Why Chainlink (LINK) Is Gearing Up For $25-30 Breakout Soon?

Blockchain data network Chainlink continues to power toward a highly anticipated upside breakout. Chainlink’s native LINK token hovers at the level of confirming a new bull cycle, according to experts. 

LINK has logged a 12% gain over the last seven days and is now pushing toward taking out the $17 level. The visible market support allowed the asset to consistently close above its 50-day moving average amid broader turbulence. LINK is also up by 6.1% in the last 24 hours.

Crucially, Chainlink appears poised to post a weekly relative strength index reading back above 70 for one of the first times since its towering 2021 rally stalled out. The renewed momentum compounds building optimism for a trend reversal after rangebound trading dominated most of last year.

Also read: Cardano Price Predictions: When Could ADA Reach $3, $7.03, and $10.40?

Crypto analyst eyes $25-$30 for LINK

Crypto analyst Michaël van de Poppe said this week that Chainlink LINK is gearing up for a push above the psychological $25-30 resistance zone. He contends that the multi-month base of $12.20 served as an accumulation dip that preceded rapid expansion.

Poppe also sees strengthening signs of altcoin rotations back to market leadership after Bitcoin’s summer dominance. He also mentioned the multiple tests of resistance and BTC pair bottoming while ETH started to rise.

Also read: Shiba Inu vs. Dogecoin: Which Meme Coin Will Erase A Zero First?

The collective developments have analysts urging investors to strap in ahead of a potential parabolic move if overhead resistance gives way. Of course, execution risks remain after last year’s false starts and prolonged underperformance left LINK investors constantly disappointed.