Chainlink (LINK) recently reclaimed the $23 threshold, marking a significant recovery from Monday’s lows. This upward trend, stirring optimism among investors, suggests potential new highs on the horizon.
In just 24 hours, Chainlink gained 9%, hitting $23 for the first time in ten days. LINK has soared 200% over one month, riding the post-election market boost. This rally propelled the cryptocurrency past its previous March 2024 peak of $22, achieving a new multi-year high of $30.
Yet, subsequent pullbacks in December tempered this momentum, keeping LINK between $20 and $25. Despite attempts to overcome the $25 resistance early in the year, market corrections pushed the price down to $18, the lowest in over a month. However, as the market begins to recover, LINK has rebounded 27% from Monday's low, capturing the attention of analysts and major investors alike. Prominent analyst "Altcoin Sherpa" anticipates a potential "V shape reverse up" for LINK, following the recent downturn.
On Thursday, crypto analyst Ali Martinez pointed out significant accumulation by large investors, who bought 1.35 million LINK, worth approximately $31 million, from January 14 onwards. This follows substantial whale purchases in recent weeks, including 3.58 million tokens in late December, valued at $77 million. On-chain data shows these wallets acquired 1.4 million tokens in the first days of 2025.
Martinez warned that this buying pressure could further bolster LINK’s momentum. Chainlink has been forming a bull pennant pattern since its December peak. Although it initially failed to breach the upper trendline, today’s surge pushed LINK beyond this barrier, raising prospects of reaching a $50 target, according to Martinez.
Crypto analyst Jelle observed that Chainlink transformed a key resistance level into support. He previously described Chainlink’s weekly chart as a “slowly turning into a thing of beauty,” following the "painful retest" and firm holding of key levels. Jelle pointed out the crucial shift of the $18-20 resistance zone into support, a pivotal horizontal level for the token. Historically, Chainlink has rallied to its all-time high (ATH) and other local highs when this zone became supportive.
Jelle has set an initial target of $30 for LINK before possibly chasing new ATHs. Currently, Chainlink is trading at $23.56, reflecting a 6% increase in the daily timeframe.