Chainlink Price Forecast: LINK Eyes $30 as Key Resistance Breached

Highlights:

• Chainlink bulls have pushed the price through the weekly $23.75 resistance
• The rally through resistance paves the way for a rally to $30
• Crypto taking office on Monday could help sustain momentum through the weekend

Chainlink has emerged as one of the best-performing cryptocurrencies in the last 24 hours. In this period, Chainlink has outperformed most top 20 cryptocurrencies with its 10.56% price rally to stand at $24.10. Chainlink trading volumes are also on the rise. They are up by 41% to stand at $1.12 billion in the day. The rising volumes indicate the surge in investor interest in Chainlink.

The increased bullish sentiment for Chainlink also validates the rising investor interest. In the last 24 hours, CoinMarketCap’s sentiment tracker has seen 89% of investors bullish on Chainlink. Several fundamental factors support a continuation of the momentum that Chainlink has built up in the last 24 hours.

Chainlink Price Boosted by Growing Adoption and StakeStone Partnership

One of them is the fact that Chainlink is gaining adoption. Chainlink continues to be one of the most adopted cryptocurrencies thanks to its central role in the decentralized data oracles space. The latest to adopt Chainlink is StakeStone. StakeStone has announced that it is leveraging Chainlink’s CCIP in its systems. This is to ensure that Chainlink offers them a high level of security and reliability. 

.@Stake_Stone has adopted Chainlink CCIP across @arbitrum, @base, @ethereum, and @Optimism.

StakeStone is leveraging @LidoFinance’s Direct Staking rails powered by the Chainlink standard to enable its users to stake their ETH directly from L2s.https://t.co/R93NMw3mB1 pic.twitter.com/Re9f8DqbJJ

— Chainlink (@chainlink) January 17, 2025

According to StakeStone CEO, Chainlink has a strong commitment to security and they also have the infrastructure that aligns with their strategy. The move by StakeStone to adopt Chainlink has given LINK a major as more investors see it as one of the most fundamentally strong cryptocurrencies in the market today. This is likely to see Chainlink’s price rally significantly in the future.

Expectations Around Trump Presidency Boosting Sentiment

Besides the growing adoption, Chainlink is likely to get a boost from the incoming Trump administration. The latest news hitting the market is that Trump will make an executive order that will fast-track the cryptocurrency market in the US. The order is expected to heavily favor US-based cryptocurrencies. 

Trump plans to release an executive order elevating crypto as a policy priority and giving industry insiders a voice within his administration https://t.co/egBFjchxsO

— Bloomberg Crypto (@crypto) January 16, 2025

Not only is Chainlink US-based, but its strong fundamentals put it among the most prominent cryptocurrencies in the country. This gives it significant leverage as one of the cryptocurrencies that could see significant inflows once Trump’s executive order comes into action.

Chainlink Making Things Easier for Developers a Bullish Signal

Chainlink also continues to gain traction amongst developers thanks to its cross-chain token standard. Through this standard, developers, developers have full ownership of token contracts. That’s regardless of the chain that they are using. It is a fact that could trigger a rally Chainlink price in the future.

With the Cross-Chain Token (CCT) standard, developers don't have to worry about vendor lock-in.

CCT enables developers to retain full ownership of their token contracts, CCIP token pools, and customized implementation logic across all chains. pic.twitter.com/723opfFy5y

— Chainlink (@chainlink) January 16, 2025

Technical Analysis – Chainlink Price Rally Through Resistance Puts Focus On $30

Chainlink’s charts also indicate its potential in an increasingly bullish market. After a strong selloff on January 13, bears were rejected at $17.83. This saw LINK end the day above multi-month support at $19.35. Since then, bulls have gained strong momentum and it is accelerating. The accelerated bullish momentum is evident in the fact that in the last 24 hours, Chainlink has rallied through multi-week resistance at $23.75.

If bulls sustain the momentum and Chainlink price closes the day above $23.75, then a rally to $29.27 could follow. However, if bulls fail to end the day above the $23.75 resistance, a consolidation could follow between the $23.75 resistance and $19.35 support. 

Of these two scenarios, the odds are high that bulls could sustain momentum above $23.75. That’s because not only does LINK have strong news, but the expectation of Trump making a pro-crypto pronouncement after taking office will likely trigger a bullish weekend for cryptocurrencies.