The recent surge in the Chainlink price has captured the attention of crypto enthusiasts, marking a significant milestone as it hits the $30* mark for the first time since *2022. This bounce back reflects the altcoin’s resilience despite a general cooling in the broader cryptocurrency market. As Chainlink aims to reclaim its previous all-time high, many are left wondering what’s next for this promising digital asset.
So, what’s brewing for Chainlink? According to renowned analyst Ali Martinez on the social media platform X, the rally may just be getting started, as he points to exciting projections on the horizon.
Looking at Chainlink’s Potential Path to $34
Martinez shared insights suggesting that Chainlink might be poised for further bullish movement in the days to come. He highlighted an interesting ascending triangle pattern in the 1-hour price chart of LINK. This chart pattern is characterized by a horizontal line connecting the peaks and an upward trendline along the troughs, indicating potential growth.
Typically, ascending triangles are viewed as continuation patterns, suggesting that a breakout in the same direction as the trend is likely. While a breach of the upper horizontal line is favored, a breakout below the trendline is also on the table.
As shown in his analysis, the Chainlink price has been hanging around the critical upper horizontal threshold just above $30*. Martinez indicates that for a successful breach of this line, an hourly candlestick close above *$30.4* is necessary. Should this happen, Chainlink may see a leap, possibly reaching *$34* in the near future—a remarkable *15%* increase* from its current standing.
Current Chainlink Performance
At the moment, the Chainlink token stands at approximately $29.25*, reflecting a nearly *5% rise within the last 24 hours. Even more impressive is its performance over the past week, where it has surged over *17%*.
According to data from CoinGecko, Chainlink has experienced an astonishing *120% increase* over the preceding 30 days. This impressive climb secures its position as the 13th largest cryptocurrency, boasting a market capitalization exceeding $18.3* billion*.
The enthusiasm surrounding Chainlink is palpable, and as it tests new levels, investors and enthusiasts alike are eagerly watching its trajectory. Whether it’s aiming for $34 or further, the excitement isn’t likely to fade soon. As the market fluctuates and evolves, Chainlink’s journey remains one to follow closely. More content in ZCrypto.
