressive annual yield of 167%, Wall Street Pepe is gaining traction among retail investors eager to explore its trading-focused ecosystem. As development progresses, the project holds the potential to carve a profitable niche within the cryptocurrency landscape.
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