Chainlink to $50? LINK’s Wild Ride Through Crypto Chaos 🚀

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LINKLINK$24.1224h volatility:7.0%Market cap:$15.39 BVol. 24h:$750.54 M, the darling of blockchain oracles, is flirting with the idea of joining the elite club of top 10 cryptocurrencies. With a market cap that could make even Scrooge McDuck blush ($15.54 billion, to be precise), this digital asset is poised to double its worth, or so claims Ali Martinez, the Nostradamus of crypto charts. 🧙‍♂️

Chainlink (LINK) is currently strutting its stuff in a bullish flag pattern, a formation so technical it could make a mathematician weep. According to Martinez’s X post (formerly Twitter, for those still living in 2023), LINK has broken free from this flag and is now eyeing the $50 mark. The target, as calculated by the height of the flagpole (yes, really), is as precise as a Soviet five-year plan. 🚩

#Chainlink $LINK is in the middle of a bullish breakout, targeting $50!

— Ali (@ali_charts) January 22, 2025

But wait! The road to $50 is no cakewalk. LINK is currently butting heads with resistance at $27.14, despite a 13.41% price surge in the last week. Another formidable barrier looms at $29, and according to IntoTheBlock, 80% of LINK holders are sitting pretty in profit. The altcoin has soared 74% in the past year, currently trading at $24.31. Not bad for a token that started as a humble oracle. 🤑

In a twist that could only happen in the crypto world, Donald Trump’s World Liberty Financial has taken a shine to Chainlink. The firm’s wallet boasts 256.315K LINK (worth over $6.25 million), alongside $181.9 million in EtherETH$3 20924h volatility:3.0%Market cap:$386.07 BVol. 24h:$21.59 Band $56.41 million in WBTCWBTC$101 68424h volatility:2.9%Market cap:$13.14 BVol. 24h:$719.93 M. Who knew Trump had a soft spot for blockchain? 🤔

Chainlink (LINK) Price Analysis

LINK’s trading volume has taken a nosedive, dropping by more than 50% in the past 24 hours to a mere $590.23 million. A whopping $99 million was traded in LINK/USDT and LINK/USDC pairs, with the altcoin hitting a daily high of $25.97. Not too shabby for a token that’s supposedly “stagnating.” 📉

According to the chart below (courtesy of TradingView), the Relative Strength Index (RSI) for LINK is sitting at 54.41. This suggests that the bulls are back in charge, but the gradient of the line hints at a possible retest of the $20 levels. In other words, LINK might be taking a breather before its next big move. 🐂

Source: TradingView

Meanwhile, the Moving Average Convergence/Divergence (MACD) indicator is flashing bullish signals, with the MACD line (blue) staying above the signal line (red). The MACD histogram is also bullish, though the green bars are losing their intensity, and the red and blue lines are inching closer together. Translation: selling pressure is creeping in, but LINK isn’t ready to throw in the towel just yet. 💪

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2025-01-23 14:19