Chainlink (LINK) Price Breaks Out of a Multi-Year Downtrend, Analyst Predict 0ver 460% LINK Price Rally

Chainlink (LINK) price has witnessed a surge climbing over 10% in the last 24 hours after establishing support at the intra-low of $27.81.

Chainlink (LINK) price soared by more than 10% in the last 24 hours, continuing its rally after establishing support at the intra-low of $27.81. The cryptocurrency is now trading around $29.98, and analysts are predicting a potential surge toward $50 in the coming weeks.

This trend follows a breakout from a long-term downtrend that spanned multiple years, supported by strong buying momentum and technical patterns. In turn, during the rally, LINK's market capitalization increased by over 9%, surpassing the $18.7B market cap, despite a 32% decrease in 24 hour trading volume.

Chainlink Price Breaks Out of a Multi-Year Downtrend

Chainlink price's current rally can be attributed to its recent breakout from a prolonged downtrend. The cryptocurrency experienced a noticeable shift in Q4 2024 after consolidating within a falling wedge pattern. Amid this recovery, Donald Trump’s World Liberty Finance has bought Chainlink (LINK) tokens for over $2.3 million due to the Blackrock partnership speculation, as we earlier reported.

According to ZAYKCharts, the breakout began after Chainlink price surpassed resistance levels at $13.50 and $17.50 earlier this year. These price levels, which previously acted as barriers, have now turned into key support zones. Following the breakout, Chainlink’s price has accelerated, with strong buying activity pushing it higher.

At press time, Chainlink is approaching critical resistance near $30.40, with analysts keeping a close eye on its price action for confirmation of further movement. A decisive close above this level is expected to pave the way for additional gains.

Moreover, Ali, a top crypto analyst on X, stated, “Chainlink looks like it wants to break out to $34. I will be watching for an hourly close above $30.4 to confirm the breakout.” Beyond $30.40, intermediate resistance zones are identified in the $35–$40 range, with a longer-term target of $55.39 being projected.

Analyst Predict 0ver 460% LINK Price Rally

Concurrently, several technical patterns support the ongoing bullish momentum for Chainlink. Crypto analyst ZAYKCharts highlighted two falling wedge patterns observed over the last three years.