Chainlink (LINK) has shown resilience in the cryptocurrency market, with its price rising over 10% and breaking through the $30 barrier. This surge raises questions about the sustainability of its momentum and the possibility of reaching $50 by the end of 2024.
Since November, LINK has consistently formed higher highs and lows, indicating a potential new bullish wave. Analysts are closely monitoring this development, as it resembles the Elliott wave theory. Popular analyst Darky predicts a significant bullish wave for LINK, with a potential target of $41.5 by the end of 2025.
Despite a decline in trading volume, the reduction in sell-offs suggests a positive sign for bullish traders. However, caution remains as LINK approaches the $35 resistance level.
The overall sentiment in the cryptocurrency market is cautiously optimistic for Chainlink, with discussions about the potential for it to exceed $50 within the next year. Chainlink's utility in the decentralized finance space has solidified its market position, and as the demand for reliable data feeds grows, its prices could rise further. The focus remains on Chainlink's ability to maintain its bullish trajectory as the weekend approaches.