Analyst: Chainlink Price on The Brink of 50% Jump with Investor Support
2024-10-30

Chainlink’s price has recently struggled to establish a close above $12, aiming to recover losses from the late July crash. Despite these challenges, LINK appears poised for a potential breakout, backed by increasing investor confidence. 
With renewed interest in the altcoin, Chainlink’s price may be preparing for a significant move upward.
High Hopes From Chainlink
Market sentiment for Chainlink has remained resilient, with the Mean Coin Age (MCA) consistently showing an uptick despite the volatile price action. This upward trend in MCA indicates that long-term holders (LTHs) are choosing to retain their holdings rather than moving or selling them. 
Such behavior from LTHs demonstrates a strong conviction in Chainlink’s potential, as these investors show a willingness to weather short-term fluctuations for longer-term gains. The increased MCA signals a stable accumulation phase among holders, reinforcing positive sentiment for Chainlink. As more investors opt to hold, Chainlink gains a stronger foundation for future growth. 
The analyst’s outlook suggests a breakout from the macro bullish pattern could send LINK towards $19. However, this will warrant the altcoin to first secure $13 as a support floor to even attempt a 53% jump.
LINK Price Prediction: Securing Support
Chainlink’s price rose by 6% in the last 24 hours, currently targeting a close above $12.15, aligning with the 50% Fibonacci Retracement line. This level has acted as a significant barrier for LINK, making it crucial for establishing further upward momentum. A close above $12.15 would signal a stronger bullish outlook for the altcoin.
Analysts’ claims of a potential 50% rally are based on a broader macro timeframe. In the short term, securing the 50% Fibonacci level as support is essential for Chainlink to aim for the 61.8% Fib level at $12.78. Breaching this level could further solidify Chainlink’s upward trajectory, bringing it closer to a more substantial rally.
However, if Chainlink fails to surpass the $12.15 resistance, a decline to $11.52 is likely. This drop would push LINK down to $10.75, aligning with the 23.6% Fibonacci Retracement line and weakening the bullish outlook.