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.
As Bitcoin BTC $104 961 24h volatility: 3.6% Market cap: $2.09 T Vol. 24h: $46.77 B crosses the $95,000 level, the cryptocurrency market is in a recovery mode. Amid the surge of buying pressure, Chainlink LINK $12.96 24h volatility: 10.4% Market cap: $8.79 B Vol. 24h: $566.52 M 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.
Chainlink Reversal Targets $30
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.
Analyst Reveals Massive Upside in Chainlink
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.
LINK Holdings Grow by $5 Billion in 2024
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.
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