While the digital currency market is on the path to improvement and Bitcoin has surpassed the $95,000 mark, Chainlink (LINK) is also gearing up for a new uptrend. Chainlink, as the 13th largest cryptocurrency with a market value of $14.3 billion, has seen over 10% growth in the past 24 hours and is now trading above $22. Over the past year, investor confidence in Chainlink has significantly increased, evident from the noticeable growth in the total held LINK tokens from $15.2 billion to $20.57 billion, nearing its 52-week high of $29.43 billion. Moreover, the volume of addresses holding between $100,000 to $1 million worth of LINK tokens has increased from $1.08 billion to $1.34 billion, reaching its 52-week high of $1.36 billion. By analyzing the daily price chart of Chainlink, two demand zones for Chainlink are observed within the ranges of $19.5 to $18.5 and $15 to $14. It is worth mentioning that the lower demand range coincides with the 200-day moving average, which acts as a strong price resistance. On the path ahead for LINK, there are several resistances that seem to be broken one after the other. The upcoming resistances include: $25, $28, and the psychological level of $30. A noteworthy factor empowering the recent uptrend of LINK is the decrease in trading volume during price corrections. In 2024, Chainlink played a prominent role as one of the top projects in the decentralized finance sector, strengthening its position through strategic collaborations with major financial institutions like UBS, launching innovative projects like Smart NAV, and tokenizing assets. Top analysts foresee significant growth potential for Chainlink in 2025, possibly reaching $80 or at least the historical peak of $38. Given its strong performance in 2024, the uptrend of this project is likely to continue. The LINK token is currently testing new resistance levels with a strong upward movement, with further growth expected in the coming year. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and instantly.
