As the market headed towards the end of the weekly trade, the tokens began to consolidate within a narrow range. Bitcoin price remains still above $101K, but prices of Ethereum and the other altcoins are facing strong upward pressure. Meanwhile, the Chianlink (LINK) price is fighting against the bearish influence and has launched a strong bullish attack and surged above $30.
After a rise of over 10%, will the LINK price continue to hold strong bullish momentum? Will it reach $50 before the end of 2024?
LINK price has been displaying massive strength since November, after breaking above the consolidation below $15. However, the token constantly formed higher highs and lows and reached the levels just below the resistance zone between $27.5 and $28.32. Bears tried hard to restrict the levels below $29, but the current breakout above $30 suggests the beginning of a fresh bullish wave.
Considering the current trade setup, it suggests that the Chainlink price is trading forming ascending waves, similar to Elliot waves. If the LINK price rally follows the same pattern, then the upcoming highs could be above $40.
A popular analyst, Darky, foresees a massive bullish wave incoming for the LINK price rally, which could push the token above the consolidation. The price has completed 2 waves of Elliot and is in the middle of the third wave, which could be above a 3-digit figure as suggested by the analyst in the long term. Meanwhile, in the short term, the next pitstop for the rally could be above $40, somewhere around $41.5, which could be achieved before the end of 2025.
Therefore, the Chainlink price currently appears to be quite explosive while the volume continues to contract. The drop in the volume from over $4 billion to levels around $2 billion in the times when the price continues to rise suggests a drop in the sell-offs. Therefore, the fear of a small pullback still hovers over the crypto, which may intensify as the LINK price reaches $35. Hence, if the bulls clear this pivotal resistance, then the LINK price is expected to rally close to $50.
