Chainlink Price Forecast: LINK Headed for $30 as Adoption Grows

Highlights:

• Chainlink is in a breakout after 21x partnership for tokenized European stocks
• LINK could test $30 as market prices in the partnership
• Chainlink upside momentum could increase if Bitcoin rallies through $100k

Chainlink is making headlines today after a pump that saw it erase months of losses. In the last 24 hours, Chainlink has pumped by 26%, and at the time of going to press, was trading at $25.64. Trading volumes are also on the rise for Chainlink. In the last 24 hours, Chainlink trading volumes have increased by 540% to hit a high of $9.32 billion.

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This indicates the rising investor interest in Chainlink after its sudden reawakening after mainly lagging other top 100 cryptocurrencies for months. With this pump, Chainlink could be all set for even higher gains.

Technical Analysis – Chainlink Price Headed for an Intra-Day Breakout

Chainlink’s potential for even more gains is evident in its price chart. After the December 2 pump, which pushed Chainlink to a high of $26.93, a correction to $23.83 followed. This correction didn’t last, though, and Chainlink quickly established strong support at $24.18, with $25.21 acting as a key resistance level. The minor correction could mainly be attributed to scalpers taking profits after the pump.

However, Chainlink bulls appear to be retaking control, and in the past hour, they have pushed Chainlink through the $25.21 resistance. If this momentum continues, the key level to watch would be the December 2 high of $26.93. A rally through this could soon see Chainlink hit a high of $30. In the long term, Chainlink could be headed for a rally through its all-time high of $50 and potentially do a 2 to 3X from that point as the bull run gains traction. Multiple factors support such a rally for Chainlink.

Chainlink’s Role in Asset Tokenization: A Bullish Factor

One of the factors that could soon see Chainlink do multiples of its most recent all-time highs is its growing role in tokenizing financial markets. Back in 2023, Chainlink partnered with the DTCC to bring capital markets on-chain.

The move was such a big deal as it also included eight of the largest banks in the US, including JP Morgan and BNY Mellon. Chainlink appears to be taking a more global role in asset tokenization. The latest on this front is Europe. Chainlink has now partnered with 21X to launch Europe’s first tokenized securities trading and settlement system.

We're excited to announce Europe’s first tokenized securities trading & settlement system—21X (@tradeon21x)—is adopting the #Chainlink standard.

Price Feeds will underpin 21X’s trading engine & CCIP will connect it to assets across the onchain economy: https://t.co/ACGrBKuduL pic.twitter.com/BYKSBGUFp8

— Chainlink (@chainlink) December 2, 2024

Through this partnership, Chainlink’s price feed will be used in 21X’s trading engine. Additionally, Chainlink’s CCIP will be used to connect 21X’s assets all through the on-chain platform. Not only is this a big deal in terms of adding a real use case to Chainlink, but also drives the perception that Chainlink is one of the most strategic cryptocurrencies in the market today. This is a factor that could drive FOMO into Chainlink and push its price to new highs as the broader market gains traction.

Money Is Flowing Into Strong Altcoins

Besides the growing adoption, Chainlink, like all other altcoins, is set to benefit from the rising bullish sentiment around cryptocurrencies. Bitcoin recently rallied to $99k before a correction saw it drop to around $91k. However, bulls are retaking control, and Bitcoin is reapproaching the $100k mark for the second time. The rising momentum has seen Bitcoin carry the altcoin market with it, including Chainlink.

You think you’re late to Bitcoin because it’s $95,000

I think I’m early to Bitcoin because it’s $1.7T market cap of $900t in global assets

This is also why I think a $10M Bitcoin is inevitable pic.twitter.com/ZsEuHFEB6g

— WealthSquad Chris 🌴 (@CJ_Johnson17th) December 3, 2024

If Bitcoin rallies through $100k, as appears to be likely, altcoins could see a surge in money flow as investors seek out parabolic returns on investment. For an altcoin like Chainlink that has proven itself in the world economy, this could see its value grow exponentially over time. It makes the case for a rally to $50 or higher realistic this cycle.

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