The post Bitcoin Hits New Highs $76203 — Is Chainlink Ready to Soar to $40? appeared first on Coinpedia Fintech News
With Bitcoin smashing all-time highs daily, recently reaching $76,203, Donald Trump’s win in the U.S. presidential race has been a major catalyst, fueling bullish sentiment in the market. This Bitcoin rally is beginning to spread across other cryptocurrencies, especially Chainlink (LINK), which now shows signs of a bullish breakout. Analysts predict LINK could be on track to reach $40 soon, riding the wave of renewed investor optimism.
Chainlink (LINK) Signals Bullish Move
According to crypto analyst ZAYK Charts, LINK’s weekly chart currently displays a “falling wedge” pattern—a setup that often signals a potential upward movement. Meanwhile, LINK’s immediate resistance lies at the upper boundary of the wedge pattern around $15, which analysts consider crucial for a breakout.
$LINK is Breaking out as Expected
Send it 40$
#LINK #LINKUSDT #Chainlink #Crypto https://t.co/jbOh0qM4m8 pic.twitter.com/aQM8LSgH50
— ZAYK Charts (@ZAYKCharts) November 7, 2024
If Link continues to break above the resistance level of the wedge, analysts believe that it could lead to a significant price move, which will surge to $40 in coming days.
Is Buyer Support Behind Chainlink’s Rally?
Chainlink (LINK) is showing signs of a potential breakout as buying pressure builds. On the four-hour chart, the Relative Strength Index (RSI) recently hit 71, indicating strong buying momentum. This increase suggests more traders are backing LINK’s upward trend.
In the derivatives market, interest in LINK is also rising. Open Interest jumped to $203 million, and Funding Rates have spiked, signaling that traders are betting on more gains for Chainlink. With support from both buyers and traders, LINK could soon break past resistance and aim for new highs.
Chainlink’s Network Activity Spikes
In addition to buyer momentum, Chainlink’s network activity is also showing impressive growth. Santiment, a blockchain analytical platform report that chainlink ranks as the top Real World Asset (RWA) project by development activity.
Over the past 30 days, development on the network has surged by an astounding 14,000%. Alongside of this active addresses on the Chainlink blockchain have also spiked. In just four days, daily active addresses rose from 1,930 to 2,750
With both buying pressure and network engagement on the rise, LINK may be poised for a continued rally.
