Chainlink price has recently reignited bullish sentiment after reclaiming critical support and breaking past the $17.50 resistance. After a strong rebound from the $12.70 support zone, LINK surged above the crucial threshold, signaling a shift in the momentum. With the current trading volume rising and the other technicals that are about to go bullish, the LINK price is about to trigger a strong upswing.
The LINK price underwent a notable uptick, a 50% upswing since the start of the month after breaking from the falling wedge. The price continues to rise; although the fear of a correction flashed for a while; the bulls managed to keep up the momentum of the rally. This was due to the immense participation of the investors, which was reflected by the rising active addresses that were jammed around a certain range.
The rise in the active address suggests the token is gaining attention from market participants, as the trading activity surged significantly. The rise in the daily active address was complemented by a rise in the price, while the investors seem to be more in accumulation mode rather than distribution. The exchange balances have plunged and reached their lowest levels since inception, indicating the rising optimism among the traders.
Now the question arises, what’s next for the Chainlink price? Will it reach $50 in 2025?
The weekly chart of LINK price suggests the token is trading within a bullish pattern and is testing the neckline of the double-bottom pattern. The CMF has surged beyond 0, while the weekly MACD has just turned bullish after remaining bearish since the start of the year. These are the most bullish factors for the Chainlink price rally, which suggests a bullish breakout is imminent, which may push the price to the upper resistance of the rising parallel channel.
These levels around $38 could be the final barrier ahead of the current ATH at $53; hence, a breakout above the parallel channel may help the LINK price to enter the discovery phase and form new highs.
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