- Chainlink ($LINK) is showing signs of a breakout, with a 243% potential rise toward $47.154, signaling a strong bullish trend.
- Despite low trading volume, Chainlink’s breakout above key resistance levels suggests a shift toward upward momentum.
- Chainlink’s new initiative with AI and oracles could revolutionize corporate data, involving major global financial institutions.
Market expert JavonMarks recently tweeted that the cryptocurrency is preparing for a big price spike near the $47.154 objective. Given that Chainlink’s price looks poised to breach key resistance levels, this represents a possible 243% run from its current levels.
Technical Analysis Shows Upward Momentum
After reaching its top in early 2021, Chainlink’s price chart covering the period from 2020 to late 2024 shows a lengthy downward trend. Following that, there was a small period of consolidation between mid-2022 and 2024, but otherwise, the price has been sharply declining.
The cryptocurrency has oscillated within a downward-sloping channel during this phase, with multiple peaks and troughs indicating steady but controlled movement downward. Recently, however, Chainlink has moved above the channel’s upper resistance line, signaling a potential breakout.
This breakout is noteworthy, considering the consolidation phase and the volume data. The volume trendline shows a decrease in trading activity, which suggests lower participation from traders during this period.
However, the breakout has occurred with low volume, which implies caution in the market. Despite this, the upward breakout suggests a shift in trend direction. If momentum continues, Chainlink could see a price surge toward the projected $47.154 target, offering a substantial opportunity for investors.
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Chainlink’s Growth Beyond Price Action
Additionally, Chainlink continues to push the boundaries of blockchain technology. Recently, the team behind the protocol revealed a new initiative combining AI, oracles, and blockchain to address gaps in corporate action data.
This project involves several major financial market infrastructure (FMI) providers, including Swift, Euroclear, and prominent investment firms like Franklin Templeton and Wellington Management.
Chainlink’s Oracle network enables blockchain-based solutions across various sectors. With over $16 trillion in transaction value facilitated, Chainlink’s Cross-Chain Interoperability Protocol enhanced interoperability across different blockchain networks.
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