Is Chainlink Ready To Break Its All Time High at $52?

Chainlink seems to be getting ready to break its current all time high soon. The investors have been waiting for over 3 years for LINK to break past $52. Even though the trading volume is low, market intelligence platform Santiment thinks it is time for the token to take a jump and create new history. Let’s analyse the market and explore what is going on and what we should be expecting from it.

Technical Metrics

Let’s start with the current price. At the time of writing, Chainlink is trading at $25.50 which is almost 50% gap from its current ATH at $52. The daily chart shows that there is no moving average nearby to support the price.The nearest MA is 20 that lies around $19.32. However, we might be able to see a golden cross over soon as MA 100 is ready to cross over MA 200. This gives us an idea that the strength is building up.

RSI is at 74.24, so the asset is still below the overbought zone and has space for growth. This momentum is supported by the Average directional Index which is at 52.83. The histogram of MACD is displaying a remarkable buildup. Sometimes the bulls are getting tired but keeping the momentum. 

Market Sentiment

According to the market intelligence platform Santiment, the market has low sentiment towards Chainlink as of now. This can be verified looking at the volume. The daily trading volume is down by 10.98% in the last 24 hours. Despite this the price surged by 8.47%. 

🔗📈 Chainlink has enjoyed a late-week rally, and now needs to climb just +10.8% to match its 3-year high from January, 2022. It is encouraging that there is very little retail FOMO toward LINK. Markets move the opposite direction of the crowd’s expectations, so the crowd’s… pic.twitter.com/UuKdmMMXWA

— Santiment (@santimentfeed) December 6, 2024

Chain link has been working with multiple financial institutions like SWIFT and Euroclear including major banks and capital market institutions. 

On December 3, the official Chainlink account of X shared a list of companies and financial institutions they are working with. They are helping companies to develop blockchain applications and tokenized assets.

What to Expect?

Chainlink is not a random crypto which goes into the pump and dump phase. They are the pioneers in the blockchain sector. With the rising adoption of blockchain and RWA worldwide, there is no power in the world that can stop LINK from growing. 

The strength is building in and it is also reflecting on the charts. The time to create a new ATH is not very far away. It is just waiting for the right moment.