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Chainlink Eyes $35 Amid Developments and Technical Strength

Chainlink Eyes $35 Amid Developments and Technical Strength

CryptotaleCryptotale2025/01/24 03:30
By:admin
  • Chainlink (LINK) targets $35, driven by a bullish cup and handle pattern and macro analysis.
  • Analyst Sxei highlights LINK’s strong wave structure, with $18 as protected support.
  • Founder Sergey Nazarov emphasizes institutional adoption and regulatory clarity as key drivers.

Chainlink (LINK) shows strong potential for reaching $35 in the coming months, driven by a combination of technical indicators and fundamental developments. According to analyst Merlijn The Trader, LINK is experiencing a breakout pattern, identified as a textbook cup and handle formation. This classical technical pattern typically precedes substantial price movements, with the current setup showing strong bullish momentum.

$LINK is breaking out of a textbook cup and handle pattern.

The setup looks insane—let’s see how high this can go. pic.twitter.com/f8OvBu2HdM

— Merlijn The Trader (@MerlijnTrader) January 23, 2025

Market analyst Sxei’s macro analysis highlights LINK’s different strength compared to other altcoins, pointing to a clear five-wave structure. After reaching a local top in March 2024 and finding support at $9 in August 2024, the token has established protected support at $18. This technical foundation suggests the potential for continued upward movement as part of a larger macro wave 3 pattern.

Related: Ross Ulbricht Thanks Trump After Pardon and Freedom

Adding weight to the bullish outlook, Chainlink founder Sergey Nazarov recently discussed the impact of crypto-friendly government policies, throwing emphasis on Trump unlocking participation from major financial institutions, managing hundreds of trillions of dollars in assets. This institutional adoption could impact LINK’s value, given Chainlink’s critical role in providing oracle services for real-world asset tokenization and cross-chain transactions.

“Welcome to the new global financial system.”@SergeyNazarov explains how the crypto executive order establishing the President‘s Working Group on Digital Asset Markets makes cryptocurrencies, blockchains, and related technologies a focus for the United States: pic.twitter.com/8i1LK0wxIp

— Chainlink (@chainlink) January 23, 2025

The potential surge to $35 appears technically feasible, with analyst Quinten from We Rate projecting an intermediate target of $29. This measured approach to price targets aligns with the token’s historical price movement patterns and current market structure.

The progression toward $35 is expected to follow a measured path, with potential consolidation periods at key resistance levels. This measured advance aligns with the broader market’s maturation and the gradual integration of blockchain technology into traditional financial systems.

Investors should note that while technical and fundamental indicators support the bullish case, cryptocurrency markets remain subject to broader market conditions and regulatory developments. The path to $35 may include periods of volatility and consolidation, typical of cryptocurrency market movements.

The post Chainlink Eyes $35 Amid Developments and Technical Strength appeared first on Cryptotale.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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