LINK or Chainlink registered a 27% hike in 24 hours amid the ongoing price surge. The rally emerged as metrics like the Golden Cross suggested that LINK be set for another rally.
Technical indicators hint at the coin eyeing the 26-dollar price level. The Golden Cross only appears when the SMA (short-term moving average)m generally the 50-day moving average, crosses the LMA (long-term moving average), like the 200-day moving average.
The Chainlink long term price prediction pattern is a prevalent bullish signal, showing that a coin may enter a sustained upward trend. Chainlink’s hitting the Golden Cross has filled analysts and traders with optimism, and they speculate that the token will continue its upward movement.
LINK currently trades at 24.64 dollars with a weekly surge of 40.81%. The surge has pushed Chainlink to the 15th rank in the top cryptos. Chainlink is still 53.24% down from its all-time high, but the Golden Cross suggests a rally toward the mark.
Its latest surge is supported by multiple technical indicators besides the moving averages. The RSI (Relative Strength Index) for LINK is also rising right now. The metric suggests that the coin will see more demand as more traders join the market.
Even then, analysts note that the coin can face short-term resistance before hitting 26 dollars. The growing demand for DeFi platforms is playing a crucial role in LINK’s rise.
With more DeFi projects launching, Chainlink’s oracle solutions are seeing more demand, driving LINK’s demand. At the same time, the current market conditions support cryptocurrencies.
Ever since Donald Trump secured a win in the 2024 US Presidential race, the crypto domain has been celebrating. The victory pushed Bitcoin to its all-time high and almost hit 100,000 dollars. XRP also became the 3rd ranked crypto in the world with a sudden boost.
Favorable market conditions are expected to be sustained since the Trump administration has publicly supported cryptocurrencies. Given Chainlink’s value proposition, its demand is only expected to grow with DeFi going mainstream.
