Rally

Jupiter

Chainlink

Rise

Following the market’s stabilization after the post-ETF sell-off, most leading cryptocurrencies have experienced a significant rebound over the past two weeks. Amid this positive turn, <a href="https://coingape.com/chainlink-link-price-shoots-17-dominating-altcoin-rally-next-target-25/" rel="noopener noreferrer nofollow">LINK</a>, the native token of the decentralized oracle network Chainlink, has significantly outshined its counterparts, registering a 35% increase in the last eight days. With market participants eagerly anticipating the first wave of an Altcoin rally, there’s growing speculation on whether the Chainlink price will continue its upward trajectory beyond the $30 threshold.
<h2 id="b-is-chainlink-price-ready-to-escape-3-month-consolidation-b">Is Chainlink Price Ready to Escape 3-Month Consolidation?</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the Channel pattern will release the build-up buying momentum&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">The development of the Cup and Handle pattern encourages further growth in the LINK price</li>
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the LINK coin is $1.6 Billion, indicating a 43% gain.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/j/jC4mq5jv.png" alt="Chainlink Price" width="1946" height="873">
 <figcaption class="wp-caption-text">
 Chainlink Price| TradingView Chart
 </figcaption>
</figure>
The Chainlink price had been an underperforming asset for nearly three months, wobbling between two diverging trendlines of expanding channel patterns. While the sideways action may bore the retail trader, the smart money participants were actively accumulating this asset as Coingape mentioned in its <a href="https://coingape.com/markets/chainlink-price-eyes-30-milestone-amid-whale-accumulation-surge/" rel="noopener noreferrer nofollow">previous analysis</a>.
With the renewed buying pressure in the crypto market, the LINK price showcased its suitability above $13.6 and surged a recovery to a new yearly high of $18.34. In tandem with the price recovery, The value of open futures contracts linked to LINK surged from $256M to a current high of $506M. This notable growth in open interest indicates a substantial influx of new capital into the market.
<figure id="attachment_178255" aria-describedby="caption-attachment-178255" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-178255" src="https://coingape.com/wp-content/uploads/2024/02/image_2024-02-03_01-04-34.png" alt="LINK Futures Open Interest (USD)" width="1687" height="400" srcset="https://coingape.com/wp-content/uploads/2024/02/image_2024-02-03_01-04-34.png 1687w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-03_01-04-34-300x71.png 300w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-03_01-04-34-1224x290.png 1224w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-03_01-04-34-768x182.png 768w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-03_01-04-34-1536x364.png 1536w, https://coingape.com/wp-content/uploads/2024/02/image_2024-02-03_01-04-34-150x36.png 150w" sizes="(max-width: 1687px) 100vw, 1687px">
 <figcaption id="caption-attachment-178255" class="wp-caption-text">
 LINK Futures Open Interest (USD)| Coinglass
 </figcaption>
</figure>
<blockquote>
 With an intraday high of 6.73%, the buyers currently challenge the upper boundary of the channel pattern. With a successful bullish breakout, the bullish momentum will accelerate and chase a potential target of $24.5, followed by $28.7.
</blockquote>
Having said that, the <a href="https://coingape.com/price/chainlink/" rel="noopener noreferrer nofollow">Chainlink price</a> may consolidate above the recently reclaimed $17.5 for the coming week and stabilize the price trend for future growth.
<h2 id="b-link-price-set-for-a-crucial-weekly-close-b">LINK Price Set For a Crucial Weekly Close?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/s/se5iJfKk.png" alt="Chainlink price" width="1946" height="873">
 <figcaption class="wp-caption-text">
 Chainlink price| TradingView Chart
 </figcaption>
</figure>
A look at the weekly time frame chart shows the recent price surge has breached the neckline resistance of the <a href="https://coingape.com/education/cup-and-handle-pattern-how-to-identify-and-take-leverage-of-it/" rel="noopener noreferrer nofollow">Cup-and-Handle pattern</a>. This pattern commonly spotted at the bottom of major downtrends reflects a potential for trend reversal. If the weekly candle closes above the $17.5 neckline, the buyers will get a suitable launch pad to aim for $30 potential.
<ul>
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The upswing in the upper boundary of the Bollinger band is a sign of active buying of this asset.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX uptick at 15% hints the buyers managed to regain its strength during the recent consolidation.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/markets/top-3-altcoins-to-buy-today-february-2-solana-sol-chainlink-link-jupiter-jup/" rel="noopener noreferrer nofollow">Top 3 Altcoins To Buy Today February 2: Solana (SOL), Chainlink (LINK), Jupiter (JUP)</a></li>
 <li><a href="https://coingape.com/markets/chainlink-price-prediction-will-link-consolidation-fuel-a-rise-to-25/" rel="noopener noreferrer nofollow">Chainlink Price Prediction: Will $LINK Consolidation Fuel a Rise to $25?</a></li>
 <li><a href="https://coingape.com/chainlink-link-price-shoots-6-5-eyeing-a-potential-rally-to-25-30/?utm_source=sidebartabnews" rel="noopener noreferrer nofollow">Chainlink (LINK) Price Surges 6.5% Eyeing A Potential Rally to $25-$30</a></li>
</ul>
The post <a href="https://coingape.com/markets/whats-next-chainlink-link-price-after-30-surge/" rel="noopener noreferrer nofollow">What’s Next For Chainlink (LINK) Price After 30% Weekly Surge?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What’s Next For Chainlink (LINK) Price After 30% Weekly Surge?

Table of Contents

Coingape News Media

Other articles published on Feb 2, 2024

Bull Token Price Prediction: BULL Soars 99% As This New GameFi Star Rockets Past $8 Million

UXLink’s Latest Innovation: Advanced WEB3 Wallet Functions Through Partnership with OKX Wallet

Crypto Analysis: Bitcoin’s Descent Below $43K, InQubeta Presale Moves Towards $10M

Meta’s Reality Labs Witnesses Quarterly Operating Loss of $4.6B

Bitcoin May Continue to Consolidate, While Other Altcoins Could Demonstrate Impressive Upward Mom...

RYI Unity To Launch “Unityconnect” Enabling EVM Omni-Chain

Join our free newsletter for daily crypto updates!