Chainlink (LINK) Eyes Bull Flag Breakout, Targets $50

LINK LINK $8.88 24h volatility: 0.8% Market cap: $6.29 B Vol. 24h: $384.82 M , the native token of Chainlink, a prominent blockchain oracle network, eyes an entry into the list of top 10 cryptocurrencies with the highest market capitalizations. Currently valued at a massive $15.54 billion, the digital currency could soon double its valuation, according to the well-known analyst in the digital asset space Ali Martinez.

Chainlink (LINK) is expected to soar to the $50 price level as the altcoin has formed a bullish flag pattern. As pointed out in a post on X (formerly Twitter) by Martinez, LINK has broken out of this flag and now seeks higher prices. The target of such a flag pattern is calculated by measuring the height of the flagpole, which is the vertical distance of the initial strong upward move leading to the flag formation, and then adding it to the breakout price.

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#Chainlink $LINK is in the middle of a bullish breakout, targeting $50! pic.twitter.com/ffMRNDNYL2

— Ali (@ali_charts) January 22, 2025

As reported earlier, Chainlink is facing strong resistance at the $27.14 price level despite a 13.41% price surge in the last seven days. Another significant resistance stands at $29 and as per recent IntoTheBlock data, an overwhelming 80% of the holders of LINK are currently in profit. The altcoin has soared 74% in the past year and trades at $24.31 at the time of writing, CoinMarketCap shows.

It is also important to note that US President Donald Trump’s World Liberty Financial has shown growing interest in Chainlink. The firm’s wallet holds 256.315K LINK worth over $6.25 million along with $181.9 million in Ether ETH $2 118 24h volatility: 1.1% Market cap: $255.90 B Vol. 24h: $27.07 B and $56.41 million in WBTC [NC].

Chainlink (LINK) Price Analysis

LINK’s trading volume dropped by more than 50% in the past 24 hours, currently standing at $590.23 million. A massive $99 million was traded in LINK/USDT and LINK/USDC pairs in the past 24 hours, with the altcoin claiming a daily high of $25.97.

As per the chart provided by TradingView below, the Relative Strength Index (RSI) reads a value of 54.41 for the LINK price action. This means that the bulls have regained control of the altcoin, but the gradient of the line suggests stagnation at the current resistance levels and a retest of lower $20 price levels.

Further, the Moving Average Convergence/Divergence (MACD) indicator is bullish for LINK, with the MACD line (blue) continuing above the signal line (red). The MACD histogram is also bullish, but the intensity of the green bars is declining while the red and blue lines are coming closer, indicating a surge in selling pressure.

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