Chainlink (LINK) Signals Bullish Move

With Bitcoin smashing all-time highs daily, recently reaching $76,203, Donald Trump’s win in the U.S. presidential race has been a major catalyst

Bitcoin’s record-breaking rally, which recently saw the cryptocurrency hit an all-time high of $76,203, has had a major impact on the market. The surge in Bitcoin price has acted as a catalyst, fueling bullish sentiment and leading to a broader uptick in cryptocurrency prices.

Among the cryptocurrencies that are benefitting from this bullish wave is Chainlink (LINK), which is now showing signs of a breakout. According to crypto analyst ZAYK Charts, LINK’s weekly chart displays a "falling wedge" pattern, a setup that often signals a potential upward movement.

LINK faces immediate resistance at the upper boundary of the wedge, around $15, which is crucial for a breakout. If Link manages to break above this resistance level, it could lead to a significant price move, with some analysts predicting a surge to $40 in the coming days.

This Chainlink breakout is also being fueled by strong buying pressure, as indicated by the Relative Strength Index (RSI) on the four-hour chart, which recently hit 71. A reading above 70 generally signifies strong buying momentum.

In the derivatives market, there is growing interest in LINK, with Open Interest jumping to $203 million. Funding Rates have also spiked, indicating that traders are largely betting on more gains for Chainlink. With support from both buyers and traders, LINK could soon break past resistance and aim for new highs.

Adding to the bullish case for Chainlink is the recent surge in network activity. According to a report by Santiment, a blockchain analytical platform, Chainlink ranks as the top Real World Asset (RWA) project by development activity.

Over the past 30 days, development on the Chainlink network has surged by an impressive 14,000%. In addition, active addresses on the Chainlink blockchain have also spiked. Over a four-day period, daily active addresses rose from 1,930 to 2,750.

With both buying pressure and network engagement on the rise, LINK may be poised for a continued rally in the coming days.

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