Chinalink Poised for a 20% Upswing This Weekend-Will LINK Price Make it to $50 in 2024?
The coin started consolidating within a tight range as the market neared the end of weekly trading. Bitcoin price remains above $101,000, but prices of Ethereum and other altcoins are facing strong upward pressure. Meanwhile, Chianlink (LINK) price resisted the bearish influence and launched a strong bullish attack, surging above $30.
After an increase of more than 10% link price Continue strong bullish momentum? Will it hit $50 by the end of 2024?
Since November, LINK price has been showing tremendous strength after breaking out of the consolidation range below $15. However, the coin kept forming higher highs and lows and reached levels just below the $27.5 to $28.32 resistance zone. The bears struggled to limit the price below $29, but the current move above $30 signals the start of a new bullish wave.
Considering the current trading setup, this suggests that Chainlink price is forming an upward wave, similar to an Elliott Wave. If the LINK price increase follows the same pattern, the upcoming high could be above $40.
A popular analyst, andrky expects a massive bullish wave on LINK price growth, which could push the coin to break out of a consolidation pattern. Prices have completed two of Elliott’s waves and are in the middle of a third wave that could rise above triple digits in the long term, as analysts suggest. Meanwhile, in the short term, the next stop on the rally could be above $40, at around $41.5, which could happen before the end of 2025.
Therefore, the price of Chainlink seems to be quite explosive at the moment, while the trading volume continues to shrink. Amid continued price gains, volume fell from over $4 billion to around $2 billion, indicating less selling. As a result, fears of a minor pullback remain looming over the cryptocurrency, which may intensify as LINK price reaches $35. Therefore, if the bulls clear this key resistance, LINK price is expected to rise closer to $50.
