Amid the anticipations of a 2025 bull market, Chainlink prepares for a new recovery run. As an analyst predicts Chainlink to perform better against Bitcoin, the surge in LINK holdings paves the way to a new bull run.
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
As Bitcoin BTC $105 841 24h volatility: 2.0% Market cap: $2.10 T Vol. 24h: $73.50 B crosses the $95,000 level, the cryptocurrency market is in a recovery mode. Amid the surge of buying pressure, Chainlink LINK $25.77 24h volatility: 4.0% Market cap: $16.44 B Vol. 24h: $1.14 B is preparing to skyrocket in this, preparing to capitalize on the increased inflows and start a bullish rally.
Currently, Chainlink remains the 13th biggest cryptocurrency with a $14 billion market cap. Over the past 24 hours, it has increased by 10.35% and is trading above the $22 mark.
In the daily chart, the LINK price action showcases a bullish engulfing candle, undermining the pullback over December 30 and 31. With an 8.61% surge on January 1, the bullish trend continues with an intraday rise of 1.52%.
Photo: TradingView
Currently, LINK is trading at a market price of $22.02 and reclaims the broken 50-day EMA line. While the pullback comes as a potential retest of the broken head-and-shoulder pattern, a bullish closing above the broken neckline at $22 will nullify the bearish pattern.
In such a case, the recovery run could likely retest the previous rejection zone near the $30 psychological mark. On the flip side, the dynamic average lines at $21.11, $18.36, and $16.20 are critical support levels.
Furthermore, the $20 psychological mark has highlighted itself as a high-demand zone.
Amid the ongoing recovery, a well-known crypto analyst Michaël van de Poppe has given bullish projections for Chainlink. Despite the constant low-high formations on the LINK/BTC weekly chart, the current recovery run is searching for a new higher-low formation.
Currently, LINK price is experiencing lower price rejections from a price band slightly below 0.00022 BTC.
Request 02 – $LINK
The uptrend has begun.
It's now searching for a higher low, however, the valuation of Chainlink against Bitcoin is still super low.
I expect a lot of upside to come for LINK in 2025. pic.twitter.com/RBccFUf7oD
— Michaël van de Poppe (@CryptoMichNL) December 30, 2024
With the critical resistance highlighted at 0.0004480 BTC, the price chart by Michaël van de Poppe showcases a massive upside for Chainlink.
If Chainlink manages to surpass this critical resistance, a trend switch will start for Chainlink. This will likely continue with a higher high and higher low formation.
Over the past year, the bullish confidence among the Chainlink token holders has significantly increased. The Total Balance by holdings has grown from $15.2 billion to $20.57 billion while making a 52-week high peak at $29.43 billion.
This reflects the growth of whale confidence for Chainlink. Balance by holdings between $100,000 to $1 million has grown from $1.08 billion to $1.34 billion while making a 52-week high peak at $1.36 billion.
Photo: TradingView
Finally, the $11.32 billion worth of holdings in more than $10 million of investment has grown to $15.16 billion. Thus, with a bullish 2024, the uptrend in Chainlink is likely to continue.
Chainlink (LINK) shows strong bullish momentum ready to test higher levels, with analysts forecasting significant upside potential for 2025.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.